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PEEL HOUSING CORPORATION
2016 ANNUAL MEETING OF THE SHAREHOLDER
A G E N D A PHCA - 1/2016 DATE: June 23, 2016 TIME: 9:00 a.m. LOCATION: Council Chamber, 5th Floor Regional Administrative Headquarters 10 Peel Centre Drive, Suite A Brampton, Ontario PRESIDENT: VICE-PRESIDENT: G. Miles MEMBERS: G. Carlson; B. Crombie; F. Dale; J. Downey; C. Fonseca; G. Gibson;
A. Groves; N. Iannicca; J. Innis; L. Jeffrey; J. Kovac; M. Mahoney; S. McFadden; M. Medeiros; E. Moore; M. Palleschi; C. Parrish; K. Ras; P. Saito; B. Shaughnessy; J. Sprovieri; R. Starr; A. Thompson; J. Tovey
1. CALL TO ORDER 2. OPENING REMARKS BY VICE-PRESIDENT G. MILES
3. REGIONAL COUNCIL CONVENES
4. APPROVAL OF AGENDA 5. ADOPTION OF MINUTES 5.1 Minutes of the Peel Housing Corporation (PHCA-1/2015) 2015 Annual Meeting of the
Shareholder held on June 25, 2015
5.2 Minutes of the Peel Housing Corporation (PHCSSM-1/2015) Special Shareholder Meeting held on December 10, 2015
PHCA-1/2016 2016 Annual Meeting of the Shareholder -2- June 23, 2016
6. DELEGATIONS 7. COMMUNICATIONS 8. 2015 ANNUAL REPORT
Remarks by Muliwa Mwarigha, General Manager, Peel Housing Corporation 9. 2015 FINANCIAL STATEMENTS
Remarks by David Bingham, Treasurer, Peel Housing Corporation 10. 2016 APPOINTMENT AND REMUNERATION OF EXTERNAL AUDITORS 11. 2016 RATIFICATION AND CONFIRMATION OF ACTIONS OF THE CORPORATION 12. CLOSING REMARKS BY VICE-PRESIDENT G. MILES 13. CLOSING OF ANNUAL MEETING OF THE SHAREHOLDER
-1-
PEEL HOUSING CORPORATION
2015 ANNUAL MEETING OF THE SHAREHOLDER
MINUTES
JUNE 25, 2015 PHCA - 1/2015
The Members of the Peel Housing Corporation met on June 25, 2015, at 9:09 a.m. in the Council Chamber, Regional Administrative Headquarters, Suite A, 10 Peel Centre Drive, Brampton.
Members Present:
F. Dale
J. Downey
C. Fonseca
G. Gibson
A. Groves
N. Iannicca
J. Innis
L. Jeffrey
M. Mahoney
S. McFadden
M. Mederios
E. Moore
M. Palleschi
C. Parrish
K. Ras
P. Saito
B.Shaughnessy
J. Sprovieri
R. Starr
A. Thompson
J. Tovey
Members Absent:
G. Carlson
B. Crombie
J. Kovac
Also Present: P. Palleschi, President, Peel Housing Corporation; D. Szwarc, Chief
Administrative Officer, Region of Peel; J. Smith, Commissioner of Health Services; J. Menard, Commissioner of Human Services; M.S. Mwarigha, General Manager; D. Bingham, Treasurer; K. Lockyer, Director of Clerk’s and Regional Clerk, A. Macintyre, Corporate Secretary; C. Law, Deputy Secretary.
President P. Palleschi presided.
1. CALL TO ORDER
A quorum of the members of the Corporation being present in person, all of the Directors and the Corporation's Auditor having been given notice of the meeting, President Palleschi declared the meeting to be regularly constituted.
2. OPENING REMARKS BY PRESIDENT P. PALLESCHI
President Palleschi thanked the Regional Councillors for fulfilling the important role of sole Shareholder of Peel Housing Corporation. He introduced the members of the new Board
-2- PHCA-1/2015
2015 Annual Meeting of the Shareholder
June 25, 2015
present and pledged that the Board would continue the excellent work PHC performs every day as a financially viable housing provider. He thanked PHC staff for the support they provide and paid tribute to former Board member and Regional Councillor Richard Whitehead who recently passed away.
3. REGIONAL COUNCIL CONVENES
Regional Chair Dale assumed the Chair.
4. APPROVAL OF AGENDA
Moved by Councillor Gibson, Seconded by Councillor Shaughnessy; That the agenda for the June 25, 2015, Peel Housing Corporation Annual Meeting of the Shareholder be approved.
Carried 2015-1
5. ADOPTION OF MINUTES
5.1 Minutes of the Peel Housing Corporation (PHCA-2014-1) 2014 Annual Meeting of the
Shareholder held on June 26, 2014
Moved by Councillor Fonseca, Seconded by Councillor Miles; That the minutes of the Peel Housing Corporation 2014 Annual Meeting of the Shareholder held June 26, 2014, be adopted.
Carried 2015-2
5.2 Minutes of the Peel Housing Corporation (PHCSSM-2014-1) Special Shareholder
Meeting held on September 11, 2014
Moved by Councillor Fonseca, Seconded by Councillor Moore; That the minutes of the Peel Housing Corporation (PHCSSM-2014-1) Special Shareholder Meeting held on September 11, 2014, be adopted.
Carried 2015-3
-3- PHCA-1/2015
2015 Annual Meeting of the Shareholder
June 25, 2015
6. DELEGATIONS
6.1 Andre Amaral, Region of Peel Program Admin, Together We’re Better Awards
(TWBA), and Former Peel Housing Corporation Summer Student (2011-2012), Sharing How his Peel Living Summer Student Employment Provided Valuable Experience to Help Achieve his Current And Future Career Goals
Received 2015-4
Andre Amaral, a current Region of Peel employee and former Peel Housing Corporation (PHC) summer student shared his recent experience as a PHC summer student while he studied at university as an invaluable resource in building his present career. He thanked the Shareholder for providing the opportunities to young people he was able to take advantage of, and noted the benefits such investments in youth are yielding for the Region of Peel.
7. COMMUNICATIONS - Nil
8. 2014 ANNUAL REPORT Remarks by M.S. Mwarigha, General Manager, Peel Housing Corporation
Received 2015-5
M.S. Mwarigha, General Manager, Peel Housing Corporation (PHC) provided remarks related to the PHC 2014 Annual Report. He emphasized major achievements in 2014 as a new Board governance model, a plan for achieving financial viability and asset sustainability, a 94 percent successful tenancy rate, and major investments in youth showing positive impacts. He also noted the major Board priorities for 2015 as expansion of positive tenant experience and community benefits; improving PHC’s business efficiency; re-inventing PHC’s asset and financial models; and improving PHC’s organizational capacity.
9. 2014 FINANCIAL STATEMENTS Remarks by David Bingham, Treasurer, Peel Housing Corporation
Received 2015-6
David Bingham, Treasurer, Peel Housing Corporation (PHC) provided remarks related to the PHC 2014 Financial Statements. He stated that the approved statements are now signed off by the auditor, whose management letter noted neither unrecorded audit differences nor any control weaknesses.
