AUDIT COMMITTEE

TOWN OF MARKHAM

Canada Room, Markham Civic Centre

APRIL 19, 2004

MINUTES

Attendance

Chair: Councillor S. Daurio Vice-Chair, Budget Councillor D. Horchik Vice-Chair, IT Reg. Councillor B. O’Donnell Members: Councillor J. Virgilio Councillor K. Usman Councillor A. Chiu (1:15 p.m.) Others: Mayor D. Cousens Deputy Mayor F. Scarpitti Reg. Councillor J. Jones Councillor G. McKelvey Councillor J. Webster

J. Livey, Chief Administrative Officer C. Conrad, Town Solicitor A. Taylor, Commissioner of Corporate Services J. Sales, Commissioner of Community and Fire Services J. Baird, Commissioner of Development Services S. Birrell, Town Clerk B. Cribbett, Treasurer J. Lustig, Director of Financial & Client Services J. Ryerson, Director, Varley Art Gallery P. Wealleans, Director of Taxation J. Allen, Chief Information Officer P. Ingham, General Manager, Operations G. Sequeira, Manager of Financial Transactions F. Wong, Manager, Financial Planning B. Nanninga, Executive Assistant to Mayor and Council J. Kee, Committee Clerk

The Audit Committee convened at the hour of 1:05 p. m. with Councillor S. Daurio in the Chair.

DISCLOSURE OF INTEREST

None

1. DRAFT 2003 CONSOLIDATED FINANCIAL
STATEMENTS AND AUDITORS' REPORTS (7.2)

Mr. Gerard Sequeira, Manager of Financial Transactions, reviewed the highlights of the draft 2003 Consolidated Financial Statements, which have been audited by KPMG.

Moved by Councillor K. Usman

Seconded by Deputy Mayor F. Scarpitti

That the presentation by the Manager of Financial Transactions, regarding the 2003 Financial Statements be received;

And that Council approve the Corporation of the Town of Markham's Draft Consolidated Financial Statements and Draft Trust Funds Financial Statements for the fiscal year ended December 31, 2003;

And that the consolidated Financial Statements for the fiscal year ended December 31, 2003 be issued upon finalization of all consolidated amounts;

And that Council receive for information the KPMG audit independence letter dated March 2004;

And that thanks and appreciation be extended to the Chief Administrative Officer, the Commissioner of Corporate Services, the Treasurer, the Manager of Financial Transactions, and all other staff involved, for a job well done.

CARRIED

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Moved by Councillor K. Usman

Seconded by Councillor G. McKelvey

That the meeting resolve in-camera to discuss a confidential matter. (1:10 p.m.)

CARRIED

Moved by Deputy Mayor F. Scarpitti

Seconded by Councillor K. Usman

That the In-Camera meeting of the Audit Committee rise.(1:40 p.m.)

CARRIED

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2. APPOINTMENT OF AUDITORS FOR THE
2004 FISCAL YEAR END (7.2)

Moved by Deputy Mayor F. Scarpitti

Seconded by Regional Councillor B. O'Donnell

That Council appoint KPMG, LLP as the Town's auditors to complete the review of the Town's financial records for the year ending December 31, 2004;

And that, Council appoint KPMG, LLP as the external auditors for the Town's Agencies, Boards and Commissions.

ADJOURNMENT

The Audit Committee adjourned at 1:42 p.m.