Terms of Reference
The Audit and Finance Committee is authorized to do the following:
(a) consider and make recommendations to Council regarding the oversight of the systems and processes around:
(i) the preparation of the financial statements, risk management, disaster recovery, internal controls, regulatory compliance, procurement; and
(ii) internal and external audit;
(b) consider and make recommendations to Council regarding the City’s investments, investment policy, procurement policy, debt and lending, debt management policy; reserves and reserve policy;
(c) consider and make recommendations to Council regarding proposals that are outside of the annual approved budget or delegated authority of the City Manager, including: new programs, services or capital projects; programs, services or capital projects that are being substantially altered; or programs, services or capital projects where the costs have substantially increased from the approved budget;
(d) consider and make recommendations to Council related to all city owned assets and asset management plans;
(e) consider and make recommendations to Council regarding the annual budget submissions and long-range financial plans for the City
(f) consider and make recommendations to Council regarding any Council approvals or reporting that is required to be provided by the City’s municipal corporations, and business improvement districts, but does not include considering appointments to the boards of the municipal corporations and business improvement districts;
(g) consider and make recommendations to Council regarding changes to the Internal Audit Charter;
(h) consider and make recommendations to Council on any communications from the City Internal Auditor on the Internal Auditor’s performance relative to its plan, including the annual report on the Whistleblower policy and all audit reports once issued;
(i) consider and make recommendations to Council relating to the recruitment, appointment, performance evaluation, suspension and dismissal of the City Internal Auditor;
(j) consider and make recommendations to Council regarding the appointment and performance evaluation of the External Auditor;
(k) consider and make recommendations to Council on any communications from the external auditor, including all external audit reports once issued;
(l) consider and make recommendations to Council on any requests for special audits, program reviews or reports from the Administration that the Committee considers necessary on any matter that may have a material or significant financial or other risk to the City.
(m) consider and make recommendations to Council regarding the Elected Official Travel Policy Council support policies, procedures, expenditures from the Council budget, or any other matter involving the members of Council.
(n) Additional matters that may be assigned to the Audit and Finance Committee by City Council.
Delegation of Authority
(1) The Audit and Finance Committee is delegated authority to approve the City Internal Auditor’s work plan and resource plan within the budget approved by Council, with such plans to be forwarded to Council for information.
(2) Where the Audit and Finance Committee reviews a report it may receive it for information and send it on to Council or Executive Committee in some cases with or without recommendations.
(3) The Audit and Finance Committee is delegated authority to forward reports to Executive Committee for consideration prior to the report being forwarded to Council.
(4) Any requests by the Audit and Finance Committee to refer a report back to the Administration for new information must be approved by Council prior to the referral occurring. except where the report is deemed incomplete as to its original intent by the majority of the Audit and Finance Committee
(5) Notwithstanding subsection (4), where the majority of the Audit and Finance Committee has deemed the report is incomplete to its original intent, the Committee may table the report to a future meeting and direct Administration to prepare a supplemental report that contains the additional information.
Composition
The Audit and Finance Committee shall consist of seven voting members appointed by resolution of Council as follows:
(a) the Mayor;
(b) two members of Council; and
(c) four citizen members that meet the following requirements:
(i) reside in Saskatchewan;
(ii) are not employed by the City, any of the City’s municipal corporations, the Regina Police Service, the Regina Public Library or any of the City’s business improvement districts;
(iii) are not on the boards for any of the City’s municipal corporations, the Regina Police Service, the Regina Public Library or any of the City’s business improvement districts;
(iv) have the appropriate financial literacy, skills, knowledge and experience in audit and finance to support informed and effective decisions.
Term
(1) Unless removed from office, the appointment of the members to the Audit and Finance Committee shall be appointed for one to three year staggered terms as set by resolution of Council.
(2) Notwithstanding subsection (1), members of the Audit and Finance Committee whose terms have expired will continue as members of the Committee until such time as Council re-appoints the member or names a successor member.
(3) The appointment of the two City Council members to the Audit and Finance Committee shall be for a one-year term.
Meeting Frequency: At least 4 times a year
Term Limit: 3 year Terms, unlimited number of Terms.
Positions: 7 in total. 7 occupied. No vacancies.