-4- PHCA-1/2015
2015 Annual Meeting of the Shareholder
June 25, 2015
10. 2015 APPOINTMENT AND REMUNERATION OF EXTERNAL AUDITORS
Moved by Councillor Fonseca, Seconded by Councillor Groves; That Deloitte LLP be appointed as the Corporation’s Auditors to hold office until the close of the next annual meeting, as presented in the April 2, 2015 joint Region of Peel and Peel Housing Corporation corporate report presented to the Audit and Risk Committee titled “Appointment of External Auditor for 2015 and Extension of External Audit Contract”;
And further that the audit fee for the 2015 fiscal year be increased by 5 per cent to $17,440, based on satisfactory service, performance and pricing;
And further, that the Treasurer be authorized to approve additional remuneration for the auditors during this period in the event of additional audit requirements.
Carried 2015-7
11. 2015 RATIFICATION AND CONFIRMATION OF ACTIONS OF THE CORPORATION
Moved by Councillor Saito, Seconded by Councillor Iannicca; That all by-laws and resolutions of the Corporation, save and except By-law 1-2014, passed by the Board of Directors on September 25, 2014, and all acts of the Corporation undertaken in good faith from June 26, 2014 to the date of the 2015 Annual General Meeting of Shareholder, be ratified and confirmed.
Carried 2015-8
12. REGIONAL COUNCIL ADJOURNS
President P. Palleschi assumed the Chair.
13. CLOSING REMARKS BY VICE-PRESIDENT G. MILES
Vice-President Miles thanked the new Board and Shareholder for all the work that has gone into the implementation of the new model of governance. She expressed given the high level of varied expertise represented on the Board, the coming term will be an effective one for providing innovative solutions in the area of affordable housing.
-5- PHCA-1/2015
2015 Annual Meeting of the Shareholder
June 25, 2015
14. CLOSING OF ANNUAL MEETING OF THE SHAREHOLDER
Moved by Councillor Mahoney, Seconded by Councillor Sprovieri; That the Peel Housing Corporation 2015 Annual Meeting of the Shareholder now adjourn.
Carried 2015-9
The meeting adjourned at 9:40 a.m.
President Secretary
-6-
PEEL HOUSING CORPORATION
SPECIAL SHAREHOLDER MEETING
MINUTES
PHCSSM - 1/2015
The Shareholder of the Peel Housing Corporation met on December 10, 2015 at 9:32 a.m. in the Council Chamber, Regional Administrative Headquarters, Suite A, 10 Peel Centre Drive, Brampton.
Members Present:
G. Carlson
F. Dale
J. Downey
G. Gibson
A. Groves
N. Iannicca
J. Innis
L. Jeffrey
J. Kovac
M. Mahoney
S. McFadden
M. Mederios
E. Moore
M. Palleschi
C. Parrish
K. Ras
P. Saito
B.Shaughnessy
J. Sprovieri
R. Starr
A. Thompson
Members Absent: B. Crombie
C. Fonseca
J. Tovey
Also Present: D. Szwarc, Chief Administrative Officer; J. Smith, Commissioner of Health
Services; G. Bursey, Acting Commissioner of Human Services; S. VanOfwegen, Commissioner of Finance and Chief Financial Officer; D. Labrecque, Commissioner of Public Works; L. Duarte, Acting Commissioner of Corporate Services; G. Sabat, Commissioner of Service Innovation and Information Technology; E. de Villa, Medical Officer of Health; P. O’Connor, Corporate Counsel; D. Bingham, Treasurer; A. Macintyre, Corporate Secretary; C. Law, Deputy Secretary.
Regional Chair Dale assumed the Chair.
1. CALL TO ORDER
A quorum of the members of the Corporation being present in person, all of the Directors and the Corporation's Auditor having been given notice of the meeting, Regional Chair Dale declared the meeting to be regularly constituted.
-7- PHCSSM-1/2015
Special Meeting of the Shareholder
December 10, 2015
2. APPROVAL OF AGENDA
Moved by Councillor Thompson, Seconded by Councillor Groves; That the agenda for the December 10, 2015, Peel Housing Corporation Special Shareholder meeting be approved.
Carried 2015-10
3. REGIONAL COUNCIL CONVENES
3.1 Appointment of Regional Councillor to the Peel Housing Corporation Board (Oral)
Moved by Councillor Parrish, Seconded by Councillor Palleschi; That Councillor Mahoney be appointed to the Peel Housing Corporation Board of Directors for a term ending November 30, 2018, or until a successor is appointed by the Shareholder, or they otherwise cease to hold office.
Carried 2015-11
4. DELEGATIONS - Nil
5. COMMUNICATIONS - Nil
6. ADJOURNMENT
The meeting adjourned at 9:34 a.m.
President Secretary
Peel LivingPeel LivingA N N U A L R E P O R T 2 0 1 5A N N U A L R E P O R T 2 0 1 5A N N U A L R E P O R T 2 0 1 5
8-1
2
MissionQuality Housing and
Opportunities for Success
8-2
PEEL LIVING ANNUAL REPORT 2015 1
Table of ContentsTribute to Paul Palleschi 2
Message from the Vice-President 3
Message from the General Manager 4
Peel Living: An Overview 6
2015 at a Glance 7
Business Transformation 12
Property Locations 16
2015 Financial Report 22
Executive Officers, Board of Directors Back Cover
8-3
2 BUSINESS TRANSFORMATION2
Tribute to Paul Palleschi
Famously known for saying, “I challenge anyone to join me to tour five random high rise buildings in Peel and
correctly identify the one that belongs to Peel Living,” Paul Palleschi was a key advocate leading with courage
and pride to change the landscape of affordable housing in Peel. In Paul’s opinion, “Peel Living buildings are
second to none and indistinguishable in terms of quality and neighbourhood fit.” These statements of pride and
dedication will continue to remind us of Paul’s legacy as a champion of Peel Housing Corporation (Peel Living).
Beginning in 1996, Paul was an active President of the Peel Living Board. Paul led Peel Living through times of
major changes in affordable housing in Ontario particularly after 2002 following the merger of the Provincial Peel
Regional Housing Authority with the Region’s non-profit organization – Peel Housing Corporation.
In the Region, Paul recognized the importance of increasing affordable housing and championed the active
development of new builds at a time when there was minimal financial and political support from upper levels
of government. His creativity and ability to forge new partnerships contributed to the success of building more
housing, adding over 700 new units in the Region of Peel.
In recognition of Paul’s important role, Keith Ward, then General Manager of Peel Living said, “That first project
in Mississauga was done without a dime of subsidies and without funding, the model had to change. The project
was the culmination of a lot of work and required serious political leadership to help get approval by Council. Paul
was a leader in getting through what was the largest single affordable housing project in Ontario at the time”.
Paul’s ability to build consensus and garner support in Council for affordable housing contributed to the ongoing
support that housing continues to have today. Paul made regular visits to Peel Living buildings, complimenting
staff for their efforts and taking the time to speak to residents and exchange jokes with them.
The Board of Directors, staff and residents will miss Paul dearly and will always remember him for his countless
contributions to Peel Living. Words cannot describe everything Paul meant to the Board, staff, tenants and to all
the communities and people he touched in a profound and meaningful way.
