Finance & Audit Committee
The Finance Committee has been combined with the Audit Committee, and now forms the Finance and Audit Committee.
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.
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.
Mayor Booth (Chair), Councillor Cameron, Councillor Gambioli, Councillor Lambur, Councillor Soprovich, Councillor Thompson, and Councillor Wong
Lesley Taylor, Committee Clerk