Audit Committee

Meeting #:
Date:
Time:
-
Location:
Online Video Conference
Members
  • Mayor Bonnie Crombie
Members Absent
  • Councillor Stephen Dasko, Ward 1 (Vice-Chair)
  • Councillor Karen Ras, Ward 2
  • Councillor Ron Starr, Ward 6
  • Councillor Dipika Damerla , Ward 7 (Chair)

1.
CALL TO ORDER
 

9:30 AM

2.
APPROVAL OF AGENDA
 

Approved (Councillor R. Starr)

3.
DECLARATION OF CONFLICT OF INTEREST
 

Nil

4.
MINUTES OF PREVIOUS MEETING
 

4.1
Audit Committee Minutes - March 1, 2021
 

Approved (Councillor S. Dasko)

5.
DEPUTATIONS
 

5.1
Wesley Anderson, Manager, Financial and Treasury Services regarding the 2020 Financial Statements
 

Item 8.1

Mr. Anderson provided an overview of the 2020 Financial Statements and spoke to financial statements vs. budget, financial and non-financial assets, financial liabilities, accumulated surpluses, revenues, expenses and sustainability accounting and reporting. Committee Members spoke to the matter and enquired about property tax deferrals, annual surpluses, Enersource dividends and the budget deficit. Mr. Anderson and Gary Kent, Commissioner of Corporate Services and Chief Financial Officer responded to questions from Committee Members.

At 9:56 AM Councillor Damerla lost connection and Councillor Dasko took over as Chair. At this time quorum was lost and Committee Members discussed item 8.2. until quorum was restored at 10:02 AM.

6.
PUBLIC QUESTION PERIOD - 15 Minute Limit
 

Public Comments: Advance registration is required to participate and/or to make comments in the virtual public meeting. Any member of the public interested in speaking to an item listed on the agenda must register by calling 905-615-3200 ext. 4915 or by emailing megan.piercey@mississauga.ca by Friday, April 30, 2021 before 12:00 PM.

Pursuant to Section 42 of the Council Procedure By-law 0139-2013, as amended:

Audit Committee may grant permission to a member of the public to ask a question of Audit Committee, with the following provisions:

  1. Questions shall be submitted to the Clerk at least 24 hours prior to the meeting;
  2. A person is limited to two (2) questions and must pertain specific item on the current agenda and the speaker will state which item the question is related to;
  3. The total speaking time shall be five (5) minutes maximum, per speaker, unless extended by the Mayor or Chair; and
  4. Any response not provided at the meeting will be provided in the format of a written response.

Nil

7.
CONSENT AGENDA
 

Nil

8.
MATTERS TO BE CONSIDERED
 

8.1
2020 Financial Statements
 

This matter was discussed during item 5.1.

  • RECOMMENDATIONAC-0004-2021
    Moved ByCouncillor R. Starr

    That the 2020 Audited Financial Statements for the City Of Mississauga (consolidated), City of Mississauga Public Library Board, Tourism Mississauga, City of Mississauga Trust Funds, Clarkson Business Improvement Area, Cooksville Business Improvement Area, Port Credit Business Improvement Area, Streetsville Business Improvement Area, Malton Business Improvement Area, and Enersource Corporation be received for information.

    Vote Type: Majority (Voted), Recorded
    Received

8.2
2020 External Audit Findings Report
 

Kevin Travers, Partner, KPMG LLP spoke to the results of the 2020 External Audit Findings Report and noted the significant changes in 2020, such as the COVID-19 pandemic and the new CAS auditing standards which impacted the financial reporting. Mr. Travers and Gary Kent, Commissioner of Corporate Services and Chief Financial Officer responded to questions from Committee Members regarding unfunded employee benefits and the possibility of monetising the City’s current real-estate assets.

Councillor Damerla’s connection returned at 10:02 AM, quorum was restored and Councillor Damerla resumed her role as Chair. At this time Committee Members voted on item 8.1.

  • RECOMMENDATIONAC-0005-2021
    Moved ByCouncillor Dasko

    That the 2020 External Audit Findings Report, dated April 16, 2021 from the Commissioner of Corporate Services and Chief Financial Officer, which includes the Audit Findings Report from KPMG for the fiscal year 2020 for the City of Mississauga (City), be received for information.

    Vote Type: Majority (Voted), Recorded
    Received

8.3
Final Audit Reports:
 

  1. Transportation & Works Department, Works Operations and Maintenance Division, Works Admin, Operations and Maintenance Section, Works Maintenance Unit – Works Current Maintenance Contracts Audit
  2. Planning & Building Department, Building Division, Inspection Services Section – Building Permit Inspection Processes Audit

Yianni Foufas, Senior Internal Auditor provided a presentation on the Works Current Maintenance Contracts Audit and spoke to the background, scope, objectives, observations, risks and action plans. Mr. Foufas advised that a total of 8 recommendations resulted from this audit and noted that management had agreed to all the recommendations; 2 will be completed by end of June 2021, 1 will be completed by end of September 2021, 2 will be completed by the end of December 2021, 1 by end of March 2022 and 1 will be completed by April 1, 2023, with an interim remediation step completed by the end of December 2021. One (1) recommendation has already been completed.

Committee Members engaged in discussion and enquired about the incident management process, managing vendor performance and following up with contractors. Mickey Frost, Director, Works Operations & Maintenance and Scott Holmes, Senior Manager, Works Admin Operations & Maintenance responded to questions from Committee Members.

  • RECOMMENDATIONAC-0006-2021
    Moved ByCouncillor R. Starr

    That the report dated April 15, 2021 from the Director, Internal Audit with respect to final audit reports:

    1. Transportation & Works Department, Works Operations and Maintenance Division, Works Admin, Operations and Maintenance Section, Works Maintenance Unit – Works Current Maintenance Contracts Audit; and,
    2. Planning & Building Department, Building Division, Inspection Services Section – Building Permit Inspection Processes Audit

    be received for information.

    Vote Type: Majority (Voted), Recorded
    Received

8.4
Internal Audit Work Plan 2021-2023
 

No discussion took place on this matter.

  • RECOMMENDATIONAC-0007-2021
    Moved ByCouncillor Dasko

    That the Corporate Report dated April 16, 2021 from the Director, Internal Audit entitled “Internal Audit Work Plan 2021-2023” be approved.

    Vote Type: Majority (Voted), Recorded
    Approved

9.
ENQUIRIES
 

Nil

10.
CLOSED SESSION - Nil
 

11.
ADJOURNMENT
 

10:42 AM (Councillor R. Starr)

No Item Selected