Finance and Audit Committee

PURPOSE:

The purpose of the Committee is to assist Council in fulfilling its oversight responsibilities over the finances of the City of Nanaimo in accordance with provisions of the Community Charter by providing advice on the following:

Financial Matters:

• Recommend to Council best practices that ensure integrity of financial statements, financial recording and reporting processes and systems of internal controls through best practices in policies and procedures;
• Oversee and review the preparation of annual and long-term financial plans for recommendation to Council;
• Receive and review periodic budget and other financial reports on behalf of Council;
• Review strategic key performance indicators as they relate to financial performance;
• Review and make recommendations with respect to relevant legislation or changes thereof affecting financial resources and environmental issues relating to the City of Nanaimo.
• Review Council’s investment portfolio.

Enterprise Risk Matters:

• Oversee the process of selecting external financial auditors and recommend appointment of the same to Council;
• Engage, serve as primary contact and report on reviews of external auditors;
• Recommend to Council audit reviews of City of Nanaimo where warranted;
• Receive, review and report on audit outcomes and initiatives, and recommend required action;
• Oversee the City of Nanaimo’s enterprise risk management practices and processes relating to risk mitigation and business continuity.

Community Investment Matters:

• Recommend best practices and policies relating to community investment for Council’s consideration with regard to general financial grants to community organizations and non- statutory tax exemption (Permissive Tax Exemptions under Section 224 and 227 of the Community Charter), and licenses and non-market licenses;
• Receive, review funding applications from community organizations and recommend grant fund awards for Council consideration.

Subsidiary Companies and Service Agreements:

• Advise Council on matters of governance and service and other agreements relating to City of Nanaimo subsidiary companies and organizations providing services on behalf of the City of Nanaimo;
• Receive and review performance reports from the City of Nanaimo’s subsidiary companies and organizations providing services on behalf of the City of Nanaimo under agreement;
• Recommend strategic investments for Council’s consideration.

MEMBERSHIP:

The membership of the Committee will be as follows:

• All members of Council

ELIGIBILITY:

All members of Council

TERM:

The Term of the Committee members will match the Member’s term in office.

MEETING FREQUENCY:

There will be monthly, regularly scheduled meetings. Procedural bylaw will have to be followed for special or extra meetings.

STAFF SUPPORT:

The following City Departments may provide support to the Committee in accordance with the City of Nanaimo Committee Operating Guidelines:

• Director of Finance
• Office of the Chief Administrative Officer
• City Clerk
• Other Staff as required

Key Dates:

2024 Finance and Audit Committee Key Date Calendar  (PDF)

2025 Finance and Audit Committee Key Date Calendar  (PDF)

MEETING INFORMATION

To view meeting agendas and minutes please visit the Meeting Documents and Videos page.

Live stream video will become available once the meeting has started.

Related Links:

Terms of Reference (PDF)