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HomeMy WebLinkAboutMay 9, 2000 G,A OF Pi01 H fr■ alk'" '! Audit Committee Meeting AU .•...•• Minutes Subject to Adoption Present: Councillor Maurice Brenner—Chair Mayor Wayne Arthurs Councillor Mark Holland Councillor Ryan Gil Paterson, Director of Finance& Treasurer Bruce Taylor, City Clerk Kristine Senior, Manager, Accounting Services Warren Hurren, Hurren, Flett, Sinclair, Chartered Accountants Neil Sinclair, Hurren, Flett, Sinclair, Chartered Accountants A meeting of the Audit Committee was held on Tuesday, May 9, 2000 at 6:00 p.m. in the Boardroom of the Pickering Civic Complex. The following matters were discussed: 1. Adoption of Minutes of January 18, 2000 Moved by Mayor Arthurs that the Minutes of the January 18th, 2000 Audit Committee Meeting be approved. CARRIED 2. Review of Purchasing Procedures Moved by Mayor Arthurs that the memo dated January 25, 2000 from the Director, Corporate Services & Treasurer in response to Item 4 of the Minutes of the Audit Committee Meeting of January 18, 2000 regarding "Review of Purchasing Procedures"be received. CARRIED ..../2 - - 2 - - Review of Request for Proposal Procedures The Director, Corporate Services and Treasurer noted that Dawn Flett is assisting him with the preparation of the by-law on financial controls which includes the policies pertaining to Requests for Proposal. A working draft of these procedures should be ready for the Audit Committee by the end of August and a final version should be ready for Council's consideration in September. 3. Millennium Account No further action will be taken on this item at this time. 4. 1999 Consolidated Financial Statements • The Director, Corporate Services & Treasurer reviewed his Report to Council CS 9-00 regarding the 1999 Audited Financial Statements. He noted that the City is in a good financial position. • Neil Sinclair distributed a copy of the 1999 Financial Information Return required by the Province for the Committee's information. He also noted that there are no outstanding matters or concerns in the Consolidated Financial Report. • In response to a question from Mayor Arthurs, Neil Sinclair noted that the City's investments to the end of 1999 are in compliance with Provincial law. The Director noted that we have not changed our investment strategy since 1998. Warren Hurren noted that auditors do not comment on a client's investment strategy; they only confirm that investments are made in accordance with the law. • In response to a question from Mayor Arthurs, the Director noted that the City's reserves are at approximately 22 Million Dollars. • In response to a question from Councillor Brenner, the Director noted that the loss suffered by the City in the collapse of Confederation Life has been written off, however, he has filed a claim with the Trustee in the hope of recovering some of the loss. All losses incurred with respect to Novacor have also been written off. ..../3 - - 3 - - • In response to a question from Councillor Brenner, the Director indicated that he will provide a summary of the Financial Report not only in the Recreation Brochure but also on the Web Site. • Warren Hurren noted that under Liabilities in the Consolidated Financial Report, revenue from Veridian has been classified as Deferred Revenue and felt that this should be clarified in order to reflect the nature of the revenue from Veridian. Direction was given to the Director to work with the auditors to expand the wording in 1(ii) of the Notes to the Consolidated Financial Statements in order to better explain the Deferred Revenue. • Mayor Arthurs asked the Director to investigate the possibility of establishing a reserve for money received from Veridian. • The Director will investigate the nature of the Promissory Note from Veridian and how it is structured. • The Director noted that the equity evaluation process with Veridian will be completed shortly. Moved by Mayor Arthurs that Report to Council CS 9-00 regarding the 1999 Audited Financial Statements be referred to Council for consideration. CARRIED 5. Other Business Neil Sinclair noted that effective January 1, 2000, the Province has targeted that all municipalities follow standardized accounting procedures and further noted that the City is in a position to comply with these procedures. 6. Adjournment The meeting adjourned at 6:55 p.m.