The Finance Committee has been combined with the Audit Committee, and now forms the Finance and Audit Committee.

Purpose

The Finance and Audit Committee (the Committee) is a Standing Committee of Council. The purpose of the Committee is to provide financial, risk management, and audit oversight of District financial operations and provide a forum for discussion of District financial issues.

Duties

The Committee will:

• participate in and review the process for the creation of the District’s Five-Year Financial Plan
• ensure the alignment of the Five-Year Financial Plan with the District’s Strategic Plan Goals and Objectives
• review the financial risk management framework
• oversee District reserve funds, including the Endowment Fund
• oversee the District’s investment program and performance
• review and make recommendations to Council regarding financial policy
• review and make recommendations to Council on fees, charges, and necessary changes to strategic direction
• review and recommend for approval the annual consolidated financial statements
• review the financial implications of outstanding litigation
• consider any other matters referred to the Finance and Audit Committee by Council

The external auditor is accountable to Council and the Committee. The Committee will:

• review the appointment of the external auditor; assessing performance and recommending appointment or re-appointment of the external auditor
• receive assurance from the external auditor on the independence of the external auditor
• review the plans and conduct of the annual external audit
• review the external auditor’s Audit Report and Management Letter, review management’s response and subsequent follow-up on any matters raised by the external auditors.

MEMBERSHIP AND QUORUM

The Committee shall comprise seven voting members consisting of six Council members and the Mayor as the Chairperson. A quorum shall be four members of the Committee.

MEMBERS

Mayor Booth (Chair), Councillor Cameron, Councillor Gambioli, Councillor Lambur, Councillor Soprovich, Councillor Thompson, and Councillor Wong

Staff Liaison

Lesley Taylor, Committee Clerk

604-921-3490

Documents

Terms of Reference - Finance and Audit Committee