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.

 

How to Read the Decision Document:

 

•           Recommendations of the Committee to City Council appear after the item heading.

 

•           Other action taken by the Committee on its own authority which does not require Council’s approval, is listed in the decision document under the heading “Decision Advice and Other Information”.

 

•           Declarations of Interest, if any, appear at the end of an item.

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.