wx COUNCIL

NOV 8 1976

TO: Mayor and Council _ November 5th, 1976

FROM: Finance Committee

The Finance Committee met on Thursday, November 4th, 1976 and discussed the
following matters.

1. Income Tax Discounters

Attached is a letter from the Better Business Bureau and also a letter
from our Solicitors in connection with the regulation of business firms that
deal in discounting of Income Tax Refunds.

The Better Business Bureau point out that the City of Vancouver has
recently adopted an amendment to their Business Licencing By-law which sets
out certain regulations that these Tax Buying Firms must follow. It is
anticipated that as a result of this action by the City of Vancouver that
these firms may move out into the outlying areas.

The Finance Committee recommend that,as suggested by the Better Business
Bureau, the City of Port Coquitlam adopt 4 similar By-law amendment in anticipation

‘that some of these firms may establish in the City. <A copy of the City of

Vancouver amendment is also attached.

2. Fraser Valley Regional Library Headquarters Building
Council will recall that we had set aside approximately $8,000. in the

1976 Budget to cover our share towards the construction of a Headquarters Building
in Abbotsford for the Fraser Valley Regional Library. Construction did not

get under way in 1976 and Howard Overend has asked that the Council consider
transferring this sum of money to the 1977 Budget. ,

The Building and Protection Committee and the Finance Committee have

both dealt with this request and recommend that this action be taken as it is
anticipated that construction will commence in 1977, The Committee therefore
recommends that the amount of $7,790. incorporated in the 1976 Budget for a
contribution towards the Fraser Valley Regional Library Headquarters Building,

be reserved and carried forward to the 1977 Budget.