Gael Miles on behalf of,
The Board of Directors, Staff and Tenants of Peel Living
8-4
PEEL LIVING ANNUAL REPORT 2015 33
Messagefrom tthe Vice-President
In 2015, Peel Housing Corporation (Peel Living) created a smaller Board of Directors made up of 11 Directors selected from both the community and Regional Council. The addition of community residents brought diverse skills and perspectives to the Board and has already had a very positive impact on the leadership and governance of the Corporation. In their first year, the Board has quickly bonded and become familiar with key facilities and buildings and completed one cycle of business and operations oversight. Among other key decisions, the Board passed a surplus operational budget for 2015.
The Board has also continued to advance important strategic initiatives such as the redevelopment process for the Twin Pines Community. The quality of life of our tenants remains a top priority and working with staff, the Board is ready to listen to residents and take positive action to improve service quality. The board will lead staff to address a number of improvements identified in a recent tenant survey and will ensure that provincial dollars announced recently will help improve the quality of the existing housing stock.
As the board moves forward to address the issue of the organization’s long-term sustainability, brought about mainly by its aging stock and the gradual ending of traditional Federal and Provincial funding programs, the search for new ideas and vision are at the forefront of every conversation. Recognizing the opportunities presented by the current circumstances and fueled by the passion of its members, the Board is determined to re-invent Peel Living and develop new partnerships to renew existing stock and develop new affordable housing.
To guide the overall focus on Peel Living’s transformation, the Board has endorsed a Business Transformation Project – detailed in the body of this report – that outlines a number of key initiatives to anchor the development of a new Strategic Plan.
Finally, the Board will continue to enhance their policy advocacy role, especially given that housing is top of mind with both Federal and Provincial partners. Peel Living will continue to be at the table with other key stakeholders to ensure the voices in the Region are heard. The Board and I strongly believe that one voice by all stakeholders addressing housing, homelessness and poverty is needed to ensure no one is left out in the cold.
Gael Miles
Vice-President
8-5
4 BUSINESS TRANSFORMATION
Messagefrom tthe General Manager
Peel living continued to distinguish itself in 2015, advancing its mission to provide quality housing for the success
of its tenants and facility space for various community services in Peel. In recognition of the Youth Employment
Summer Program, Peel Living received the 2015 Creative Solutions Award by the Ontario Non-Profit Housing
Association. To enhance operational standards, Peel Living continues to be the only certified social housing
member of the Federation of Rental Properties of Ontario – FRPO, a private sector rental housing quality
benchmarking group. In the content of this report, you will read about a number of key accomplishments in 2015
that year after year have become a hallmark of Peel Living’s commitment to high quality affordable housing.
Key features in this report are the results of the 2015 Client Satisfaction Survey completed by a representative
sample of 600 Peel Living households. The survey revealed an encouraging trend of increased technology usage
by tenants for communication. This changing preference by tenants to use electronic communication tools will
have profound impact on the organization’s service delivery model into the future. The survey results reinforced
that there are many areas of very good performance such as customer service and provision of building services.
However, the survey results also highlighted opportunities for improved community safety services and better
tenant-to-tenant relations, especially in family buildings. The Board and staff are addressing the need to increase
investments in the modernization of home interiors and other key building areas in order to keep tenant service
confidence high.
Staff are very engaged with the Board of Directors to ensure the short and medium term needs of the organization
are met. However, both the Board and staff recognize this moment as an opportunity to explore new ways to add
value to the existing tenant and community service menu and to leverage the organization’s assets to renew the
current stock and build new affordable housing in the Region.
Overall, I firmly believe that with the support of our shareholder – the Region of Peel, the new Board and staff
are capable of the transformation challenge needed to evolve the organization into a sustainable housing and
community assets holder, contributing even more value to the health and well-being of all people and communities
in Peel.
Mwarigha M.S.
General Manager
8-6
PEEL LIVING ANNUAL REPORT 2015 5
8-7
6 BUSINESS TRANSFORMATION
Established in 1976, Peel Housing Corporation or Peel Living is a not-for-profit social housing provider owned by the
Region of Peel. Peel Living focuses on providing community, property and tenancy management services that not
only meet industry-wide standards of excellence but also fosters empowered residents and thriving communities.
The Peel Living portfolio includes 68 buildings consisting of high and low-rise apartments, as well as townhouses.
Peel Living also manages six Regionally-owned buildings, two transitional housing properties and three shelters. The
demographic make-up of its communities, relative to the Region, is highly populated with children (45 per cent) and
seniors (20 per cent).
Peel Living Overview
6,916 HOMES
3rd LARGEST SOCIAL HOUSING PROVIDER IN
ONTARIO
TENANTS15,603 68 68
SHELTER BEDS
PROPERTIES
2015 Board of Directors
Matt Mahoney“It is an honour and a pleasure to be a part of the Board of Directors for the Peel Housing
Corporation. I look forward to working with fellow Directors on the importance of social
housing. Quality, affordable housing is a key element of a strong and secure community.”
8-8
PEEL LIVING ANNUAL REPORT 2015 7
TENANT EXPERIENCE 2015
SUPERRESPONSETIMEonly 1.15 DAYS
64 TENANT MEETINGS(BBQ's, Tenant Info Sessions,
Fire Safety Training)
552 INDIVIDUALFACE TO FACE
TENANT MEETINGS
2015 Board of Directors
Frank Dale “I continue to be impressed with the proactive approach employed by Peel Living. For example,
Peel Living is similar to other organizations providing social housing, in that revenue streams
are changing at a time when capital requirements are increasing. To address these challenges,
Peel Living has embarked on an aggressive strategy to maximize its effectiveness and the
return on the investments in our community. In this coming year, I look forward to continuing to
assist Peel Living in this effort and their objectives overall.”
2015 Board of Directors
Chris Fonseca “Affordable housing is a key anchor to the well-being of many individuals, families and
seniors in the Region of Peel and I will continue to champion its sustainability.
Peel Living is fortunate to have a very involved Board of Directors that plays an active leadership
role in addressing the many challenges facing housing today. To ensure on-going success,
I am proud that we have set a solid foundation in 2015 around four important outcomes;
• everyone has a home;
• people get the support they need;
• “we work together”;
• sustainability of Peel Living.
These guide us to take action on housing construction, repairs to existing social/community housing, supports to
prevent homelessness, services and better coordination across staff departments and building relationships with
other stakeholders in the community around housing.”
2015 at a Glance
8-9
8 BUSINESS TRANSFORMATION
2015 at a Glance
This year, Peel Living staffparticipated in the Habitatfor Humanity Sweat Equitycampaign, donating fourvolunteer workdays to helpbuild homes in Brampton.
7.2 out of 10 overall satisfaction with Peel Living.
7.6%TENANT
SATISFACTIONwith Front Line Staff
7.2
0 1 2 3 4 5 6 7 8 9 10
Peel Living and the Housing System Service Managerco-hosted the ONPHA Large Provider Networking Forum Conference in Mississauga.
HEALTHY & EFFECTIVE ORGANIZATION
CLIENT SATISFACTION
Rob Young, Chief Executive Officerof Helena Partnerships, visited ourBoard of Directors to discuss hisexperience working for a housing association in the United Kingdom. He focused on business transformation including many aspects of UK government policy such as tenancy for life provisions, right-to-buy rules, social enterprise actions in response to housing reform and cost reductions by the federal government.
