METRO VANCOUVER REGIONAL DISTRICT PERFORMANCE AND AUDIT COMMITTEE REGULAR MEETING Wednesday, May 6, 2020 9:00 a.m. 28th Floor Boardroom, 4730 Kingsway, Burnaby, British Columbia A G E N D A1 1. ADOPTION OF THE AGENDA 1.1 May 6, 2020 Regular Meeting Agenda That the Performance and Audit Committee adopt the agenda for its regular meeting scheduled for May 6, 2020 as circulated. 2. ADOPTION OF THE MINUTES 2.1 January 22, 2020 Regular Meeting Minutes That the Performance and Audit Committee adopt the minutes of its regular meeting held January 22, 2020 as circulated. 3. DELEGATIONS 4. INVITED PRESENTATIONS 5. REPORTS FROM COMMITTEE OR STAFF 5.1 Metro Vancouver Final Report Designated Speakers: Bill Cox and Brian Szabo, Partners BDO Chartered Accountants That the Performance and Audit Committee receive for information the report dated April 17, 2020, titled “Metro Vancouver Final Report” from BDO Canada LLP Chartered Accountants. 1 Note: Recommendation is shown under each item, where applicable. April 30, 2020 Performance and Audit Committee Performance and Audit Committee Regular Agenda May 6, 2020 Agenda Page 2 of 3 5.2 Audited 2019 Financial Statements Designated Speaker: Dean Rear a) That the MVRD Board approve the Audited 2019 Consolidated Financial Statements for the Metro Vancouver Regional District; b) That the GVS&DD Board approve the Audited 2019 Financial Statements for the Greater Vancouver Sewerage and Drainage District; c) That the GVWD Board approve the Audited 2019 Financial Statements for the Greater Vancouver Water District; d) That the MVHC Board approve the Audited 2019 Financial Statements for the Metro Vancouver Housing Corporation. 5.3 2019 Financial Results Year-End Designated Speaker: Dean Rear That the MVRD Board receive for information the report dated March 27, 2020, titled “2019 Financial Results Year-End”. 5.4 Semi-Annual Report on GVS&DD Development Cost Charges Designated Speaker: Dean Rear That the Performance and Audit Committee receive for information the report dated April 27, 2020, titled “Semi-Annual Report on GVS&DD Development Cost Charges”. 5.5 Greater Vancouver Sewerage and Drainage District Development Cost Charge Reserve Fund Expenditure Bylaw No. 339, 2020 Designated Speaker: Dean Rear That the GVS&DD Board: a) give first, second and third reading to Greater Vancouver Sewerage and Drainage District Development Cost Charge Reserve Fund Expenditure Bylaw No. 339, 2020; and b) pass and finally adopt Greater Vancouver Sewerage and Drainage District Development Cost Charge Reserve Fund Expenditure Bylaw No. 339, 2020. 5.6 Capital Program Expenditure Update as at December 31, 2019 Designated Speaker: Dean Rear That the Performance and Audit Committee receive for information the report dated March 28, 2020, titled “Capital Program Expenditure Update as at December 31, 2019”. 5.7 Investment Position and Returns – September 1, 2019 to March 31, 2020 Designated Speaker: Dean Rear That the Performance and Audit Committee receive for information the report dated April 19, 2020 titled “Investment Position and Returns – September 1, 2019 to March 31, 2020”. 37074133 Performance and Audit Committee Performance and Audit Committee Regular Agenda May 6, 2020 Agenda Page 3 of 3 5.8 Tender/Contract Award Information – December 2019 to February 2020 Designated Speaker: Roy Moulder That the Performance and Audit Committee receive for information the report dated April 20, 2020 titled “Tender/Contract Award Information – December 2019 to February 2020”. 5.9 Manager’s Report Designated Speaker: Dean Rear That the Performance and Audit Committee receive for information the report dated April 30, 2020, titled “Manager’s Report”. 6. INFORMATION ITEMS 7. OTHER BUSINESS 8. BUSINESS ARISING FROM DELEGATIONS 9. RESOLUTION TO CLOSE MEETING 10. ADJOURNMENT/CONCLUSION That the Performance and Audit Committee adjourn/conclude its regular meeting of May 6, 2020. Membership: Dhaliwal, Sav (C) - Burnaby Harvie, George - Delta Walker, Darryl - White Rock Brodie, Malcolm (VC) - Richmond Marsden, Dennis - Coquitlam West, Brad - Port Coquitlam Dingwall, Bill - Pitt Meadows Morden, Mike - Maple Ridge Dominato, Lisa - Vancouver Nagra, Mandeep - City of Surrey 37074133 Performance and Audit Committee METRO VANCOUVER REGIONAL DISTRICT PERFORMANCE AND AUDIT COMMITTEE Minutes of the Regular Meeting of the Metro Vancouver Regional District (MVRD) Performance and Audit Committee held at 9:03 a.m. on Wednesday, January 22, 2020 in the 28th Floor Committee Room, 4730 Kingsway, Burnaby, British Columbia. MEMBERS PRESENT: Chair, Councillor Sav Dhaliwal, Burnaby Vice Chair, Mayor Malcolm Brodie, Richmond Mayor Bill Dingwall, White Rock Councillor Dennis Marsden, Coquitlam Mayor Mike Morden, Maple Ridge Councillor Mandeep