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Decision Document |
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Audit Committee |
Meeting No. | 13 | Contact | Cathrine Regan, Committee Administrator | |
Meeting Date |
Thursday, September 24, 2009 |
Phone | 416-392-6276 | |
Start Time |
1:30 PM |
cregan@toronto.ca | ||
Location |
Committee Room 1, City Hall
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Chair | Councillor Doug Holyday |
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. |
AU13.1 | ACTION |
Amended |
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Agencies, Boards, Commissions and Corporations - Financial Statements for the Year Ended December 31, 2008 |
Committee Recommendations |
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 |
Decision Advice and Other Information |
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). |
Summary |
The following agencies, boards, commissions and corporations have submitted 2008 Financial Statements to the Audit Committee for consideration:
- Exhibition Place - 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 Community Housing Corporation - Toronto Hydro Corporation - Toronto Parking Authority - Toronto Public Library - Toronto Transit Commission - Toronto Zoo - Yonge-Dundas Square |
1a | Exhibition Place - 2008 Financial Statements |
Summary |
Consolidated Financial Statements and Audit Results for Exhibition Place for the year ended December 31, 2008. |
Background Information |
Consolidated Financial Statements - Exhibition Place, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23426.pdf) Audit Results - Exhibition Place, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23427.pdf) Report (September 11, 2009) from the Chief Executive Officer, Exhibition Place, headed "2008 Consolidated Financial Statements for Exhibition Place" (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23428.pdf) Report (September 11, 2009) from the Chief Executive Officer, Exhibition Place, headed "Audit Results for Exhibition Place - December 31, 2008" (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23429.pdf) |
1b | Heritage Toronto - 2008 Financial Statements |
Summary |
Audited Financial Statements for Heritage Toronto for the year ended December 31, 2008. |
Background Information |
Financial Statements - Heritage Toronto, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23226.pdf) Letter (June 8, 2009) from Grant Thornton LLP (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23225.pdf) |
1c | The North York Performing Arts Centre Corporation - 2008 Financial Statements |
Summary |
Audited Financial Statements and Audit Results for The North York Performing Arts Centre Corporation (operating as "The Toronto Centre for the Arts") for the year ended December 31, 2008. |
Background Information |
Financial Statements - The North York Performing Arts Centre Corporation, December 31, 2009 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23211.pdf) Audit Results - The North York Performing Arts Centre Corporation, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23212.pdf) |
1d | The Sony Centre for the Performing Arts - 2008 Financial Statements |
Summary |
Audited Financial Statements and Audit Results for The Sony Centre for the Performing Arts for the year ended December 31, 2008. |
Background Information |
Financial Statements - The Sony Centre for the Performing Arts, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23215.pdf) Audit Results - The Sony Centre for the Performing Arts, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23216.pdf) |
1e | St. Lawrence Centre for the Arts - 2008 Financial Statements |
Summary |
Audited Financial Statements and Audit Results for the St. Lawrence Centre for the Arts for the year ended December 31, 2008. |
Background Information |
Financial Statements - St. Lawrence Centre for the Arts, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23223.pdf) Audit Results - St. Lawrence Centre for the Arts, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23224.pdf) |
1f | Toronto Atmospheric Fund - 2008 Financial Statements |
Summary |
Consolidated Financial Statements for the Toronto Atmospheric Fund for the year ended December 31, 2008. |
Background Information |
Consolidated Financial Statements - Toronto Atmospheric Fund, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23219.pdf) |
1g | Toronto Community Housing Corporation - 2008 Audited Consolidated Financial Statements |
Origin |
(September 8, 2009) Report from the Executive Committee |
Summary |
The Executive Committee on September 8, 2009, amongst other things, forwarded a copy of the Toronto Community Housing 2008 audited consolidated financial statements to the Audit Committee for its meeting on September 24, 2009, for information. |
Background Information |
Consolidated Audited Annual Financial Statements - Toronto Community Housing Corporation, December 31, 2008
