TTC Audit and Risk Management Committee - June 3, 2020

Meeting No. 20 held on Tuesday, February 11, 2020 

Requests to speak must be registered by noon of the business day preceding meeting day by submitting an email to gso@ttc.ca. A final deputation list will be distributed at the meeting.

Presenters will participate by audio only and will be required to provide a telephone number on which they can be reached at the appropriate time. Presenters may submit a written deputation in advance of the meeting which will be circulated to TTC Commissioners and staff.

1. PricewaterhouseCoopers LLP Audit Results Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2019 (For Action)
2. Draft Consolidated Financial Statements of Toronto Transit Commission for the Year Ended December 31, 2019 (For Action)
3. Draft Annual Report for the Toronto Transit Commission for 2019 (For Action)
4. Accounts Receivable Considered Uncollectible (For Information)
5. Annual Review of TTCs Safety, Health & Environment Management System  (For Action)

R. Lalonde (Chair), J. De Laurentiis, and A. Heisey, Q.C. (Members), G. Downie (Chief Capital Officer), B. Hasserjian (Chief Safety Officer - Acting), J. La Vita (Interim Chief Financial Officer), B. Leck (General Counsel), F. Monaco (Chief of Infrastructure and Engineering), N. Poole-Moffatt (Chief of Corporate Affairs), J. Ross (Chief Operating Officer), K. Watson (Deputy CEO – Operations), R. Wong (Chief of Vehicles), T. Bal (Head - Audit, Risk and Compliance), A. Cassar (Director – Budgets, Costing and Financial Reporting), C. Finnerty (Manager - CEO Business Support & Council Relations - Acting), C. Leach (Director, Audit, Risk and Compliance), K. Lee (Director - Commission Services), M. Piemontese (Head – Procurement and Category Management), and A. Farnsworth (Coordinator – Secretariat Services) were present.

F. Fernandes (Resolve Collaboration) and T. McKinnon (PricewaterhouseCoopers) were present.

R. Lalonde was in the Chair. 

Nil.

Chair Lalonde moved that the Audit & Risk Management Committee approve the minutes of the meeting held on Tuesday, February 11, 2020.

K. Lee conducted a recorded vote on the motion by Chair Lalonde.

In favour: Commissioners De Laurentiis, Heisey, Lalonde.

The motion by Chair Lalonde carried on a unanimous vote.

Nil

Nil

1. PricewaterhouseCoopers LLP Audit Results Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2019

Terri McKinnon (PricewaterhouseCoopers LLP) delivered a verbal presentation on this item.

Commissioner De Laurentiis moved the staff recommendations as follows:

It is recommended that the TTC Audit and Risk Management Committee:

1. Approve this report; and
2. Forward a copy of this report to the TTC Board for information and then to the City Clerk for appropriate handling to the next City Audit Committee meeting.
   K. Lee conducted a recorded vote on the motion by Commissioner De Laurentiis.

In favour: Commissioners De Laurentiis, Heisey, Lalonde.

The motion by Commissioner De Laurentiis carried on a unanimous vote.

Approved

2. Draft Consolidated Financial Statements of Toronto Transit Commission for the Year Ended December 31, 2019

A. Cassar delivered a verbal staff presentation on this item.

Commissioner Heisey moved the staff recommendations as follows:

It is recommended that the TTC Audit and Risk Management Committee:

1. Approve this report; and
2. Forward a copy of this report to the TTC Board and to the City Clerk for submission to the next City Audit Committee meeting.

K. Lee conducted a recorded vote on the motion by Commissioner Heisey.

In favour: Commissioners De Laurentiis, Heisey, Lalonde.

The motion by Commissioner Heisey carried on a unanimous vote.

Approved

3. Draft Annual Report for the Toronto Transit Commission for 2019

Commissioner De Laurentiis moved the staff recommendations as follows:

It is recommended that the Audit and Risk Management Committee:

1. Approve the materials to be published in the 2019 Annual Report.

K. Lee conducted a recorded vote on the motion by Commissioner De Laurentiis.

In favour: Commissioners De Laurentiis, Heisey, Lalonde.

The motion by Commissioner De Laurentiis carried on a unanimous vote.

Approved

4. Accounts Receivable Considered Uncollectible

Commissioner Heisey moved receipt of the Accounts Receivable Considered Uncollectible report.

K. Lee conducted a recorded vote on the motion by Commissioner Heisey.

In favour: Commissioners De Laurentiis, Heisey, Lalonde.

The motion by Commissioner Heisey carried on a unanimous vote.

Approved

5. Annual Review of TTC’s Safety, Health & Environment Management System

Commissioner Heisey moved the staff recommendations as follows:

It is recommended that the Audit and Risk Management Committee:

1. Approve management’s approach to continuously improving the effectiveness of the TTC’s SH&E Management System, identifying priority SH&E issues, and developing corporate SH&E goals and objectives.
2. Receive this report, the Opportunities for Improvement and the 2020 to 2022 TTC Corporate SH&E Goals and Objectives.
3. Forward this report, the Opportunities for Improvement and the 2020 to 2022 TTC Corporate SH&E Goals and Objectives to the TTC Board for information.

K. Lee conducted a recorded vote on the motion by Commissioner Heisey.

In favour: Commissioners De Laurentiis, Heisey, Lalonde.

The motion by Commissioner Heisey carried on a unanimous vote.

Approved

The meeting adjourned at 9:51 a.m.