Building Investment, Finance and Audit Committee (BIFAC) Meeting - September 19, 2017
Tuesday, September 19, 2017
10:45 a.m. to 11:20 a.m.
Ground Foor Boardroom
931 Yonge Street , Toronto, Ontario
Event description
Archived meeting. See Agenda and Minutes below.
Public Agenda
1. Chair’s Remarks
Action: Information
Pre-read: Verbal Report
Presenter: Chair
2. Consent agenda
Approval of Public Meeting Agenda
Action: BIFAC 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 Public Meeting Minutes of July 18, 2017
Action: BIFAC 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
Internal Audit – Fraud Complaints Received Q217 January 1, 2017 to June 30, 2017
Action: Information
Pre-read: BIFAC:2017-47
Presenter: Chief Internal Auditor
Review of Board, President and CEO, and Employee Expenses Q2 2017
Action: Information
Pre-read: BIFAC:2017-51
Presenter: Chief Internal Auditor
Procurement: Metrics
Action: Information
Pre-read: BIFAC:2017-62
Presenter: Senior Director, Procurement
Development: Q2 Consolidated Report
Action: Information
Pre-read: BIFAC:2017-58
Presenter: Vice President, Development (Interim)
Allenbury Gardens Revitalization: Transfer of Development Blocks to Partnership
Action: BIFAC and Board Approval
Pre-read: BIFAC:C2017-60
Presenter: Vice President, Development (Interim)
IAC Charter Amendment and Appointment
Action: BIFAC and Board Approval
Pre-read: BIFAC:C2017-72
Presenter: Chair, Investment Advisory Committee
3. Q2-2017 Report on $250M Capital Plan
Action: Information
Pre-read: BIFAC:2017-66
Presenter: Vice President, Facilities Management
4. Internal Audit Report: Grants Program Review
Action: Information
Pre-read: BIFAC:2017-59 20
Presenter: Chief Internal Auditor
TERMINATION
Minutes
The Building Investment, Finance and Audit Committee (“BIFAC” or “Committee”) of Toronto Community Housing Corporation (“TCHC”) held a public meeting on September 19, 2017 in the Main Floor Conference Room, 931 Yonge Street, Toronto, commencing at 10:24 a.m.
Committee Directors Present:
Colin Lynch, Chair
Councillor Ana Bailão, Vice Chair
Committee Directors Absent:
Vincent Gasparro
Other TCHC Directors Present:
Pamela Taylor
Management Present:
Marta Asturi, Legal Counsel and Assistant Corporate Secretary
Boyd Dyer, Director, Smart Buildings & Energy Management
Ismail Ibrahim, Interim General Counsel and Corporate Secretary
Graham Leah, Vice President, Asset Management
Rose-Ann Lee, Acting Chief Financial Officer and Treasurer
Kevin Marshman, Special Advisor to the President and Chief Executive Officer
Kathy Milsom, President and Chief Executive Officer
Allen Murray, Director, Operations
Noah Slater, Director, Capital Planning & Design Engineering
Vincent Tong, Interim Vice President, Development
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 were made by Chair at this time.
Item 2A - Consent Agenda
Motion carried
ON MOTION DULY MADE by Councillor Bailão, seconded Mr. Lynch and carried, the BIFAC approved Consent Agenda Items 2A, 2C, 2D, 2G, 2H and 2I 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 by BIFAC Members.
Pamela Taylor declared a conflict of interest with respect to agenda item 2j “IAC Charter Amendment and Appointment.” The candidate recommended for appointment to the IAC is Ms. Taylor’s spouse.
Item 2C - Confirmation of the July 18, 2017 Public Meeting Minutes
Motion carried
ON MOTION DULY MADE by Councillor Bailão, seconded by Mr. Lynch and carried, the BIFAC approved the above-captioned minutes with no amendments.
Item 2D - Business Arising from the Public Meeting Minutes and Action Item List
Motion carried
ON MOTION DULY MADE by Councillor Bailão, seconded Mr. Lynch and carried, the BIFAC received the item for information.
