The Audit Committee recommends that:

 

1.                  City Council approve the 2008 Consolidated Financial Statements as attached in Appendix A.

The Audit Committee:

                                 

1.         Requested the Auditor General to report to City Council, through the Audit Committee, on how the decision was made not to include the full amount of the benefit liability on July 10, 2009 when the settlement offer was made public, since this information had been fully restated at the end of June 2009.

 

2.         Requested the Deputy City Manager and Chief Financial Officer to report back to the Audit Committee on all issues relating to negotiations with Mercer's and in particular, a refund of a certain amount of fees paid for actuarial services.

 

3.         Requested that Ernst & Young, Chartered Accountants, in consultation with the Auditor General, make recommendations in relation to the City's reliance on third parties (eg. actuaries) and such recommendations focus on preventing or minimizing future errors.

 

Giuliana Carbone, Acting Treasurer and Mike St. Amant, Director, Accounting Services, made a presentation to the Audit Committee on the City of Toronto 2008 Audited Consolidated Financial Statements.

The Audit Committee recommends that:

 

1.         City Council receive for information, the City of Toronto Audit Results for the year ended December 31, 2008, submitted by Ernst & Young, Chartered Accountants.