Nagra, Surrey Mayor Darryl Walker, White Rock Mayor Brad West, Port Coquitlam (arrived at 9:24 a.m.) MEMBERS ABSENT: Councillor Lisa Dominato, Vancouver Mayor George Harvie, Delta STAFF PRESENT: Dean Rear, Chief Financial Officer Jerry Dobrovolny, Chief Administrative Officer Janis Knaupp, Legislative Services Coordinator, Board and Information Services 1. ADOPTION OF THE AGENDA 1.1 January 22, 2020 Regular Meeting Agenda It was MOVED and SECONDED That the Performance and Audit Committee adopt the agenda for its regular meeting scheduled for January 22, 2020 as circulated. CARRIED 2. ADOPTION OF THE MINUTES 2.1 October 10, 2019 Regular Meeting Minutes It was MOVED and SECONDED That the Performance and Audit Committee adopt the minutes of its regular meeting held October 10, 2019 as circulated. CARRIED Minutes of the Regular Meeting of the MVRD Performance and Audit Committee held on Wednesday, January 22, 2020 Page 1 of 5 Performance and Audit Committee 3. DELEGATIONS No items presented. 4. INVITED PRESENTATIONS No items presented. 5. REPORTS FROM COMMITTEE OR STAFF 5.1 MVRD Audit Plan from BDO Canada LLP Report dated December 20, 2019 from Dean Rear, General Manager, Financial Services/Chief Financial Officer, providing members with the external auditor’s plan for completing the annual external audit for Metro Vancouver Districts and Housing Corporation fiscal year 2019. Bill Cox and Brian Szabo, BDO Canada LLP, provided members with an overview of the MVRD Audit Planning Report. Members were informed that the 2019 audited financial statements will be presented to the Performance and Audit Committee at its April 8, 2020 meeting. In response to questions, members were informed about how accounting entries are reviewed, the work being done on asset retirement obligations which may result in a non-funded liability with no dedicated reserve, and about staff efforts to collaborate with BC local governments to share best practices on and ensure a consistent approach to asset obligation accounting. It was MOVED and SECONDED That the Performance and Audit Committee receive for information the report dated December 20, 2019, titled “MVRD Audit Planning from BDO Canada LLP”. CARRIED 5.2 2020 Performance and Audit Committee Priorities and Work Plan Report dated December 10, 2019 from Dean Rear, General Manager, Financial Services/Chief Financial Officer, providing members with the 2020 Performance and Audit Committee Work Plan and priorities. Members were informed that staff will also explore investment policy and procurement trends, as part of 2020 Work Plan efforts. 9:24 a.m. Mayor West arrived at the meeting. It was MOVED and SECONDED That the Performance and Audit Committee: a) endorse the work plan as presented in the report dated December 10, 2019 titled “2020 Performance and Audit Committee Priorities and Work Plan”; and Minutes of the Regular Meeting of the MVRD Performance and Audit Committee held on Wednesday, January 22, 2020 Page 2 of 5 Performance and Audit Committee b) receive for information the Performance and Audit Committee Terms of Reference as attached to the report dated December 10, 2019 titled “2020 Performance and Audit Committee Priorities and Work Plan”. CARRIED 5.3 Bowen Island Municipality – Metro Vancouver Regional District Security Issuing Bylaw No. 1298, 2020 Report dated December 17, 2019 from Dean Rear, General Manager, Financial Services/Chief Financial Officer, seeking MVRD Board adoption of Metro Vancouver Regional District Security Issuing Bylaw No. 1298, 2020, to authorize a borrowing request from Bowen Island Municipality in the amount of $2,533,000 for the Spring 2020 MFA long-term debt issue for construction and improvements to water infrastructure and the Cove Bay Water Treatment Plant. It was MOVED and SECONDED That the MVRD Board: a) pursuant to Sections 182(1)(b) and 182(2)(a) of the Community Charter, give consent to the request for financing from Bowen Island Municipality in the amount of $2,533,000; b) give first, second and third reading to Metro Vancouver Regional District Security Issuing Bylaw No. 1298, 2020 being a bylaw to authorize the entering into an Agreement respecting financing between the Metro Vancouver Regional District and the Municipal Finance Authority of British Columbia; c) pass and finally adopt Metro Vancouver Regional District Security Issuing Bylaw No. 1298, 2020; and d) forward Metro Vancouver Regional District Security Issuing Bylaw No. 1298, 2020 to the Inspector of Municipalities for Certificate of Approval. CARRIED 5.4 Village of Lions Bay - Metro Vancouver Regional District Security Issuing Bylaw No. 1299, 2020 Report dated December 17, 2019 from Dean Rear, General Manager, Financial Services/Chief Financial Officer, seeking MVRD Board adoption of