HomeMy WebLinkAbout1985-05-06 #8-85CORPORATION OF THE TOWN OF NEWCASTLE
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BOWMANVILLE, ONTARIO File No._.._1�:.!Te,%,,,,,,_ _
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REPORT TO THE GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
MEETING OF MAY 6th, 1985
FROM: GARNET B. RICKARD, MAYOR
SUBJECT: MAYOR'S REPORT No. 8-85
AUDIT COMMITTEE
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and
Administration Committee recommend to Council:
1. That this report be received; and
2. That a meeting of the Audit Committee be called
following receipt by Council of the financial statements; and
3. That the meeting be called by the Chairman of the
Audit Committee.
BACKGROUND AND COMMENT:
On April 15th, 1985, the following resolution which indicated
that I should be responsible for calling a meeting of the Audit Committee
was approved by Council:
"That a meeting of the Audit Committee be held as
soon as possible".
In researching the information on the Audit Committee, I
find that the G.P.A. committee passed the following resolution on
November 23rd, 1981:
"The General Purpose and Administration Committee sit as an
audit committee at least twice a year to discuss with the.
external auditors those matters which are of concern to
both parties and how such concerns might be resolved;
The two meetings be convened, if required, as an interim review
after completion of the interim audit and as a final
review after completion of the year end audit and filing of
the financial statements and reports; �o
A review be undertaken in a future year to determine if
external members would provide for better operation of the
audit committee".
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MAYOR'S REPORT No. 8-85 -Page 2- May 6th, 1985
This resolution was amended to read "The General Purpose
and Administration Committee sit as a committee to review the audit" and
further amended by changing "future to one".
From this recommendation, it would appear that the Audit
Committee would meet when the financial statements had been delivered to
the Town by the external auditors. In conversation with our auditors, I
would expect thabthis would be sometime in May, after the audit statement
is delivered to the Town_
Following that, I think it would be in order to have the
meeting of the Audit Committee in accordance with the resolution, and as
indicated in the report, the Member of Council who is the Chairman of the
General Purpose and Administration Committee at that time, would call
and chair the meeting.
In accordance with the original resolution, I believe that
it would be appropriate for the Committee to review the functions of
the Audit Committee at that time.
Respectfully submitted,
GARNET B. RICKARD, C.M.
Mayor
GBR/mr
Apr.30, 1985