2015 Board of Directors
Dianne Austin “As I complete my first year as a Board Member with PHC, I reflect back on how much I
have learned about the complexities and challenges involved in the running of such a large
organization. It is a true pleasure to work with the dedicated staff and my fellow Board Members
towards a shared vision of providing outstanding supports to our tenants that go way beyond
just providing people with a place to live. We are collectively working to investigate new ways
of keeping PHC a financially viable enterprise, in an atmosphere of declining government
funding, while keeping top of mind the need to meet the growing requirements of our tenants.
It is a challenge but one that I am sure we can collectively tackle.”
8-10
PEEL LIVING ANNUAL REPORT 2015 9
2015 at a Glance
RECOGNITIONPeel Housing Corporationstaff were recognized by theRegion of Peel for the youthsummer employmentprogram and received theTogether We’re Better Awardfor Innovation.
ONPHA EXCELLENCEAWARD RECIPIENTThe ONPHA Excellence Awardrecognizes an innovativenon-profit housing corporationthat responds to tenant orcommunity needs withimagination and insight.
Some key accomplishments in 2015 include:
The Region of Peel is currently experiencing a 20 per cent youth unemployment rate.
We deliberately focused on going beyond housing tenants and instead focused on ways to contribute to youth skills sets and resumes, enhancing their overall abilities and future opportunities.
We look forward to investing in these programs to support youth in the coming years. This investment benefits communities overall, as well as Peel Living specific communities.
2015 Board of Directors
Victoria Hall“As a lead Board Advisor for the Tenant and Community Experience project in the Business
Transformation Program, I am excited about the opportunity that is ahead of us. I’m
particularly passionate about the possibility to rethink the social value that our organization
can bring to the community and the ways we can enhance the lived experience of those
who call our buildings home. We have a responsibility to optimize the social value our
organization delivers to citizens of Peel and I’m delighted that we are taking the opportunity
to revitalize and transform our business to meet the needs of the future.”
8-11
10 BUSINESS TRANSFORMATION
2015 at a Glance
89%Out of 755 total face to face tenancyinterventions 89% retained theirhousing, 7% left voluntarily and 4%due to legal evictions.
THE 2015 SUCCESSFULTENANCY RATE IS
SUMMER STUDENTS painted22,209 components
of properties, in 2,676 hours.
A social returnof investment
formula estimated
45,833 annuallinear footof outdoor(lines) washingand painting.
$171,724 IN SAVINGS
2015 Board of Directors
Ranil Mendis “I am delighted to be part of a committed group of volunteers helping to ensure that we meet
the growing housing needs in the Region of Peel. I am looking forward to an exciting year
ahead that will bring innovation and change to meet the challenges.”
8-12
PEEL LIVING ANNUAL REPORT 2015 11
2015 at a Glance
BUSINESS EFFICIENCY
LED energy savings: Peel Living worked to retrofit 50 properties using creative and innovative methods, while
reducing operational costs and contributing to carbon reduction. 26,520 bulbs were replaced, of which 20,432 were
LED tubes. The retrofit decreased CO2 emissions equivalent to 7,419,485 miles driven by a passenger vehicle or
79,902 trees planted.
The expected savings of $515,000 (3,800,000 kWh) of annual savings will be used to pay for the project costs
until the whole investment is fully paid. The expected reduction will be realized in the future operating budget
of Peel Living.
This resulted in a positive quality of living environment for 50 Peel Living properties.
WINNER OF CREATIVE SOLUTIONS AWARD 2015 – TWBA in collaboration with RPAM-Energy Services, FSU,
and Purchasing.
26,520 20,432
FACTS ABOUT LED RETROFIT
26,520Total newly
installedLED bulbs
Total newLED tubes installed
24 km long78,490 ft.
Old inefficientlighting removed
RemovedHazardous Material
2015 Board of Directors
Junaid Mizra“Peel Living helps the most vulnerable people in our region, and therefore contributes
tremendously to strengthening our community. I am proud to be a part of this innovative and
forward-thinking organization.”
8-13
12 BUSINESS TRANSFORMATION
• Meeting the challenge for new affordable housing
Increasing Pressure From:• More maintenance• Higher capital cost• Not energy efficient• Increased liability in
building system items
• Retain affordability • Increase value to tenants and community
End of Operating Agreement:• Government funding reduction• Market driven solutions • Opportunities in current financial market
WHY TRANSFORMATION?
Shifts inHousingFunding
IncreasingCost & Aging
Assets
Sustain Social Mission
Expandingrole of
Peel Livingas a Housing
Provider
EVOLVINGMANDATE
Tenant &Community
Value Model
Healthy &Effective
OrganizationPlan
AssetRenewal &Financial
Sustainability
Governance &Service Model
BusinessEfficiencyInitiative &
OpportunitiesBUSINESSTRANSFORMATION
PROJECTS
8-14
PEEL LIVING ANNUAL REPORT 2015 13
2015 Business Transformation Project
2015 Board of Directors
Sammy Elias “As a long-time resident of the Region of Peel, I am honoured to be part of the Peel Living
board focusing on its next direction of growth and long term strategy. Peel Living has been
providing support to our neighbourhoods and communities which will continue to solidify the
long-term sustainability of social housing.”
In 2015 a Business Transformation Project was
introduced to the Board of Directors as the foundation
for developing a new Strategic Plan that will redefine
Peel Living for the next 20-30 years.
The Business Transformation Project is a compre -
hensive, multi-faceted review of Peel Living’s current
business model. It will fulfill several purposes: prepare
Peel Living for the end of operating agreements and
challenges in the future, collaborate with residents and
the community to re-imagine a new future for housing
and inform a new Strategic Plan for Peel Living.
To date, staff have engaged with the Board in three
major areas of interest: governance, financial and
asset viability, and tenant and community experience.
Members of the Board were appointed as lead advisors
on each of the three major areas.
The Board approved Business Transformation Project
includes a continuation of financial viability work with
Ernst & Young. Building on last year’s work completed
by the Tim Welch Consultant (TWC) team, this initiative
has now moved into the second phase with Ernst & Young.
This work involves an in-depth analysis at a building-by-
building level and looks at maximizing and leveraging
value, benchmarking the performance of these buildings
and identifying operational strengths, weaknesses and
opportunities.
The findings will provide quantifiable financial metrics
and contribute to the development of a long-term
sustainability plan by providing further insight into each
building’s viability now and at the end of their operating
agreements.
The board is also currently sponsoring a service model
review by SHS Consulting as well as the review of a
proposed shareholder agreement. In addition, consultations
will be completed this summer with various stakeholders
including tenants and community members on improving
the overall service value of Peel Living.
In 2016 these reports will be used to develop a long
term Strategic Plan for the corporation.
8-15
14 BUSINESS TRANSFORMATION
2015 Board of Directors
Barb Shaughnessy “As a community advocate myself, I appreciate working on a Board where community
members have the opportunity to inject new ideas and energy. It’s a good mix. What I most
look forward to is participating in the future development of Twin Pines. I am committed to
maintaining the village feel that exists there today. It’s been a pleasure to serve.”
