2007-03-13 Finance Committee MinutesFINANCE COMMITTEE
CITY OF SAINT JOHN
MINUTES
TUESDAY, MARCH 13, 2007 - 4:30 p.m.
Present:
Mayor Norm McFarlane
Deputy Mayor Hooton
Councillor Ferguson
Councillor McGuire
Councillor Titus
Greg Yeomans
Pat Woods
Cathy Graham
Also present - Jackie Ferrar, Recording Secretary
Appointment of Chairperson
Following a brief discussion it was unanimously agreed that Deputy Mayor Hooton
would serve as Chairperson of the Committee. Referring to other Committees,
Councillor Ferguson suggested this be done on a rotation basis.
2. Overview of audit plan - Robert Crowley, CA, Ernst & Young
Referring to his submitted report, Mr. Crowley provided the Committee with an overview
of the December 31, 2006 audit plan commenting on the communications with audit
committees, the Ernst & Young audit approach, fraud, areas of audit emphasis, 2006
audit reports, key business /industry risks and current developments. Mr. Crowley noted
the City's financial statements include the General Fund, Water & Sewerage Utility Fund
and the Reserve and Trust Funds.
3. Dates for audit field work
Mr. Crowley spoke concerning the audit field work advising that the interim audit site
work was carried out in November of 2006 with year end audit work commencing March
19th. He advised that April 12th is tentatively scheduled for the Committee to review the
statements for approval followed by submission to Common Council.
Councillor Ferguson inquired regarding an in- camera session of the Committee. A brief
discussion followed with Mr. Yeomans responding that he would follow up on this matter
with the Province and the City Solicitor. Mr. Woods noted that he will also examine
Committee requirements.
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March 13, 2007
4. Dates for review by Committee of 2006 Audited Financial Statements
The Committee agreed to Mr. Yeomans' suggestion that the financial statements be
forwarded to the Committee members on April 13t ", followed by a meeting of the
Committee on April 18t ". If the statements receive the Committee's approval, they
would be submitted to Common Council on April 23rd
It was noted the actuarial valuation for the Pension Plan would not be completed by this
date to which Mr. Crowley explained the statements would include an extrapolation of
the values from 2006. Mr. Woods stated the 2006 actuarial valuation will be fully
reflected in the 2007 financial statements.
5. Other Business
Mr. Crowley gave Deputy Mayor Hooton the Engagement letter for signature, for the
year ending December 31, 2006.
The meeting adjourned at 5:10 p.m.
Chairperson