5.2 Treasurer
D. Seguin, Deputy Treasurer, Financial Accounting, provides an overview of the Annual Report Financial Documents.
R. Jasey inquires about the minimal returns that the funds earn, asking whether the funds can be transferred into higher interest accounts. D. Seguin explains that municipalities are restricted on the types of investments and refers to regulations set out in the Municipal Act, 2001.
A discussion ensues regarding the Willistead Furnishings Trust Fund. D. Seguin indicates that capital funds must be used towards capital projects and not furnishings at Willistead Manor. He informs that although the funds raised by the annual Art in the Park event normally go into the Willistead Manor Capital Restoration Reserve Fund, a request can be made to City Council, to transfer some of these finds into the Willistead Furnishings Trust Fund. This however, will not be possible until the annual Art in the Park event resumes.
R. Jasey inquires about the possibility of the Board of Directors setting up a scholarship fund for a student who wishes to study History. R. Jasey suggests that High School students be requested to apply by writing a paper or conducting research. The Board members propose that two scholarship funds be created, one to be given to a History student and the other to an Architecture or Interior Design student. K. Renaud indicates that the Friends of Willistead donate $300 per year to a graduating student and suggest that the Education Committee and the Friends of Willistead discuss this idea further and report back at a future meeting.
Moved by R. Jasey, seconded by R. Gauthier,
That the Annual Report and Financial Statements on the affairs and operations of Willistead Manor Inc. for the year 2019, attached as Appendix A, BE ACCEPTED as presented.
Carried.
Moved by D. Langstone, seconded by J. Evans,
That upon acceptance of the 2019 Annual Report by City Council, copies BE FORWARDED to a list of appropriate parties as approved by the Board.
Carried.
Moved by R. Jasey, seconded by C. Gaudette,
That in accordance with Sections 6 (c) of the City of Windsor Act, 1981, an amount of $ 8,361. BE PAID OVER to the City of Windsor Willistead Capital Restoration Reserve Fund.
Carried.