2015 Board of Directors
Elaine Moore “I have been a Peel Housing Corporation board member since 2003, and we have seen
many exciting changes including the 2015 change in governance structure. I have found
that the community members on PHC are engaged and highly skilled individuals who deliver
outstanding commitment to the Region of Peel’s mandate of providing an affordable unit
strategy that strives to meet the increasing subsidy and housing needs of Peel’s residents,
while still being responsible for creating a positive tenant experience.”
8-16
PEEL LIVING ANNUAL REPORT 2015 15
8-17
16 BUSINESS TRANSFORMATION
Property Locations – Peel Housing Corporation
•
•••
•••••
•
• ••••• •••• ••••• ••• • •• •• ••••• •
•
• ••••
••
•
23
836
212019
35 37
17
38
14
22 1325
2
69
2440
32
45
5 263
2716
7
1034
4331
29
181
441 39
15 12
33
44
30
42
28
107
69
41
113
5
FINCH AV
SECO
ND LI W
RE
NF
OR
TH
DR
GOREW
AY DR
CE
NT
RA
L P
Y E
DIXON RD
DISCO RD
INDIA
N RD
THO
MAS S
T
TENTH
LI W
REXDALE BV
CRED
ITVIEW
RD
LAKESHO
RE R
D W
PO
NY
TR
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Peel Living Properties in Mississauga
•11
••28
Peel Living Properties in Mississauga
8-18
PEEL LIVING ANNUAL REPORT 2015 17
Peel Living Properties in MississaugaIndex Project Name Year Built Total Units
1 Angela’s Place 2005 202 Arcadia Glen 1981 813 Bella Vista Place 1984 1994 Britannia Place 1988 1235 Caroline Street 1977 606 Castlebrooke (The) 1995 1207 Cliff Road 1973 698 Colonial Terrace 1991 96 Walk-ups, 30 Townhouses9 Confederation Place 1995 12110 Creditbend Terrace 1991 6911 Creditvale Mills* 2013 25012 Derrybrae Place 1993 12913 East Avenue 1967 3014 Erindale Terrace 1984 14415 Etude Drive 1974 5016 Fairview Place 1984 9617 Forster Terrace 1989 15218 Gardenview Court 1989 18019 Glenway Court 1989 11020 Gran Colombia 1992 7721 Hammond Road 1988 8 beds22 HIAPH 1992 7 beds23 Hillside Place 1984 12924 King Street 1974 12125 Lakeside Court 1996 81 Apt., 10 Townhouses26 Lakeview Promenade 1991 112 Apt., 10 Townhouses27 Mason’s Landing 1982 120 Apt., 30 Townhouses28 Meadows (The) 1983 12529 Millbrook Place* 2003 16330 Peel Youth Village 2005 6131 Queen Frederica 1967 198 (Bng & TH), 1972 (Apt)32 Redmond (The) 1992 12533 Ridgewood Court 1986 14434 Riley Court 1983 14635 South Common Court 1981 14036 Springfield Gardens 1990 23837 Springmill Terrace 1981 13138 Stavebank Road 1970 9739 Summerville Pines 2005 13640 Surveyor’s Point 1992 15841 Sydenham Place 1984 77 Apt., 30 Walk-ups42 Twin Pines 1958 21743 Weaver’s Hill 1992 25444 Westwood Place 1987 4145 William Street 1971 22
*Region of Peel owned.
8-19
18 BUSINESS TRANSFORMATION
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••
••••
Property Locations – Peel Housing Corporation
Peel Living Properties in Caledon
8-20
PEEL LIVING ANNUAL REPORT 2015 19
Peel Living Properties in CaledonIndex Project Name Year Built Total Units
1 Jane Place 1970 & 1975 28
2 Maple Grove 1977 28
3 Pinnacle View 1992 29
4 Riverview Terrace 1983 53
5 Stationview Place 1992 82
6 Walker Road 1977/2008 38
8-21
20 BUSINESS TRANSFORMATION
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Peel Living Properties in Brampton
8-22
PEEL LIVING ANNUAL REPORT 2015 21
Peel Living Properties in BramptonIndex Project Name Year Built Total Units
1 Central Park 1975 45
2 Chamney Court 1983 64
3 Chapelview* 2010 200
4 Chelsea Gardens 1992 250
5 Clipstone Court 1992 6
6 Conover (The) 1988 106
7 Drury Crescent 1990 8 beds
8 Fair Oaks Place 1994 126 Apt., 22 Townhouses
9 Fletcher’s View 1988 101
10 Garden Gate Circle 1992 46 Walk-ups, 18 Townhouses
11 Graham Court 1987 45
12 Knightsbridge 1979 90
13 Manorbridge 1986 98
14 Maple Avenue 1977 101
15 McHardy Court 1970 48 Apt., 98 Townhouses
16 MIddleton Way 1981 153
17 Nance Horwood Place* 2010 30
18 Newhaven Manors 1984 143
19 Park Estates Court 1986 18
20 Parkholme Place 1986 31
21 Snelgrove Place* 2011 94
22 Wedgewood Court 1986 81
23 Whillans Gate 1991 122
*Region of Peel owned.
8-23
22 BUSINESS TRANSFORMATION
Deloitte LLP 5140 Yonge Street Suite 1700 Toronto ON M2N 6L7 Canada Tel: 416-601-6150 Fax: 416-601-6151 www.deloitte.ca
Independent Auditor’s Report
To the Board of Directors of
Peel Housing Corporation
We have audited the accompanying financial statements of Peel Housing Corporation, which comprise
the statement of financial position as at December 31, 2015, and the statements of operations,
remeasurement gains and losses, change in net debt and cash flows for the year then ended, and a
summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with Canadian public sector accounting standards, and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
9-1
PEEL LIVING ANNUAL REPORT 2015 23
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of
Peel Housing Corporation as at December 31, 2015, and the results of its operations, changes in its net
debt, and its cash flows for the year then ended in accordance with Canadian public sector accounting
standards.
Chartered Professional Accountants
Licensed Public Accountants
June 2, 2016
9-2
24 BUSINESS TRANSFORMATION
Statement of Financial Position As at December 31, 2015
2015 2014
Financial assets Investments, unrestricted (Note 4) 13,661,026$ 9,749,710$ Accounts receivable (Note 5) 2,230,716 6,292,993 Investments, restricted (Note 4) 14,567,458 9,815,878
30,459,200 25,858,581
Liabilities Accounts payable and accrued liabilities (Note 7) 7,217,190 8,817,160 Rental deposits 4,089,083 4,240,074 Post-employment liabilities (Note 8) 108,467 107,814 Mortgages payable on income producing properties (Note 9) 218,939,868 241,403,420 Long term debt (Note 10) 34,661,428 30,800,183
265,016,036 285,368,651
Net debt (234,556,836) (259,510,070)
Non-financial assets Tangible capital assets (Note 6) 439,118,408 449,960,273 Prepaid expenses 1,220,960 1,206,907
440,339,368$ 451,167,180$
Accumulated surplus (Note 12) 205,782,532$ 191,657,110$
Accumulated surplus comprising: Accumulated operating surplus 205,360,923$ 191,242,598$ Accumulated remeasurement gains 421,609 414,512
205,782,532$ 191,657,110$
The accompanying notes are an integral part of these financial statements.
