The Metropolitan Toronto Housing Company Limited -
Financial Statement for the Year Ended
December 31, 1998
The Audit Committee recommends that the Metropolitan Toronto Housing Company Limited Auditor's Report
and Financial Statement for the year ended December 31, 1998 be approved.
The Audit Committee submits the following report (May 26, 1999) from the Corporate Secretary, Toronto Housing
Company Inc.:
The Board of Directors of The Toronto Housing Company Inc., on May 17, 1999 had before it a report (May 10, 1999)
from the Chief Executive Officer, advising that the Finance/Audit Committee had reviewed the Auditor's Report for the
City of Toronto Non-Profit Housing Corporation and the Financial Statements for the year ended December 31, 1998 and
recommends their approval by the Board of Directors: submitting the following documents for the year ended December
31, 1998:
(A)Report to Board of Directors (May 10, 1999);
(B)Auditor's Report;
(C)Financial Statements of the City of Toronto Non-Profit Housing Corporation:
and recommending:
(1)that the Board of Directors approve the Financial Statement of the City of Toronto Non-Profit Housing Corporation
for the year ended December 31, 1998, and that the two Directors be authorized to sign the Balance Sheet on behalf of the
Board;
(2)that the Auditor's Report and Financial Statements be forwarded to the City Clerk for Submission to the Annual
Meeting of the shareholders to be held at the next convenient meeting of the City of Toronto Council; and,
(3)that the appropriate Housing Company officials be authorized to take the necessary action to give effect to
Recommendations Nos. (1) and (2).
The Board of Directors:
(I)Approved the recommendation of the Finance/Audit Committee, and adopted without amendment the aforementioned
report; and,
(ii)authorized Dr. John Metson and Councillor Michael Feldman to sign said statements on behalf of the Company.
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The Audit Committee reports, for the information of Council, having also had before it a communication (May 10, 1999)
from the Chief Executive Officer, Toronto Housing Company respecting Auditor's Report and Financial Statements for the
Year Ended December 31, 1998, and a copy thereof has been forwarded to Members of Council under separate cover.
