Building Investment, Finance and Audit Committee (BIFAC) Meeting - October 11, 2017

Public 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

Action: Declaration

Pre-read: Agenda and Conflict of Interest Policy

Presenter: Chair

Confirmation of the September 19, 2017 Public Meeting Minutes

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

3. Internal Audit: 2017 Internal Audit Work Plan – Q3-17 Update

Action: Information

Pre-read: BIFAC:2017-73

Presenter: Chief Internal Auditor

4. Vacancy Management Update    

Action: Information

Pre-read: BIFAC:2017-76  

Presenter: Vice President, Asset Management

TERMINATION

Minutes

The Building Investment, Finance and Audit Committee (“BIFAC” or “Committee”) of Toronto Community Housing Corporation (“TCHC”) held a public meeting on October 11, 2017, in the Main Floor Conference Room, 931 Yonge Street, Toronto, commencing at 9:06 a.m.

Committee Directors Present: 

Colin Lynch, Chair 

Vincent Gasparro  

Kevin Marshman 

Committee Directors Not Present:

Councillor Ana Bailão, Vice Chair 

Management Present: 

Marta Asturi, Legal Counsel and Assistant Corporate Secretary

Ismail Ibrahim, General Counsel and Corporate Secretary (Interim)

Graham Leah, Vice President, Asset Management

Rose-Ann Lee, Acting Chief Financial Officer and Treasurer

Kahy Milsom, President and Chief Executive Officer

Sheila Penny, Vice President, Facilities Management

Vincent Tong, Vice President, Development (Interim)

Wayne Tuck, Chief Operating Officer

Michael Vear, Chief Internal Officer

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 from the Chair at this time.

Item 2A - Consent Agenda

Motion carried

ON MOTION DULY MADE by Mr. Marshman, seconded by Mr. Gasparro and carried, the BIFAC approved Consent Agenda Items 2A, 2C and 2D as presented.

Item 2B - Declaration of Conflict of Interest

The Chair requested members of the 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 September 19, 2017 Public Meeting Minutes

Motion carried 

ON MOTION DULY MADE by Mr. Marshman, seconded by Mr. Gasparro and carried, the BIFAC approved the minutes.

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

Motion carried 

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

Item 3 - Internal Audit: 2017 Internal Audit Work Plan — Q3-2017 UPDATE, BIFAC:2017-73

Michael Vear, Chief Internal Auditor (“CIA”), presented the above-captioned report (BIFAC:2017-73).

The Committee, Management and the CIA discussed the work plan update and the following points emerged.

Current Investigations

• The Committee requested that the CIA work with the Interim General Counsel and Corporate Secretary to begin the process of the protocol regarding recovery of revenue and assets (2014Inv3, Attachment 2).
• Management recommended that, regarding work plan item 2016IA01 in Attachment 1, that the CIA begin the investigations as phases of the integrated housing management system is rolled out.
• The Committee noted that in the CIA’s work plan update, some reports are deferred to Q1-2018 due to a BIFAC meeting not occurring in December. The Committee requested that these reports be delivered offline in December 2017 and questions regarding those reports can be addressed in the first BIFAC meeting of 2018. 

Causes for Delays in Delivery of Reports

• The CIA noted that there are various factors that affect the speed at which reports are delivered to the Committee including engagement from TCHC staff and scope creep.
• The CIA noted that due to the delay in receiving information from TCHC staff, audit staff are delayed in their reporting. The CIA indicated that his Internal Audit (“IA”) manager is holding weekly follow-up meetings to ensure audit staff are receiving requested information in a timely fashion. 

ACTION ITEM

Bring the IA Work Plan to the November BIFAC Meeting with revised timelines and an overview of how to improve the efficiency in work flow of reports. 

Motion carried 

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

Item 4 - Vacancy Management Update, BIFAC:2017-76

Graham Leah, Vice President, Asset Management, presented the above captioned report (BIFAC:2017-76).

The Committee and Management discussed the update and the following points emerged.

• Management noted that out of the 660 vacant units, approximately 200 units are used for operational purposes and the vast majority of the 200 units are low demand units such as 1-bedroom and bachelors.
• The Committee requested the estimated cost if TCHC were to use external storage as opposed to TCHC units.
• Management noted that TCHC using a “bulk” offering approach to tenants allowed staff to contact nearly 90% of tenants on the over housed waitlist. Management noted that this will allow TCHC to move towards offering units to the centralized wait list over the next several months. 

ACTION ITEM

Provide estimated cost of using external storage as opposed to TCHC units.

Motion carried 

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

TERMINATION

The BIFAC resolved to terminate the public meeting at 9:32 a.m.