The meeting was called to order at 8:30 a.m.

Mark Holland in the Chair.

Additions & Corrections to the Agenda

The Chair advised of the additions to the agenda, being the report by Mr. Paul Duggan and Mr. Travis Waite, York Region Audit Services and the Management Letter referred to as Item 4b) of the agenda.

Moved by:      Councillor Hempen

Seconded by: Mayor Van Bynen

THAT the additions be included in the agenda.

Carried

Declarations of Pecuniary Interest

None.

Presentations

1.

The Chief Administrative Officer introduced Mr. Paul Duggan, York Region Audit Services and provided background information related to his work for the Town of Newmarket and the N6.  Mr. Duggan introduced Mr. Travis Waite, York Region Audit Services and provided information related to his experience.  Mr. Duggan and Mr. Waite provided a PowerPoint presentation regarding York Region Audit Services, which spoke to the Memorandum of Understanding, risk assessment, and assignments since the last report including: overtime pay audit, management compensation lieu days best practice, N6 compliance audit of the waste collection agreement and Old Town Hall renovation project review.  Discussion ensued regarding overtime pay project review, future potential risks related to the insurance market, vehicle replacement program policy, long-term disability programs and future areas for review.

Moved by:      Mayor Van Bynen

Seconded by: Councillor Hempen

THAT the presentation by Mr. Paul Duggan and Mr. Travis Waite, York Region Audit Services related to the Audit Services report be received.

Carried

Approval of Minutes

2.

Audit Committee Minutes and Audit Committee (Closed Session) Minutes of June 23, 2015.

Moved by:      Councillor Hempen

Seconded by: Mayor Van Bynen

THAT the Audit Committee Minutes and Audit Committee (Closed Session) Minutes of June 23, 2015.be approved.

Carried

Items

3.

Review of 2014 Financial Statements.

Mr. M. Jones and Ms. Trudy White BDO Canada LLP reviewed the following documents:

a)

Report to the Audit Committee dated June 22, 2015 from BDO Canada LLP

b)

Management Letter dated June 22, 2015 from BDO Canada LLP

Dawn Schellenberg, Manager of Finance and Accounting provided an overview of the Town of Newmarket Consolidated Financial Statements and Financial Statement Discussion and Analysis.

c)

Town of Newmarket Consolidated Financial Statements and representation letter dated June 22, 2015 from BDO Canada LLP

d)

Town of Newmarket Main Street District BIA Financial Statements and representation letter dated June 22, 2015 from BDO Canada LLP

e)

Town of Newmarket Trust Fund Financial Statements and representation letter dated June 22, 2015 from BDO Canada LLP

f)

Financial Statement Discussion and Analysis (FSD&A) dated June 22, 2015 from the Manager, Accounting and Finance

Discussion ensued regarding changes to the assessments and options available to the Town and future updates to Council, including an update on ongoing litigation and insurance claims.

Moved by:      Councillor Bisanz

Seconded by: Mayor Van Bynen

THAT the Town of Newmarket’s Draft 2014 Consolidated Financial Statements, Trust Fund Financial Statements and Main Street District BIA Financial Statements, Representation Letters dated June 22, 2015 and Final Report to the Audit Committee dated June 22, 2015 from BDO Canada LLP be received;

AND THAT the Audit Committee recommend to Council that the Town of Newmarket’s Draft 2014 Consolidated Financial Statements, Trust Fund Financial Statements and Main Street District BIA Financial Statements endorsed by the Audit Committee be approved.

Carried

Closed Session

There was no requirement for a Closed Session.

New Business

a)

The Chief Administrative Officer advised that there are discussions between the N6 municipalities regarding joint initiatives and inquired on any matters that the Audit Committee may be interested in reviewing in collaboration with the N6, or the internal auditors could be used as a consulting service, if required. 

Adjournment

Moved by:      Mayor Van Bynen

Seconded by: Councillor Bisanz

THAT the meeting adjourn.

Carried

There being no further business, the meeting adjourned at 9:54 a.m.