The Decision Document is for preliminary reference purposes only.  Please refer to the Committee’s Report to City Council or to the Minutes for the official record.

 

How to Read the Decision Document:

 

•           Recommendations of the Committee to City Council appear after the item heading.

 

•           Other action taken by the Committee on its own authority which does not require Council’s approval, is listed in the decision document under the heading “Decision Advice and Other Information”.

 

•           Declarations of Interest, if any, appear at the end of an item.

The Audit Committee recommends that:

 

1.         City Council receive for information, the 2008 Financial Statements and related documents of the following agencies, boards, commissions and corporations:

 

             -    Heritage Toronto

             -    The North York Performing Arts Centre Corporation (operating as The Toronto Centre for the Arts)

             -    The Sony Centre for the Performing Arts

             -    The St. Lawrence Centre for the Arts

             -    Toronto Atmospheric Fund

             -    Toronto Public Library

             -    Toronto Zoo

             -    Yonge-Dundas Square

The Audit Committee:

 

1.         Deferred consideration of the Financial Statements and related documents for the following agencies, boards and commissions to its next meeting on October 20,: 2009:

 

             - Exhibition Place

             - Toronto Community Housing Corporation

             - Toronto Hydro

             - Toronto Parking Authority

             - Toronto Transit Commission

 

2.         Requested the Chief Executive Officer, Exhibition Place, to submit finalized 2008 Consolidated Financial Statements to its next meeting on October 20, 2009.

 

3.         Requested the Chief Executive Officer, Toronto Community Housing Corporation, to submit the Management Letter and the Audit Results Package to its next meeting on October 20, 2009.

 

4.         Requested the Chief General Manager, Toronto Transit Commission, to submit signed copies of the Consolidated Financial Statements, Audit Results and Audit Opinion to its next meeting on October 20, 2009.

 

5.         Requested the Executive Director, Toronto Atmospheric Fund, in future to include the financial statement for CAIT Ventures Inc. (“CAIT”).

 

6.         Requested that, in future, all financial  information submitted to the Audit Committee be complete (to include Consolidated Financial Statements, Management Letter and Audit Results Package).

The Audit Committee recommends that:

 

1.         City Council approve the 2008 Audited Trust Funds Consolidated Financial Statements as attached in Appendix A to the report (September 8, 2009) from the Acting Treasurer.

The Audit Committee recommends that:

 

1.         City Council receive the 2008 audited financial statements of Arenas attached as Appendices to the report (September 10, 2009) from the Auditor General.

The purpose of this report is to provide the Audit Committee and City Council with the 2008 audited financial statements of Arenas.

 

The 2008 audited financial statements for seven out of eight Arenas are presented to the Audit Committee after approval by their respective Boards of Management.  In addition, according to Grant Thornton, the financial auditor for each of these entities, none of the Arenas have received a management letter as there are no material control deficiencies to report.  The outstanding financial statements for Leaside Memorial Community Gardens Arena will be tabled at the October 20, 2009 meeting of Audit Committee.

The Audit Committee recommends that:

 

1.         City Council receive the 2008 audited financial statements of Community Centres attached as Appendices to the report (September 10, 2009) from the Auditor General.

The purpose of this report is to provide the Audit Committee and City Council with the 2008 audited financial statements of Community Centres.

 

The 2008 audited financial statements for nine out of ten Community Centres are presented to Audit Committee after approval by their respective Boards of Management.  In addition, according to Grant Thornton, the financial auditor of each of these entities, none of the community centres have received a management letter as there are no material control deficiencies to report.  The outstanding financial statements for Scadding Court Community Centre will be tabled at the October 20, 2009 meeting of Audit Committee.

The Audit Committee recommends that:

 

1.         City Council approve the 2008 audited financial statements and management letters of the fifty-five Business Improvement Areas and Knob Hill Plaza BIA’s 2006, 2007 and 2008 financial statements attached as Appendices A-1 to BG-1 to the report (September 9, 2009) from the Acting Treasurer and the Director, Business Services, Economic Development, Culture and Tourism.

The purpose of this report is to present the 2008 audited financial statements and management letters of fifty-five Business Improvement Areas (BIAs) along with Knob Hill Plaza BIA’s 2006, 2007and 2008 financial statements to Audit Committee and City Council for approval.

The Audit Committee recommends that:

 

1.         City Council receive the status report of the financial audits of the City’s agencies, boards and commissions for the year ended December 31, 2008.