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Decision Document |
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Audit Committee |
Meeting No. | 18 | Contact | Rosemary MacKenzie, Council Administrator | |
Meeting Date |
Wednesday, June 30, 2010 |
Phone | 416-392-8021 | |
Start Time |
9:30 AM |
rmacken@toronto.ca | ||
Location |
Committee Room 2, City Hall
|
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. |
AU18.1 | Presentation |
Amended |
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Ward: All |
2009 Audited Consolidated Financial Statements |
Committee Recommendations |
The Audit Committee recommends that:
1. City Council approve the 2009 Consolidated Financial Statements as attached in Appendix A to the report (June 21, 2010) from the Deputy City Manager and Chief Financial Officer and the Treasurer. |
Decision Advice and Other Information |
The Audit Committee requested the Deputy City Manager and Chief Financial Officer to report to the Audit Committee on how much has been spent on the SAP financial system since amalgamation.
Cam Weldon, Deputy City Manager and Chief Financial Officer, Giuliana Carbone, Treasurer and Mike St. Amant, Director, Accounting Services, made a presentation to the Audit Committee on the City of Toronto 2009 Audited Consolidated Financial Statements, and filed a copy of their presentation material. |
Origin |
(June 21, 2010) Report from the Deputy City Manager and Chief Financial Officer and the Treasurer |
Summary |
The purpose of this report is to present the City of Toronto's Consolidated Financial Statements for the year ended December 31, 2009 to Council for approval and provide highlights of the City’s 2009 financial performance and financial condition as of December 31, 2009. |
Background Information |
Report (June 21, 2010) from the Deputy City Manager and Chief Financial Officer and the Treasurer (http://www.toronto.ca/legdocs/mmis/2010/au/bgrd/backgroundfile-31534.pdf) Appendix A - 2009 Consolidated Financial Statements (http://www.toronto.ca/legdocs/mmis/2010/au/bgrd/backgroundfile-31674.pdf) Appendix B - Key Issues/Risks Facing the City of Toronto (http://www.toronto.ca/legdocs/mmis/2010/au/bgrd/backgroundfile-31675.pdf) Appendix C - Glossary (http://www.toronto.ca/legdocs/mmis/2010/au/bgrd/backgroundfile-31676.pdf) Presentation material (June 30, 2010) submitted by the Deputy City Manager and Chief Financial Officer (AU18.1a) (http://www.toronto.ca/legdocs/mmis/2010/au/bgrd/backgroundfile-31843.pdf) |
AU18.2 | ACTION |
Adopted |
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City of Toronto Audit Results - Year Ended December 31, 2009 |
Committee Recommendations |
The Audit Committee recommends that:
1. City Council receive for information, the City of Toronto Audit Results for the year ended December 31, 2009, submitted by Ernst & Young LLP, Chartered Accountants. |
Origin |
(June 18, 2010) Report from Mark Barrett, Partner and Kathi Lavoie, Senior Manager, Ernst & Young LLP, Chartered Accountants |
Summary |
This report to the Audit Committee summarizes the issues of audit significance discussed with management and provides the communications required by our professional standards.
The audit was designed to express an opinion on the December 31, 2009 consolidated financial statements of the City. In planning the audit, we held discussions with management, considered current and emerging business risks, performed an assessment of risks that could materially affect the financial statements, and aligned our audit procedures accordingly. We received the full support and assistance of the organization's personnel in conducting our audit. |
Background Information |
City of Toronto Audit results - Year Ended December 31, 2009 (http://www.toronto.ca/legdocs/mmis/2010/au/bgrd/backgroundfile-31613.pdf) |
Meeting Sessions |
Session Date | Session Type | Start Time | End Time | Public or Closed Session |
2010-06-30 | Morning | 9:40 AM | 12:18 PM | Public |
Attendance | ||
Members were present for some or all of the time period indicated. |
Date and Time | Quorum | Members |
2010-06-30 9:40 AM - 12:18 PM (Public Session) |
Present |
Present: Del Grande, Ford, Holyday (Chair), Lee, Parker, Perruzza |