Board Meeting
December 14, 2015
A regular meeting was convened at 6:00 pm, Tuesday, December 14, 2015, at the offices of Aird & Berlis, 181 Bay Street, Toronto, Ontario, with D. Chiesa, Vice-Chair of the Board, presiding.
The following Directors were present: Alexander Brown, Jerry Chadwick, Michael Fenn, Sheerin Sheikh, and Steven Zakem
The following members participated via conference call: Gerri Gershon and Parthi Kandaval
Regrets were received from: Harold Brathwaite and David Crombie
In attendance from TDSB: Angelos Bacopolous, Associate Director, Facilities and Urban Sustainability
1. Call to Order
The meeting was called to order by Dino Chiesa, Vice-Chair of the Board and (Acting) Chair.
2. Approval of the Agenda
S. Zakem, seconded by S. Sheikh, moved:
That the agenda be approved as distributed
The motion was carried.
3. Declarations of Possible Conflict of Interest
The Chair noted no conflicts of interest were declared.
4. Report No. 16 from the Finance Committee
The Board had for consideration a report from the Finance Committee. D. Sage provided the following highlights from the report:
· With respect to the TLC operating statement, TLC ended the year on a positive note, ahead by $240K. Details are provided in-camera.
G. Gershon seconded by S. Sheikh moved:
That Report No. 16 from the Finance Committee, November 17, 2015 be approved
The motion was carried.
2. Report from the Audit Committee
The Board had for consideration the Report from the Audit Committee. It was noted by D. Sage that on an annual basis, Deloitte conducts an audit of the TLC financial position, and in addition reviews all control processes. An unqualified audit report was submitted by Deloitte and at this time we are seeking approval of the Amended Draft Audited Financial Statement of the Toronto Lands Corporation for the fiscal year ending August 31, 2015.
There was discussion amongst Directors with respect to the presentation of the $1M TLC receives for capital repairs of the leased sites. M. Tenenbaum explained that the $1M is an annual allocation to address the capital needs of the lease properties in the TLC inventory; it looks at the most urgent needs of buildings. Any funds unspent is available for future projects up to two (2) fiscal years. This is reported in the TLC Tier Reports and presented to the Finance Committee at 6-months and at year-end reporting. Since the assets belong to TDSB, they are reported in the TDSB audited Financial Statements.
It was suggested from a transparency and accountability perspective that this financial presentation be reflected on the balance sheet, to be shown both as an asset and as a liability.
The Chair advised that staff check with TDSB Accounting to determine if there should be a separate schedule to the audited statements and that TLC report back at the next meeting.
J. Chadwick seconded by S. Sheikh moved:
That the Amended Draft Audited Financial Statements of the Toronto Lands Corporation, for its fiscal year ending August 31, 2015 be approved.
The motion was carried.
3. Amendment to the 2015-16 TLC Final Budget.
D. Sage noted there was a misstatement in the 2015-16 budget which has now been corrected and, additionally other budgets line have been updated to more accurately reflect revenues and expenditures. Changes to the budget include the following:
· Correction in the management salaries line reflecting an overall decrease by approximately 4.4%
· The Capital Planning Capacity Grant line reflects the remaining allocation as a carry forward into 2015-16
· Anticipated expenditures for new office lease agreement beginning in March 2016 are identified.
· Revenues from the sale of a portion of the Lawrence-Midland site have been added to the net contribution to TDSB
M. Fenn seconded by P. Kandavel moved:
That the report Amendment to the 2015-2016 TLC Final Budget be approved.
The motion was carried.
5. Resolution into Committee of the Whole
At 6:43 p.m. M. Fenn seconded by J. Chadwick the meeting moved into in-camera.
The motion was carried.
6. Adjournment
At 7:27 p.m., on a motion by M. Fenn seconded by G. Gerson, the meeting adjourned.
The motion was carried.
G04(December 14, 2015, Board Minutes – in camera)lp.8000