(http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23385.pdf) Letter (September 8, 2008) from the Executive Committee (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23386.pdf) Report (August 18, 2009) from the City Manager, headed "Toronto Community Housing Corporation - Annual Report to Shareholder, 2008 Audited Consolidated Annual Financial Statements and Annual General Meeting" (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23387.pdf) Report (August 17, 2009) from the Deputy City Manager and Chief Financial Officer, headed "Toronto Community Housing Corporation - Financial Statements 2008" (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23388.pdf) |
1h | Toronto Hydro Corporation - 2008 Financial Statements |
Summary |
City Council on August 5 and 6, 2009, referred the Toronto Hydro Corporation's Consolidated 2008 Annual Financial Statements to the Audit Committee for review. |
Background Information |
Transmittal (August 13, 2009) from the City Clerk, forwarding Toronto Hydro's Financial Statements to the Audit Committee (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23262.pdf) Financial Statements - Toronto Hydro Corporation, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23261.pdf) Cover Report (May 19, 2009) from the DCM/CFO, providing Toronto Hydro Corporation's Financial Statements to the Executive Committee (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23260.pdf) Item EX33.7, Toronto Hydro Corporation - Annual General Meeting and Audited Annual Financial Statements, adopted by Council on Aug 5 and 6, 2009 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23263.pdf) Report (May 14, 2009) from the City Manager to the Executive Committee (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23264.pdf) Attachment 1, headed "Toronto Hydro Corporation Report, April 30, 2009", attached to the report (May 14, 2009) from the City Manager (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23265.pdf) |
1i | Toronto Parking Authority - 2008 Financial Statements |
Summary |
Audited Financial Statements and Audit Results for the Toronto Parking Authority for the year ended December 31, 2008. |
Background Information |
Financial Statements - Toronto Parking Authority, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23213.pdf) Audit Results - Toronto Parking Authority, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23214.pdf) |
1j | Toronto Public Library Board - 2008 Financial Statements |
Summary |
Audited Financial Statements for the Toronto Public Library Board for the year ended December 31, 2008. |
Background Information |
Financial Statements - Toronto Public Library Board, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23241.pdf) Audit Results - Toronto Public Library Board, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23576.pdf) |
1k | Toronto Transit Commission - 2008 Financial Statements |
Summary |
Consolidated Financial Statements and Audit Results for the Toronto Transit Commission for the year ended December 31, 2008. |
Background Information |
Consolidated Financial Statements - Toronto Transit Commission, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23247.pdf) Audit Results - Toronto Transit Commission, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23248.pdf) Cover Report (May 28, 2009) to the Toronto Transit Commission submitting Financial Statements (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23249.pdf) Cover Report (May 28, 2009) to the Toronto Transit Commission submitting Audit Results (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23250.pdf) Letter (June 2, 2009) from the General Secretary, TTC, forwarding Financial Statements to the Audit Committee (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23251.pdf) Letter (June 2, 2009) from the General Secretary, TTC, forwarding Audit Results to the Audit Committee (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23252.pdf) |
1l | Toronto Zoo - 2008 Financial Statements |
Summary |
Financial Statements and Audit Results for the Toronto Zoo for the year ended December 31, 2008. |
Background Information |
Financial Statements - Toronto Zoo, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23221.pdf) Audit Results - Toronto Zoo, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23222.pdf) Letter (May 21, 2009) from the Secretary, Board of Management of the Toronto Zoo (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23220.pdf) |
1m | Yonge-Dundas Square - 2008 Financial Statements |
Summary |
Audited Financial Statements for Yonge-Dundas Square for the year ended December 31, 2008. |
Background Information |
Financial Statements - Yonge-Dundas Square, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23218.pdf) |
AU13.2 | Information |
Deferred |
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Ward: All |
Sinking Fund - 2008 Audited Financial Statements |
Committee Decision |
The Audit Committee deferred consideration of this Item until its next meeting on October 20, 2009, for debate . |
Origin |
(June 18, 2009) Report from the Acting Treasurer |
Summary |
