THE REGIONAL MUNICIPALITY OF PEEL

AUDIT SUBCOMMITTEE

M I N U T E S    ASC-2009-2


The Audit Subcommittee met on April 23, 2009, at 8:30 a.m. in the Council Chamber, Regional Administrative Headquarters, 10 Peel Centre Drive, Brampton.

 
Members Present:
C. Corbasson, E. Kolb, G. Miles, A. Thompson, R. Whitehead
 
 
Members Absent:
Nil
 
 
Also Present:
N. Trim, Acting Chief Financial Officer and Commissioner of Corporate Services; D. Labrecque, Commissioner of Environment, Transportation and Planning Services; K. Gillespie, Commissioner of Employee and Business Services; B. Wilson, Director, Internal Audit; M. Hynes, Acting Director Corporate Finance; J. MacCrae, Director Integrated Business Support; K. Travers, Partner of KPMG; H. West, Committee Clerk

_______________________________
* See text for arrivals
¨See text for departures


Councillor Whitehead presided.

1. DECLARATIONS OF CONFLICTS OF INTEREST – Nil


2. APPROVAL OF AGENDA

RECOMMENDATION ASC-4-2009:

That the agenda for April 23, 2009, Audit Subcommittee meeting be approved.


3. DELEGATIONS/PRESENTATIONS – Nil


4. REPORTS

a) 2008 Region of Peel Audited and Consolidated Financial Statements

Received

b) 2008 KPMG Audit Findings Report

Received

Kevin Travers, Partner of KPMG provided an overview of the audit findings report making reference to the 2008 Region of Peel Audited and Consolidated Financial Statements and the Peel Housing Corporation Audited 2008 Financial Statements. Kevin Travers highlighted the following key components of the reports:

      1. The Regional Municipality of Peel was required to adopt Public Sector Standard 2700 which is a standard requiring additional information regarding segmented disclosure.

      2. Two isolated items were required to be adjusted as identified on pages 4b-10 and 4b-11 of the 2008 Region of Peel Audited and Consolidated Financial Statements. Regional Management has responded appropriately to the recommendations made for process improvements.

      3. The Peel Housing Corporation Financial Statements are on a different basis of accounting than the Regional Corporation of Peel. Their statements currently includes tangible capital assets whereas the Region of Peel’s financial statements do not include tangible capital assets. In 2009 the Region of Peel’s financial statements will include tangible capital assets.

      4. There were no performance improvement observations noted in the Peel Housing Corporation Audited 2008 Financial Statements, with only 1 minor reclassification item which was corrected.

c) Peel Housing Corporation Audited 2008 Financial Statements

Received


5. COMMUNICATIONS


6. NEXT MEETING

Thursday, May 7, 2009, 8:30 a.m. – 9:30 a.m.
Council Chamber, 5th Floor
Regional Administrative Headquarters
10 Peel Centre Drive, Suite A
Brampton, Ontario


7. OTHER BUSINESS


8. ADJOURNMENT

The meeting adjourned at 8:43 a.m.