On behalf of the Board
___________________ Gael Miles, Vice President
___________________ David Bingham, Treasurer
9-3
PEEL LIVING ANNUAL REPORT 2015 25
Peel Housing CorporationStatement of Operations As at December 31, 2015
2015 2015 2014
Budget Actual Actual
Revenues
Rental income 64,927,722$ 65,890,221$ 64,288,113$ Non-rental income 4,792,108 5,011,662 4,977,335 Interest income from operations 429,812 428,100 661,160 Government grants 34,750,562 33,636,723 32,417,833 Investment income 342,934 342,934 605,861 Contributed capital (Note 11) 23,750 23,750 23,750Total revenues 105,266,888 105,333,390 102,974,052
Expenses (Note 14)
Social housing 91,946,842 91,215,065 97,321,901
Total expenses 91,946,842 91,215,065 97,321,901
Annual operating surplus 13,320,046 14,118,325 5,652,151
Accumulated operating surplus, beginning of year 191,242,598 191,242,598 185,590,447
Accumulated operating surplus, end of year 204,562,644$ 205,360,923$ 191,242,598$
The accompanying notes are an integral part of these financial statements.
9-4
26 BUSINESS TRANSFORMATION
Statement of Remeasurement Gains and Losses As at December 31,2015
2015 2014
Accumulated remeasurement gain, beginning of year 414,512$ 361,036$
Unrealized gain attributable to:
Investments 7,097 450,777
Remeasurement gain for the year 7,097 450,777
Realized gain recorded in statement of operations - (397,301)
7,097 53,476
Accumulated remeasurement gain, end of year 421,609$ 414,512$
The accompanying notes are an integral part of these financial statements.
9-5
PEEL LIVING ANNUAL REPORT 2015 27
Statement of Change in Net Debt As at December 31, 2015
2015 2015 2014
Budget Actual Actual
Annual operating surplus 13,320,046$ 14,118,325$ 5,652,151$
Acquisition of tangible capital assets - (78,600) (78,596)
Amortization of tangible capital assets 10,920,465 10,920,465 10,927,702
Contributed tangible capital assets - - -
24,240,511 24,960,190 16,501,257
Acquisition of prepaid expenses - (1,470,145) (1,519,119)
Use of prepaid expenses - 1,456,092 1,342,026
(14,053)$ (177,093)$
Net remeasurement gains - 7,097 53,476
24,240,511 24,953,234 16,377,640
Net debt, beginning of year (259,510,070) (259,510,070) (275,887,710)
Net debt, end of year (235,269,559)$ (234,556,836)$ (259,510,070)$
The accompanying notes are an integral part of these financial statements.
9-6
28 BUSINESS TRANSFORMATION
Peel Housing Corporation
Statement of Cash Flows As at December 31, 2015
2015 2014
Operating activitiesAnnual operating surplus 14,118,325$ 5,652,151$
Items not involving cash
Amortization of tangible capital assets 10,920,465 10,927,702
Change in post-employment liabilities 653 1,781
Net remeasurement gains for the year 7,097 53,476
Change in non-cash assets and liabilities
Accounts receivable 4,062,277 (1,219,994)
Accounts payable and accrued liabilities (1,599,970) (6,733,537)
Rental deposits (150,991) 86,829
Prepaid expenses (14,053) (177,093)
Net change in cash from operating activities 27,343,803 8,591,315
Capital activity Acquisition of tangible capital assets (78,600) (78,596)
Net change in cash from capital activity (78,600) (78,596)
Investing activities (Increase) decrease in unrestricted investments (3,911,316) 6,503,680
Increase in restricted investments (4,751,580) (306,369)
Net change in cash from investing activities (8,662,896) 6,197,311
9-7
PEEL LIVING ANNUAL REPORT 2015 29
Financing activities Proceeds from Peel Region loan 3,884,995 6,773,758
Repayment of long-term debt (23,750) (23,750)
Repayment of mortgages payable (22,463,552) (21,460,038)
Net change in cash from financing activities (18,602,307) (14,710,030)
Net change in cash - -
Cash, beginning of year - -
Cash, end of year -$ -$
Cash paid for interest 9,245,785$ 10,487,225$
Cash received from interest 659,819 736,733
The accompanying notes are an integral part of these financial statements.
9-8
30 BUSINESS TRANSFORMATION
Peel Housing Corporation No�e� to the F�n�n���a State�en�s Fo� the ye�� en�e� De�e�be� 31, 2015
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2� Accounting Policies
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9-9
PEEL LIVING ANNUAL REPORT 2015 31
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9-10
32 BUSINESS TRANSFORMATION
v. Tangible Capital Assets
TNOPQRSU VNWQtNS assUXs arU YUVZYdUd NX VZ[t, w\QV\ QOVS]dU[ N^Z]OXs t\NX arU dQrUVtSy attrQR]XNRSU XZ NV_]QsQtQZO` VZOstr]VtQZO` dUfUSZW^UOX ZY RUXtUY^UOX Zg t\U N[sUX. T\U VZ[t, SU[s rU[Qd]NS fNS]U` Zg tNOPQRSU VNWQtNS assUXs, UjVS]dQOP SNOd` arU N^ZYtQzUd ZO N [trNQP\X-SQOU
RN[Qs ZfUY t\UQr U[tQ^atUd ][Ug]S SQvU[ as gZSSZrss
Assets Useful life – years
B]QSdQOP[ 20 – 100
B]QSdQOP Q^WYZfU^UOXs 8 – 100
E_]QW^UOX NOd gurOQs\QOP[ 3 – 80
VU\QVSU[ 3
AOO]NS N^ZYtQzatQZO Qs V\NYPUd QO X\U tUNY Zg NV_]QsQtQZO NOd QO X\U tUNY Zg dQsWZ[NS. AssUXs
]OdUY VZO[tr]VtQZO NYU OZX N^ZYtQzUd ]OXQS t\U N[sUX Qs QO [UYvQVUv
vi. Contributions of Tangible Capital Assets TNOPQRSU VNWQtNS assUXs rUVUQfUd N[ VZOXrQR]XQZO[ arU YUVZYdUd NX t\UQr gNQr fNS]U NX t\U dNXU Zg rUVUQWX NOd arU NSsZ rUVZYdUd as rUfUO]Uv
vii. Accounts Receivable
T\U YUOX rUVUQfNRSU WZYtQZO Zg NVVZ]OXs rUVUQfNRSU QOVS]dU[ RNVwdNXUd YUOX rUVUQfNRSU[ as
dUXUY^QOUd QO NVVZYdNOVU rQt\ X\U Housing Services Act. T\U[U NYU U[tNRSQs\Ud NX t\U WZQOX Zg dQ[VZfUry.
viii. Capitalization of Costs
T\U xZYWZYatQZO VNWQtNSQzU[ NSS dUfUSZW^UOX ZY VZO[tr]VtQZO YUSatUd dQrUVt VZ[ts tZ QOVZ^U-
WYZd]VQOP WYZWUYty ]OdUY VZO[tr]VtQZOv T\U[U VZ[ts QOVS]dU YUNSty tax, WYZzUVt ^NONPU^UOX gUU[, QOXUYU[t ZO VZO[tr]VtQZO SZNO[ NOd{ZY t\U QOXUYU[t rUSatQOP tZ s\ZYt-tUY^ RYQdPU gQONOVQOPv DurQOP X\U tUNY, t\U xZYWZYatQZO VNWQtNSQzUd |}~`600 (2014 – |}~`600) Zg QOXUYU[t rUSatQOP tZvarQZus WrZzUVts.
