Building Investment, Finance and Audit Committee (BIFAC) Meeting - February 12, 2019

Agenda

Public Agenda

9:40 - Chair’s Remarks

Action: Information

Pre-read: Verbal Report

Presenter: Chair

9:45 - Consent agenda

a. Approval of Public Meeting Agenda

Action: BIFAC Approval

Pre-read: Agenda

Presenter: Chair

b. Chair’s Poll re: Conflict of Interest

Action: Declaration

Pre-read: Agenda and Conflict of Interest Policy

Presenter: Chair

c. Confirmation of the Public Meeting Minutes of November 15, 2018

Action: BIFAC Approval

Pre-read: Minutes

Presenter: Chair

d. Business Arising from the Public Meeting Minutes and Action Items Update

Action: Information

Pre-read: Action Item List

Presenter: Chair

e. PAC Awards and Revenue Contracts – Q4 2018

Action: Information

Pre-read: BIFAC:2019-04

Presenter: General Counsel & Corporate Secretary

9:50 - RPEI Update

Action: Information

Pre-read: Verbal

Presenter: RPEI Chair

9:55 - Enterprise Risk Management Update

Action: Information

Pre-read: BIFAC:2019-13

Presenter: Senior Director, Fire Life Safety and Risk Management

10:25 - Internal Audit Update – Q4 2018 

Action: Information

Pre-read: BIFAC:2019-10

Presenter: Manager, Internal Audit

10:30 - PAC Charter

Action: BIFAC and Board Approval

Pre-read: BIFAC:2019-11

Presenter: General Counsel and Corporate Secretary

10:40 - 2017 Capital Plan Final Reconciliation

Action: Information

Pre-read: BIFAC:2019-12

Presenter: Vice President, Facilities Management

TERMINATION
 

Minutes

The Building Investment, Finance and Audit Committee (“BIFAC”) of Toronto Community Housing Corporation (“TCHC”) held a public meeting on February 12, 2019, in the Main Floor Conference Room, 931 Yonge Street, Toronto, and via teleconference, commencing at 9:38 a.m.

BIFAC Directors Present:
Colin Lynch, Chair 
Amanda Coombs (by teleconference)
Wendy Kelley (by teleconference)
Nick Macrae 

BIFAC Director Absent:
Councillor Ana Bailão 

Management Present:
John Angkaw, Senior Director,
Fire Life Safety and Risk Management
Amyn Bhayani, Internal Audit Analyst
Ismail Ibrahim, General Counsel and Corporate Secretary
Rose-Ann Lee, Chief Financial Officer and Treasurer
Sheila Penny, Acting President and Chief Executive Officer
Vincent Tong, Chief Development Officer

A quorum being present, the Chair called the meeting to order and Ms. Sonia Fung served as recording secretary.

ITEM 1 CHAIR’S REMARKS 

The Chair did not present any remarks.

ITEM 2A APPROVAL OF PUBLIC MEETING AGENDA 

Motion carried ON MOTION DULY MADE by Mr. Macrae seconded by Ms. Coombs and carried, BIFAC approved the public meeting agenda.
    
ITEM 2B DECLARATION OF CONFLICT OF INTEREST
The Chair requested members of BIFAC to indicate any agenda item in which they had a conflict of interest, together with the nature of the conflict. None was declared.

ITEM 2C CONFIRMATION OF THE NOVEMBER 15, 2018 
PUBLIC MEETING MINUTES 

Motion carried  ON MOTION DULY MADE by Mr. Macrae seconded by Ms. Coombs and carried, BIFAC approved the above-captioned minutes.

ITEM 2D BUSINESS ARISING FROM THE PUBLIC MEETING MINUTES AND ACTION ITEM LIST 
Motion carried ON MOTION DULY MADE by Mr. Macrae seconded by Ms. Coombs and carried, BIFAC received the report for information.

ITEM 2E PAC AWARDS AND REVENUE CONTRACTS – Q4 2018 BIFAC:2019-04
The General Counsel and Corporate Secretary presented the report (BIFAC:2019-04). 

Highlight of discussion:

• Staff is asked to include in the report the number of envelopes opened for each bid.

Motion carried ON MOTION DULY MADE by Mr. Macrae, seconded by Ms. Coombs and carried, BIFAC received the report for information.

ITEM 3 REGENT PARK ENERGY INC. (“RPEI”) UPDATE VERBAL
The RPEI Chair presented the verbal report and answered questions.

Highlights of discussion:

• On February 6th,2019 the RPEI Board attended a meeting and a tour of the Sackville plant site.
• The RPEI Board looked at CapEx options with sensitivity analysis:
  • higher CapEx brings higher revenue and higher NPV
  • this means $1.6M incremental to capital budget for 2019

Motion carried ON MOTION DULY MADE by Mr. Macrae, seconded by Ms. Kelley and carried, BIFAC received the report for information.

ITEM 4 ENTERPRISE RISK MANAGEMENT (ERM) – 2018 UPDATE  BIFAC:2019-13
The General Counsel and Corporate Secretary presented the report and answered questions.

Highlights of discussion:

• ERM is another tool in helping with business planning processes. 
• It was noted that the ERM report would be reviewed and revised before submission to the Board of Directors 
• The option of a Board workshop on ERM was considered.

Motion carried ON MOTION DULY MADE by Mr. Macrae, seconded by Ms. Coombs and carried, BIFAC received the report for information.

ITEM 5 INTERNAL AUDIT UPDATE – Q4 2018    BIFAC:2019-10
The Chief Financial Officer and Treasurer presented the above-captioned report (BIFAC:2019-10).

Motion carried ON MOTION DULY MADE by Mr. Macrae, seconded by Ms. Kelley and carried, BIFAC resolved to receive the report for information.

ITEM 6 PAC CHARTER BIFAC:2019-11
It was agreed that this item be deferred to the In-Camera session.

ITEM 7 2017 CAPITAL PLAN FINAL RECONCILIATION BIFAC:2019-12
The Committee has before it the above-captioned report (BIFAC:2019-12). 

Highlights of discussion:

Backlog Management:

• It was noted that completed work was sent to a third party who does an assessment on the impact on backlog. 
• It was clarified that increase in demand capital vs decrease in capital repairs does not impact the ability to drive down FCI.

Motion carried ON MOTION DULY MADE by Mr. Macrae, seconded by Ms. Kelley and carried, BIFAC resolved to receive the report for information.

TERMINATION

BIFAC resolved to terminate the public meeting at 10:22 a.m.

Secretary Chair, Building Investment, Finance and Audit Committee