The purpose of this report is to present the City of Toronto's Sinking Fund Financial Statements for the year ended December 31, 2008 (Appendix A) to the Audit Committee for information. |
Background Information |
Report (June 18, 2009) from the Acting Treasurer, 2008 Audited Sinking Fund Financial Statements (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23269.pdf) Financial Statements - City of Toronto Sinking Funds, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23270.pdf) Audit Results - City of Toronto Sinking Funds, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23271.pdf) |
AU13.3 | ACTION |
Adopted |
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Ward: All |
Trust Funds - 2008 Audited Consolidated Financial Statements |
Committee Recommendations |
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. |
Origin |
(September 8, 2009) Report from the Acting Treasurer |
Summary |
The purpose of this report is to present the City of Toronto’s Consolidated Trust Funds Financial Statements for the year ended December 31, 2008 to the Audit Committee and City Council for approval. |
Background Information |
Report (September 8, 2009) from the Acting Treasurer, headed "2008 Audited Trust Funds Consolidated Financial Statements" (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23391.pdf) City of Toronto Trust Funds - Consolidated Financial Statements, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23392.pdf) City of Toronto Trust Funds - Audit Results, December 31, 2008 (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23393.pdf) |
AU13.4 | ACTION |
Adopted |
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Ward: All |
Arenas – 2008 Audited Financial Statements |
Committee Recommendations |
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. |
Origin |
(September 10, 2009) Report from the Auditor General |
Summary |
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. |
Background Information |
Report (September 10, 2009) from the Auditor General - Arenas - 2008 Audited Financial Statements (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-22267.pdf) Appendix 1 - Forest Hill Memorial Arena (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-22397.pdf) Appendix 2 - George Bell Arena (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-22399.pdf) Appendix 3 - McCormick Playground Arena (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-22400.pdf) Appendix 4 - Moss Park Arena (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-22401.pdf) Appendix 5 - North Toronto Memorial Arena (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-22402.pdf) Appendix 6 - Ted Reeve Community Arena (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23354.pdf) Appendix 7 - William H. Bolton Arena (http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23355.pdf) |
AU13.5 | ACTION |
Adopted |
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Ward: All |
Community Centres - 2008 Audited Financial Statements |
Committee Recommendations |
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. |
Origin |
(September 10, 2009) Report from the Auditor General |
Summary |
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. |
AU13.6 | ACTION |
Adopted |
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Ward: All |
Business Improvement Areas (BIAs) - 2008 Audited Financial Statements - Report No. 1 |
Committee Recommendations |
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. |
Origin |
(September 9, 2009) Report from the Acting Treasurer and the Director, Business Services, Economic Development, Culture and Tourism |
Summary |
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. |
AU13.7 | ACTION |
Adopted |
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Ward: All |
Status of the Financial Audits of the City's Agencies, Boards and Commissions for the Year Ended December 31, 2008 |
Committee Recommendations |
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. |
Origin |
(September 10, 2009) Report from the Auditor General |
Summary |
The purpose of this report is to provide the Audit Committee and City Council with the status of financial audits of the City’s agencies, boards and commissions for the year ended December 31, 2008.
The majority of audits of the City’s agencies, boards and commissions have been completed and approved by their respective Boards. The one outstanding financial report, Toronto Economic Development Corporation will be available for the next Audit Committee meeting. |
Background Information |
Report (September 10, 2009) from the Auditor General, Status of the Financial Audits of the City's Agencies, Boards and Commissions for the Year Ended December 31, 2008
(http://www.toronto.ca/legdocs/mmis/2009/au/bgrd/backgroundfile-23267.pdf) |
Meeting Sessions |
Session Date | Session Type | Start Time | End Time | Public or Closed Session |
2009-09-24 | Afternoon | 1:35 PM | 4:00 PM | Public |
Attendance |
Date and Time | Quorum | Members |
2009-09-24 1:35 PM - 4:00 PM (Public Session) |
Present |
Present: Del Grande, Holyday, Lee, Parker Not Present: Ford, Perruzza |