9-11
PEEL LIVING ANNUAL REPORT 2015 33
ix. Reserves T�� ������� ��� t�� ����������� �� ����t�� ������t� �s ��t����s��� ��� ���� ����at��� ������t ��������� �� ��� ����s �� t�� ���������s. T�� ������ r����v� ����r������� �s ��� t� ������t�� ������s �����r���� �� t�� ���������s �� s��� ������ as ������� �� ��t��� C�����M��t���� ��� ������� ������at��� �� t�� ���ar�� ����str� �� M�������� A����rs ��� �������� T�� ������ ������vat��� ������� �as ��t����s��� �� ��� ����� �� D�r��t��s w�t� � ���w �� r����� ut���ty ���ts. I������t �s t� �� ���� ������at�� �� 100 ����s �����s ����� t�� C�����B��� ������s rat� ������ � ���� t� �atur�t� ���������� t� ��� ���� t�� ������� �s ����� �� ��t� �����t. T�� ��� ��� ���� ������� �as ��t����s��� �� ��� ���r� �� D�r��t��s w�t� a v��� t� ������� ��� ���������� ������������� ��� w���� ��t������v� ��������� ������ �� ��r������
x. Mortgages Payable on Income Producing Pro���ty
O� t�� �������� ���ust���� ����¡ ����tr��t��� ����� ������� ar� tr������r�� t� ���t����� ������� �� ������-��������� ������ty. T�� �������t ���ust���� ���� ���������s t�� �����t�v����� ��� ������������ �� ���t���� �������s ��� ������� �� ���������� �����s ����� ��t�� �������� ���t���� �����t���� �������� t� ������� t�� ������t. T� t�� ��t��t t�at ���a� ���t���� �����r�����s ��� ������ �r�� t�� �������� ���t���� �����t���� w��� ����� ����tr��t��� ���ts ar� ����¡ ���t����� ������� �� ������-��������� ������ty ar� ���ust������������y.
xi. Use of Estimates T�� ������at��� �� ��������� stat�����s �� ��������ty w�t� ��� C������� ������ s��t�� ���������� �t������� r����r�� ���������� t� �� � ��t��at�� ��� ass�������� t��� �����t t�� r����t�� ������s �� ass��s ��� �������t���, ��s����ur� �� ���������� ass��s ��� ����������s
��� ��� �����t�� ������s �� r������ ��� �������� ������ ��� ������� S�������a�� �s���at�s r��at� t� �������s r����v����¡ ���r��� �������t���, ��� ����t�zat���� A�t��� ������s ����������� �r�� t���� ��t��at��.
9-12
34 BUSINESS TRANSFORMATION
¢£ Change in Accounting Policy
As at J¤¥¦¤§y 1, 2015, t¨© Cª§«ª§at¬ª¥ ¤ª«®© ®¨© ¯¤¥¤¬¤¥ «¦°±¬² s©²tª§ ¤²²ª¦¥®¬¥³ ´t¤¥¤§ µS 3260 Liability for Contaminated Sites. T¨© st¤¥¤§ r©¶¦¬r©´ ³ª·©§¥¸©¥®s tª r©²ª§ a ±¬¤°¬±¬ty ¬¥ t¨©¬r ¹¬¥¤¥²¬¤± stat©¸©¥®s ¬¹ t¨©º ¨¤·© a ²ª¥®¤¸¬¥¤®© s¬t© t¨¤® ¸©©®s t¨© §©¶¦¬r©¸©¥®s as s©® ª¦® ¬¥ ®¨©st¤¥¤§» T¨© ´t¤¥¤§ ©¹¬¥©´ ²ª¥®¤¸¬¥¤®¬ª¥ ¤´ t¨© ¬¥®rª¦²t¬ª¥ ¬¥®ª ¤¬r, sª¬±, wat©§ ª§ s©¬¸©¥® ª¹ a ²¨©¸¬²¤±, ª§³¤¥¬² ª§ r¤¬ª¤²t¬·© ¸at©§¬¤± ª§ ±¬·© ª§³¤¥¬s¸ t¨¤® ©¼²©©´ ¤¥ ©¥·¬rª¥¸©¥®¤± st¤¥¤§» A
±¬¤°¬±¬tº ¹ª§ t¨© §©¸©¬at¬ª¥ ª¹ ¤ ²ª¥®¤¸¬¥¤®© ´¬t© ¬s r©²ª³¥¬z© ¤´ t¨© °©´t ©´t¬¸at© ª¹ t¨© ¤¸ª¦¥® r©¶¦¬r© tª r©¸©¬at© t¨© ²ª¥®¤¸¬¥¤®© s¬t© w¨©¥ ²ª¥®¤¸¬¥¤®¬ª¥ ©¼²©©¬¥³ ¤¥ ©¥·¬rª¥¸©¥®¤± st¤¥¤§ ©¼¬sts, t¨© Cª§«ª§at¬ª¥ ¬s ©¬t¨©§ ¬r©²t±y r©´«ª¥´¬°±© ª§ ¤²²©«®s r©´«ª¥´¬°¬±¬ty, ¬t ¬s ©¼«©²t©t¨¤® t¨© ¹utur© ©²ª¥ª¸¬² °©¥©¹¬t w¬±± °© ³¬v©¥ ¦«½ ¤¥ a r©¤´ª¥¤°±© ©´t¬¸at© ª¹ t¨© ¤¸ª¦¥® ¬s
©®©§¸¬¥¤°±©» I¹ t¨© ±¬¾©±¬¨ªª ª¹ t¨© Cª§«ª§at¬ª¥’s ª°±¬³¤®¬ª¥ ®ª ¬¥²ur t¨©´© ²ª´ts ¬s ©¬t¨©§ ¥ª® ©®©§¸¬¥¤°±©½ ª§ ¬¹ ¤¥ ¤¸ª¦¥® ²¤¥¥ª® °© §©¤´ª¥¤°±y ©´t¬¸at©½ t¨© ²ª´ts ar© ¬s²±ª´© ¤´ ²ª¥®¬¥³©¥® ±¬¤°¬±¬t¬©´ ¬¥ ®¨© ¥ª®©´ tª ®¨© ¹¬¥¤¥²¬¤± stat©¸©¥®s£ T¨© ¤ª«®¬ª¥ ª¹ t¨¬s st¤¥¤§ ¨¤´ °©©¥ ¤««±¬©«§ª´«©²t¬v©±y ¤¥ ®¨©§© ¬s ¥ª ¬¸«¤²t ª¥ ®¨© ¹¬¥¤¥²¬¤± stat©¸©¥®s.
