Audit Committee - General


Meeting Info

Date:Tuesday, May 27, 2014
Start Time:8:00 AM
Location:Committee Room #4, Toronto City Hall
Meeting No:Nil
  • Agenda
  • Meeting Minutes

Declaration of Interest - Municipal Conflict of Interest Act

Nil

Education/Training (TTC Procedural By-Law Section 29(B) and City of Toronto Act Section 190 (3.1)

Nil

Minutes of the Previous Meeting

Nil

Business Arising Out of Minutes

Nil

Public Presentations

Requests to speak must be registered in writing by 12:00 Noon of day preceding meeting day.

Notices of Motions

Nil

Motions Without Notice

Nil

Items of Which Notice has Previously Been Given

Nil

Items Deferred From Last Meeting to Permit Debate/Public Presentation

A meeting of the TTC Audit Committee commenced at 8:15 am on Wednesday, May 28, 2014 in Committee Room #4, 2nd Floor, City Hall, Toronto in order to discuss business related to the Committee. The meeting recessed at 9:30 am and reconvened at 9:40 am.

Present

J. Parker, M. Adamson and A. Heisey (TTC Audit Committee), A. Byford (Chief Executive Officer), V. Rodo (Chief Financial and Administration Officer), G. Shortt (Chief Operating Officer), J. Kennelly (Head of Audit), P. Buttigieg (Director – Budgets, Costing & Financial Reporting), C. Russell and E. Mascoll (PricewaterhouseCoopers), J. Griffiths (Auditor General), and D. McDonald (Co-ordinator – Secretariat Services) were present.

J. Parker was in the Chair

Declaration of Interest - Municipal Conflict of Interest Act

Nil

Committee of the Whole Resolution

Minutes of the Previous Meeting

Business Arising Out of the Minutes

Public Presentations

Nil

Notice of Motions

Nil

Motions Without Notice

Nil

Items of Which Notice Has Previously Been Given

Nil

Items Deferred From Last Meeting to Permit Debate/Public Presentations

Nil

1. Reports with Confidential Attachments (Committee Of The Whole)

Nil

2. Presentations

Nil

3. Other Business
  1. PricewaterhouseCoopers LLP Audit Results Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2013
    Cathy Russell, PricewaterhouseCoopers, provided the Committee with a summary of the report.
    The Audit Committee:
    1. Received the report from PricewaterhouseCoopers LLP (“PWC”) regarding the audit of the consolidated financial statements of the Toronto Transit Commission for the year ended December 31, 2013, for information; and
    2. Approved forwarding the report to the May 28, 2014 Board meeting for information and then to the City Council after the report is reviewed by the Audit Committee of the City of Toronto on June 27, 2014.
  2. Draft Consolidated Financial Statements of Toronto Transit Commission for the Year Ended December 31, 2013
    Vince Rodo, Chief Financial and Administration Officer, reviewed the financial statements with the Committee.
    The TTC Audit Committee:
    1. Approved the draft consolidated financial statements of the Toronto Transit Commission for the year ended December 31, 2013; and
    2. Approved forwarding the consolidated financial statements to the May 28, 2014 Board meeting for formal approval and then to the City Council after the report is reviewed by the Audit Committee of the City of Toronto on June 27, 2014.
  3. Draft Annual Report for the Toronto Transit Commission for 2013
    The TTC Audit Committee approved the draft Annual Report of the Toronto Transit Commission for the year 2013.
4. New Business

Nil

5. Correspondence

Nil

Committee of the Whole Resolution

Chair Parker moved that the Committee recess to meet as the Committee of the Whole to receive confidential advice regarding the security of property belonging to the Commission.

The motion by Chair Parker carried.

The meeting reconvened at 9:40 am

The meeting adjourned at 9:41 am

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