Item 2E - Internal Audit – Fraud Complaints Received Q217 January 1, 2017 to June 30, 2017, BIFAC:2017-68
Michael Vear, Chief Internal Auditor (“CIA”), presented the above-captioned report (BIFAC:2017-68).
The Committee, Management and the CIA discussed the report and the following points emerged:
- The Committee enquired as to why the number of cases closed in Q2-2016 is substantially higher than Q2-2017. The CIA noted that the Q2-2016 number of cases closed is a cumulative amount from the beginning of 2016.
- The Committee and the CIA discussed various forms of fraud that the audit team encounters and how the team handles them.
Motion carried
ON MOTION DULY MADE by Councillor Bailão, seconded Mr. Lynch and carried, the BIFAC received the report for information.
Item 2F - Review of Board, President and CEO, and Employee Expenses Q2 2017, BIFAC:2017-70
Michael Vear, CIA, presented the above-captioned report (BIFAC:2017-70) and responded to questions raised by the Committee.
Motion carried
ON MOTION DULY MADE by Councillor Bailão, seconded Mr. Lynch and carried, the BIFAC received the report for information.
Item 2G - Procurement: Metrics, BIFAC:2017-62
Motion carried
ON MOTION DULY MADE by Councillor Bailão, seconded by Mr. Lynch and carried, the BIFAC received the report for information.
Item 2H - Development: Q2 Consolidated Report, BIFAC:2017-58
Motion carried
ON MOTION DULY MADE by Councillor Bailão, seconded by Mr. Lynch and carried, the BIFAC received the report for information.
Item 2I - Allenbury Gardens Revitalization: Transfer of Development Blocks to Partnership, BIFAC:2017-60
Motion carried
ON MOTION DULY MADE by Councillor Bailão, seconded by Mr. Lynch and carried, the BIFAC approved the following recommendations and resolved to forward to the Board of Directors to:
- Authorize the transfer of Part 2 on the R-Plan 66R-29296 prepared by J.D. Barnes Ltd, dated May 5, 2017, in addition to Part 1, from Toronto Community Housing Corporation (“TCHC”) to VIVO Residences Inc. (the “Partnership”);
- Authorize the encumbrance of Toronto Community Housing lands in each of the Allenbury Gardens Revitalization phases, with shared facilities agreements; and
- Authorize the President and Chief Executive Officer (or designate) to execute any and all documents as may be necessary to give effect to the above recommendation.
Item 2J - IAC Charter Amendment and Appointment, BIFAC:2017-72
Ismail Ibrahim, Interim General Counsel and Corporate Secretary, presented the above-captioned report (BIFAC:2017-72).
The Committee enquired if the Investment Advisory Committee is replacing a member on the Committee. Management noted that this appointment to the Committee is not a replacement, but rather an addition.
Motion carried
ON MOTION DULY MADE by Councillor Bailão, seconded by Mr. Lynch and carried, the BIFAC approved the following recommendations:
- adopt the amendments to the Investment Advisory Committee (IAC) Charter as set out in Attachment 1;
- appoint the proposed candidate as a volunteer member of IAC (Attachment 2); and
- forward to the Board for review and approval.
Item 3 - Q2-2017 Report on $250M Capital Plan, BIFAC:2017-66
Noah Slater, Director, Capital Planning & Design Engineering, presented the above-captioned report (BIFAC:C2017-66).
Motion carried
ON MOTION DULY MADE by Councillor Bailão, seconded by Mr. Lynch and carried, the BIFAC received the report for information.
Item 4 - Internal Audit Report: Grants Program Review, BIFAC:2017-59
Michael Vear, CIA, presented the above-captioned report (BIFAC:2017-59).
The Committee requested that the CIA investigate if an expense reimbursement procedure is operationally feasible for applicants. The CIA noted this.
Motion carried
ON MOTION DULY MADE by Councillor Bailão, seconded by Mr. Lynch and carried, the BIFAC received the report for information.
TERMINATION
The BIFAC resolved to terminate the public meeting at 10:41 a.m.
Sonia Fung
Committee Secretary
Phone:
416-981-4286
Email:
Sonia.Fung@torontohousing.ca