Audit Committee

THAT the order of the agenda be changed to include New Business items, An Evaluation of the Audit by Auditors, and An Evaluation of the Audit by Administration.

WITH RESPECT to the October 15, 2024 meeting of the Audit Committee, we recommend that the agenda as printed, including any additional information and new business, be confirmed, as amended.

THAT the Minutes of Meeting 02-2024 Audit Committee, held on May 17, 2024, be confirmed.

THAT Administration, in consultation with the Chair, develop a work plan for the committee; AND THAT Enterprise Risk Management be included in the Audit Committee's work; AND THAT additional meetings be scheduled in 2025 to complete this work.

THAT the Audit Committee resolve into Closed Session in order to receive information that is pursuant to the Municipal Act (Section 239 (2): (a) the security of the property of the municipality or local board; Audit Committee - Wednesday, October 16, 2024 (j) a trade secret or scientific, technical, commercial or financial information that belongs to the municipality or local board and has monetary value or potential monetary value; or (k) a position, plan, procedure, criteria or instruction to be applied to any negotiations carried on or to be carried on by or on behalf of the municipality or local board.

THAT Corporate Report 383-2024 (Corporate Services - Office of the City Treasurer) – 2023 Audit Committee Annual Report, as presented at the October 15, 2024 meeting of the Audit Committee, be accepted for presentation to Committee of the Whole; AND THAT the Audit Committee recommends to City Council, approval of the audited Consolidated Financial Statements and Trust Fund Statements of the Corporation of the City of Thunder Bay, for the year ended December 31, 2023.

THAT the Audit Committee resolve into Closed Session in order to receive information that is pursuant to the Municipal Act (Section 239 (2): (a) the security of the property of the municipality or local board; (j) a trade secret or scientific, technical, commercial or financial information that belongs to the municipality or local board and has monetary value or potential monetary value; or (k) a position, plan, procedure, criteria or instruction to be applied to any negotiations carried on or to be carried on by or on behalf of the municipality or local board.