Building Investment, Finance and Audit Committee (BIFAC) Meeting - July 18, 2017

Agenda

​​​​​​1. Chair’s Remarks    

Action: Information

Pre-read: Verbal Report

Presenter: Chair

2. Consent Agenda       

Approval of Public Meeting Agenda

Action: Approval

Pre-read: Agenda

Presenter: Chair

Chair’s Poll re: Conflict of Interest Declaration

Action: Declaration

Pre-read: Agenda and Conflict of Interest Policy

Presenter: Chair

Confirmation of Minutes from the May 18, 2017 BIFAC Meeting 

Action: Approval

Pre-read: Minutes

Presenter: Chair

Business Arising from the Public Meeting Minutes and Action Items Update

Action: Information

Pre-read: Action Item List

Presenter: Chair

Review of Board, President and CEO Expenses Q1 2017

Action: Information

Pre-read: BIFAC:2017-47

Presenter: Chief Internal Auditor

Fraud Statistics Q1

Action: Information

Pre-read: BIFAC:2017-51

Presenter: Chief Internal Auditor

3. Stand Alone Properties Update

Action: Information

Pre-read: BIFAC:2017-46

Presenter: Senior Manager, Commercial and Business Development

4. Internal Audit: 2017 Internal Audit Work Plan – Q2-17 Update

Action: Information

Pre-read: BIFAC:2017-49

Presenter: Chief Internal Auditor

5. Draft Policy on Closed Units     

Action: Approval

Pre-read: BIFAC:2017-50

Presenter: Director of Compliance and Legal Counsel

TERMINATION

Minutes

The Building Investment, Finance and Audit Committee (“BIFAC” or “Committee”) of Toronto Community Housing Corporation (“TCHC”) held a public meeting on July 18, 2017 in the Main Floor Conference Room, 931 Yonge Street, Toronto, and by teleconference, commencing at 9:15 a.m. 

Committee Directors Present: 

Colin Lynch, Chair 

Councillor Ana Bailão, Vice Chair 

Vincent Gasparro  

Regrets: 

Norman “Bud” Purves 

Management Present: 

Valesa Faria, Senior Manager, Commercial & Business Development 

Rose-Ann Lee, Acting Chief Financial Officer and Treasurer 

Ted Millward, Legal Counsel, Corporate 

Kevin Marshman, Interim President and Chief Executive Officer 

Vincent Tong, Acting Vice President, Development 

Michael Vear, Chief Internal Auditor  

A quorum being present, the Chair called the meeting to order and Mr. Steven Iserhoff served as recording secretary. 

Item 1 - Chair's Remarks

No remarks were made by Chair at this time.

Item 2A - Approval of Public Meeting Agenda

Motion carried 

ON MOTION DULY MADE by Mr. Gasparro, seconded Councillor Bailão and carried, the BIFAC approved the 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 were declared.

Item 2C - Confirmation of the May 18, 2017 Public Meeting Minutes

Motion carried 

ON MOTION DULY MADE by Mr. Gasparro, seconded by Councillor Bailão and carried, the BIFAC approved the above-captioned minutes with no amendments

Item 2D - Business Arising from Public Meeting Minutes and Action Item List

Motion Carried 

ON MOTION DULY MADE by Mr. Gasparro, seconded Councillor Bailão and carried, the BIFAC received the item for information.

Item 2E - Review of Board, President and CEO, and Employee Expenses Q1 2017

This item was held, with specific employment related matters to be discussed by the Committee in a confidential session.

Item 2F - Fraud Statistics Q1, BIFAC:2017-51

Motion carried 

ON MOTION DULY MADE by Mr. Gasparro, seconded by Councillor Bailao and carried, the BIFAC received the report for information.

Item 3 - Stand-alone Properties Update, BIFAC:2017-46

Valesa Faria,  Senior Manager, Commercial & Business Development presented the above-captioned report (BIFAC:2017-46).

It was identified that some of the properties are now subject to the Request for Expression of Interest for the management of stand-alone properties, which is a part of the Tenants First plan. The next update report will reflect this change in status.

It was suggested that management consider a financial analysis to assess the cost of incentives for tenants to move who otherwise cannot be compelled to move due to a sale of the property, relative to the value of the property if it is sold.

Motion carried 

ON MOTION DULY MADE by Mr. Gasparro, seconded by Councillor Bailão and carried, the BIFAC received the report for information.

Item 4 - Internal Audit: 2017 Internal Audit Work Plan – Q2-2017 UPDATE, BIFAC:2017-49

Michael Vear, Chief Internal Auditor, presented the above-captioned report (BIFAC:2017-49).

The Committee noted that many projects on the Internal Audit work plan have yet to begin. Mr. Vear noted that some investigations are more complex than originally anticipated, and that sufficient staffing resources have been an issue, which has caused delays for the Internal Audit team.

Mr. Vear noted that the report in Q3-2017 there will be more details on projects that are underway. 

Motion carried 

ON MOTION DULY MADE by Mr. Gasparro, seconded by Councillor Bailão and carried, the BIFAC received the report for information.

Item 5 - Approval for Closure of Residential Units Policy, BIFAC:2017-50

Ted Millward, Legal Counsel, presented the above-captioned report (BIFAC:2017-50). 

The Committee requested that the following changes be made to the policy:

• Board approval is required for any permanent or long-term closure of units, (with the exception in the policy of units that management may close due to an emergency).
• For the permanent or long-term closure of more than 10 units in a multi-residential complex the request for approval is to be brought to the BIFAC before it is brought to the Board.

Motion carried 

ON MOTION DULY MADE by Mr. Gasparro, seconded by Councillor Bailão and carried, the BIFAC approved the Approval of Closure of Residential Units Policy included as Attachment 1 to this report, and recommended that it be forwarded to the Board for approval, subject to the following amendments being made to the policy: 

• Board approval is required for any permanent or long-term closure of units, (with the exception in the policy of units that management may close due to an emergency); and 
• For the permanent or long-term closure of more than 10 units in a multi-residential complex the request for approval is to be brought to the BIFAC before it is brought to the Board.

 

TERMINATION

The BIFAC resolved to terminate the public meeting at 9:33 a.m.