TTC Audit and Risk Management Committee - June 3, 2021

Meeting No. 23 held on Tuesday, December 15, 2020

Requests to speak must be registered by noon of the business day preceding meeting day by submitting a request through the online form. 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.

Item 1. KPMG LLP Audit Findings Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2020 (For Action)

• Staff report for item 1

Item 2. Draft Consolidated Financial Statements of Toronto Transit Commission for the Year Ended December 31, 2020 (For Action)

• Staff report for item 2

Item 3. Draft Annual Report for the Toronto Transit Commission for 2020 (For Action)

• Staff report for item 3

Item 4. Accounts Receivable Considered Uncollectible (For Information)

• Staff report for item 4

Item 5. Annual Review of TTC's SH&E Management System (For Action)

• Staff report for item 5
• Staff presentation for item 5

R. Lalonde (Chair), J. De Laurentiis, and J. Osborne (Members), M. Atlas (General Counsel – Acting), K. Campbell (Chief Diversity & Culture Officer), G. Downie (Chief Capital Officer), B. Hasserjian (Chief Safety Officer - Acting), J. La Vita (Interim Chief Financial Officer), M. Madigan-Lee (Chief People Officer), F. Monaco (Chief of Infrastructure and Engineering), N. Poole-Moffatt (Chief of Corporate Affairs), J. Ross (Chief Operating Officer), K. Watson (Deputy Chief Executive Officer), R. Wong (Chief Vehicles Officer), A. Cassar (Director – Budgets, Costing and Financial Reporting),
C. Leach (Audit, Risk and Compliance Officer – Acting), C. Finnerty (Director – Commission Services), A. Farnsworth (Coordinator – Secretariat Services) and J. Ishak (Administrator – Secretariat Services) were present.

F. Jagdeo (TTC Board) was present as an observer.

J. Mui and R. Travers (KPMG); and K. Goodarznezhad (Resolve Collaboration) were present.

R. Lalonde was in the Chair.

Nil.

Commissioner Osborne moved that the Audit & Risk Management Committee approve the minutes of Meeting 23, held on Tuesday, December 15, 2020.

The motion by Commissioner Osborne carried.

Nil

Nil

1. KPMG LLP Audit Findings Report on the Toronto Transit Commission Consolidated Financial Statements for the Year Ended December 31, 2020

J. Mui and R. Travers (KPMG) delivered a verbal presentation on this item. Chair Lalonde moved the following motion:

That Recommendation 2 in the report be amended by striking out July 2 and replacing with July 7.

The motion by Chair Lalonde carried.

Commissioner De Laurentiis moved adoption of the staff recommendations, as amended, 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 its meeting of June 16, 2021 and subsequently to the City Clerk for appropriate handling to the July 7, 2021 City Audit Committee meeting.

The motion by Commissioner De Laurentiis carried.

Amended

2. Draft Consolidated Financial Statements of Toronto Transit Commission for the Year Ended December 31, 2020

A. Cassar delivered a verbal presentation on this item.

Chair Lalonde moved the following motion:

That Recommendation 2 in the report be amended by striking out July 2 and replacing with July 7.

The motion by Chair Lalonde carried.

Commissioner De Laurentiis moved adoption of the staff recommendations, as amended, 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 its meeting of June 16, 2021 and subsequently to the City Clerk for appropriate handling to the July 7, 2021 City Audit Committee meeting.

The motion by Commissioner De Laurentiis carried.

Amended

3. Draft Annual Report for the Toronto Transit Commission for 2020

Commissioner Osborne moved adoption of the staff recommendation as follows:

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

1. Approve the non-financial statement information to be published in the 2020 Annual Report.

The motion by Commissioner Osborne carried.

Approved

4. Accounts Receivable Considered Uncollectible

Commissioner Osborne moved that the Audit & Risk Management Committee receive the Accounts Receiveable Considered Uncollectable report.

The motion by Commissioner Osborne carried.

Received

5. Annual Review of TTC’s SH&E Management System

B. Hasserjian delivered a staff presentation on this item.

Commissioner Osborne moved adoption of the staff recommendations as follows:

It is recommended that the Audit and Risk Management Committee:

1. Approve the approach to continuously improving the effectiveness of the TTC’s Safety, Health & Environment Management System, identifying priority safety, health and environment issues, and developing Corporate Safety, Health and Environment Goals and Objectives as described in this report.

2. Forward this report to the TTC Board for information.

The motion by Commissioner Osborne carried.

Approved

The meeting adjourned at 10:11 a.m