June 4, Special Meeting

Transcription

1 Committee of the Council of The Corporation of the City of Brampton June 4, 2014 Special Meeting Members Present: Members Absent: Regional Councillor E. Moore Wards 1 and 5, (Chair) Regional Councillor P. Palleschi Wards 2 and 6 (Vice-Chair) Regional Councillor J. Sanderson Wards 3 and 4 City Councillor G. Gibson Wards 1 and 5 nil Staff Present: P. Honeyborne, Executive Director, Finance/Treasurer, Corporate Services C. Spence, Director, Internal Audit, Office of the Chief Administrative Officer S. Gannon, Director, Treasury Services/Deputy Treasurer, Corporate Services M. Kuzmanov, Manager, Accounting, Corporate Services A. Damian, Senior Internal Auditor, Office of the Chief Administrative Officer S. Pacheco, Legislative Coordinator, Corporate Services

2 The meeting was called to order at 11:01 a.m. and adjourned at 11:37 a.m. Item Recommendation A. AU Approval of Agenda B. Conflict of Interest C. Consent D. Delegations E 1. AU Audited Financial Statements for the City of Brampton (File F18) F 1. AU Audited Financial Statements for the City of Brampton (File F18) G. Other/New Business H. Question Period I. Public Question Period J. Closed Session K. AU Adjournment Regional Councillor Moore, Chair Page 2 of 5

3 A. Approval of Agenda AU That the agenda for the Special Meeting of June 4, 2014 be approved, as printed and circulated. B. Conflicts of Interest nil C. Consent * The following items listed with an asterisk (*) were considered to be routine and non-controversial by the Committee and approved. (nil) D. Delegations/Presentations D 1. Mr. Kevin Travers, Partner, KPMG LLP Chartered Accountants, re: 2013 Audited Financial Statements for the City of Brampton (File F18). Item F 1 was brought forward and deal with at this time. Kevin Travers, Partner, KPMG LLP Chartered Accountants, provided an overview of the 2013 Audited Financial Statements for the City of Brampton and provided details with respect to the following: Significant audit, accounting and reporting matters o Newly adopted accounting standards o Contingent liabilities o Future employee benefits o Southwest Quadrant Renewal Plan P. Honeyborne, Executive Director, Finance/Treasurer, Corporate Services, provided details on the following items as they relate to the City s 2013 Consolidated Financial Statements: Expenses by object Tangible capital assets 2013 Municipal Surplus Reconciliation Proposed changes to the current budget process to more closely align the budget with the City s financial statements Page 3 of 5

4 Committee discussions took place with respect to the following: Clarification from staff regarding the City s lease payments for the Southwest Quadrant Renewal Plan, referencing Note 16 (b) of the Notes to the Consolidated Financial Statements for the Year ended December 31, 2013, o The annual lease payment approximates $8.4 million o The annual minimum amounts payable, commencing in 2015, under the lease agreements for Phase 1 and 1a development and maintenance is $9.243 million. This includes lease payment of $8.4 million ($8,353,668), approximately $255,000 for asset management fees and maintenance reserve contribution of $634,000 each year for the first five years and subject to review thereafter. o 2014 amount of $6.932 million is a prorated estimate based on partial year occupancy. Criticism in a previous C.D. Howe Institute report regarding Brampton s budgeting practices o Committee highlighted the need to communicate the City s intent to change its budget process, as recommended in the C.D. Howe Institute report Purpose, use and benefits of the General Rate Stabilization Reserve Infrastructure deficit The following motion was considered. AU That the delegation of Kevin Travers, Partner, KPMG LLP Chartered Accountants, to the Special Meeting of June 4, 2014, re: 2013 Audited Financial Statements for the City of Brampton (File F18) be received; and, 2. That the report from S. Gannon, Director, Treasury Services/Deputy Treasurer, Corporate Services, dated May 15, 2014, to the Special Meeting of June 4, 2014, re: 2013 Audited Financial Statements for the City of Brampton (File F18) be received; and, 3. That the 2013 Audited Financial Statements be received and approved; and, 4. That the KPMG LLP Audit Findings Report for the year ended December 31, 2013 be received Page 4 of 5

5 E. Reports Internal Audit nil Minutes F. Reports Finance F 1. Report from S. Gannon, Director, Treasury Services/Deputy Treasurer, Corporate Services, dated May 15, 2014, re: 2013 Audited Financial Statements for the City of Brampton (File F18). Dealt with under Item D 1 Recommendation AU G. Other/New Business nil H. Question Period nil I. Public Question Period nil J. Closed Session nil K. Adjournment AU That the do now adjourn to meet again on June 18, 2014, at 9:30 a.m. or at the call of the Chair Page 5 of 5