TTC Insurance Company Limited - Audit Committee - June 12, 2023

Meeting

No.: 16

Meeting Date:

Monday, June 12, 2023

A virtual meeting of the TTC Insurance Company Ltd. Audit Committee was held on Monday, June 12, 2023 commencing at 9:42 a.m.

Present at Public Session

R. Lalonde (Chair), M. Atlas (Director, President and General Counsel), A Cassar (Director, Treasurer), A. Cerqueira (Director), F. Jagdeo (Director), J. Osborne (Director), M. Cosgrove (Secretary), C. Finnerty (Commission Services) were present.

A Cassar was in the Chair.

Declaration of Interest - Municipal Conflict of Interest Act

Nil

Minutes of the Previous Meeting

The Audit Committee reviewed and approved the minutes of the Audit Committee Meeting No. 15 held on Thursday, June 23, 2022 and authorized the Chair and General Secretary to sign the same.

Business Arising Out of the Minutes

Nil

Committee Of The Whole Resolution

Nil

Public Presentations

Nil

Notice of Motions

Nil  

Motions Without Notice

Nil

Items of Which Notice has Previously Been Given

Nil

Items Deferred From Last Meeting to Permit Debate/Public Presentations

Nil

Presentations/Reports/Other Business

(a) KPMG LLP Audit Results – 2022 The Audit Committee received the letter from KPMG LLP expressing their opinion on the 2022 financial statements.

(b) Draft Financial Statements of TTC Insurance Company Limited For The Year Ended December 31, 2022 The Audit Committee received the draft financial statement for the year ended December 31, 2022 and recommended that the statement be forwarded to the Director’s Meeting for formal approval and to the City Manager.

(c) Appointment of External Auditors The Audit Committee approved the following recommendations:

1. Appoint KPMG LLP to perform the 2023 financial year-end audit of TTC Insurance Company Limited and; 2. Forward this report to the Shareholders for approval. The meeting adjourned at 9:43 a.m.