¿£ Investments
T¨© ¯ª§«ª§at¬ª¥’s ¬¥·©´t¸©¥®s ª¹ À2,896,596 (2014 – À2,896,596) w¬®¨ E¥²asa F¬¥¤¥²¬¤± I¥². ¨¤ ¤¹¤¬r ¸ar¾©® v¤±¦© ª¹ À3,318,205 as at D©²©¸°©§ 31, 2015 (2014 – À3,311,108). T¨© ¥©® ¤²²¦¸¦±at©¦¥§©¤±¬z© ³¤¬¥ ª¹ À421,609 (2014 – À414,512) ¹ªr §©st§¬²t© ¬¥v©st¸©¥ts ¬s r©«ª§t© ¬¥ ®¨© ´tat©¸©¥® ª¹ §©-¸©¤´ur©¸©¥® ³¤¬¥´ ¤¥ ±ª´s©´ ¤¥ ¬¥ t¨© stat©¸©¥® ª¹ ¹¬¥¤¥²¬¤± «ª´¬t¬ª¥ as ¤¥ ¬¥²r©¤´© ®ªr©´tr¬²t© ¬¥·©´t¸©¥®s. T¨© °¤±¤¥²© ª¹ Cª§«ª§at¬ª¥ ¹¦¥´ ar© w¬t¨ t¨© R©³¬ª¥ ª¹ P©©± ¹ª§ ¬¥·©´t¸©¥® «¦§«ª´©´ w¨¬²¨ ©¤§¥¬¥®©§©´t °¤´© ª¥ ®¨© Á©³¬ª¥ ª¹ P©©±'s ¬¥·©´t¸©¥® º¬©±» As at D©²©¸°©§ 31, 2015, t¨© Cª§«ª§at¬ª¥Âs ¦¥§©´tr¬²t© ¬¥·©´t¸©¥®s ¨¤ a ¹¤¬r ¸ar¾©® v¤±¦© ª¹ À14,290,841 (2014 – À10,110,258). At D©²©¸°©§ 31, 2015, t¨© Cª§«ª§at¬ª¥Ãs r©´tr¬²t© ¬¥·©´t¸©¥®s ¨¤ a ¹¤¬r ¸ar¾©® v¤±¦© ª¹ À15,086,083 (2014 – À10,056,427). R©¥®¤± ©«ª´¬ts ¤¥ r©´©§v© ¹¦¥´ ©´t¤°±¬s¨© °º ±©³¬s±at¬ª¥ ª§ °º t¨© Ī¤§ ¤§© ¬s²±ª´© ¤´ a r©´tr¬²t© ¬¥·©´t¸©¥®.
9-13
PEEL LIVING ANNUAL REPORT 2015 35
ÅÆ Accounts Receivable AÇÇÈÉÊËs rÌÇÌÍvÎÏÐÌ ÇÈÊÑÍsts ÈÒ tÓÌ ÒÈÐÐÈÔÍÊÕÖ
2015 2014
RÌÊËs × 823,512 × 781,660
HST rÌÇÌÍØÎÏÐÌ 733,843 445,632
OtÓÌÙ 527,078 710,105
RÌÕÍÈÊ ÈÒ PÌÌÐ 146,283 4,355,596
Total $ 2,230,716 $ 6,292,993
ÚÆ Tangible Capital Assets December 31, 2015
Cost Accumulated Amortization
Net Ûook Value
ÜÎÊÝ × ÞßÞà938,682 × - × ÞßÞà938,682
BÉÍÐÝÍÊÕÑ 542,351,805 246,281,929 296,069,876
BÉÍÐÝÍÊÕ ÍáâÙÈØÌáÌÊËs 988,557 363,799 624,758
EãÉÍâáÌÊË ÎÊÝ ÒurÊÍsÓÍÊÕÑ 676,811 200,174 476,637
VÌÓÍÇÐÌÑ 21,961 13,506 8,455
Total $ 685,977,816 $ 246,859,408 $ 439,118,408
December 31, 2014
Cost Accumulated Amortization
Net Ûook Value
ÜÎÊÝ × 141,860,082 × - × ÞßÞà860,082
BÉÍÐÝÍÊÕÑ 542,351,805 235,434,814 306,916,991
BÉÍÐÝÍÊÕ ÍáâÙÈØÌáÌÊËs 988,557 326,266 662,291
EãÉÍâáÌÊË ÎÊÝ ÒurÊÍsÓÍÊÕÑ 676,811 166,333 510,478
Väåæçèäé 21,961 11,530 10,431
Total $ 685,899,216 $ 235,938,943 $ 449,960,273
9-14
36 BUSINESS TRANSFORMATION
êë Accounts Payable and Accrued Liabilities Tìí îïðñòó ôñí óð tìí Ríõöðò ð÷ Pííø at Díùíïúíû 31, 2015 ð÷ ü146,282 (2014 – üNöøý ös öòùøñôíô öòîùùðñòós þîÿîúøí îòô îùùrñíô øöîúöøötöíe, îòô ôðíe òðó úíîû öòóíûíet îòô ìîe òð eþíùö÷öù tíûïs ð÷ þîÿïíòó.
Lðòõ óíûï ôíúó þîÿîúøí óð óìí híõöðò ð÷ Pííø ös ôösùøðeíô öò òðóí 10.
8ë Post-Employment Liabilities
Tìí øöîúöøötÿ ÷ðû ríóöríïíòó úíòí÷öts ðò óìí etatíïíòó ð÷ ÷öòîòùöîø þðeötöðò ös tìí ûíeñøt ð÷ î ÷ñøø îùtuaröîø vaøuatöðò as at Díùíïúír 31, 2014 ÷ðr tìí Cðûþðûatöðò’s sìîûí ð÷ ùðets assðùöatíô �ötì í�óíòôöòõ óìíùðoíûîõí ÷ðû ìíîøtì� ôíòóîø îòô øö÷í öòeurîòùí úíòí÷öts tð �ñîøö÷ÿöòõ íïþøðÿííe, wötì ístöïatís tð Díùíïúíû 31, 2015. Bíòí÷öt ùðoíûîõí� í�ùíþó ÷ðû øö÷í öòeurîòùí ùðoíûîõí� ùíîeíe at tìí îõí ð÷ 65.
Tìí ÷ðøøð�öòõ eöõòö÷öùîòó îùtuaröîø assñïþóöðòe îôðþóíô öò óìí oîøuatöðò �íûí úîeíô ðòïîòîõíïíòó’s úíet íetöïatíe.
• Futurí ôösùðñòó ratíe 4.7� þíû ùíòó þíû yíîû
• Futurí öò÷øatöðò ûatí 2.0 þíû ùíòó þíû yíîû
• Futurí eîøaröíe Esùîøatí îó 3.0 þíû ùíòó þíû ÿíîû
• Futurí ôíòóîø þûíïöñï ratíe Esùîøatí îó 4.0 þíû ùíòó þíû yíîû ÷rðï 2015 tð 2016 îòô íîùì sñúeí�ñíòó yíîû
• Futurí ìíîøtì ùarí þûíïöñï ratíe Esùîøatí îó 4.0 þíû ùíòó þíû ÿíîû ÷rðï 2015 tð 2016 îòô íîùì sñúeí�ñíòó yíîû
9-15
PEEL LIVING ANNUAL REPORT 2015 37
T�� ���in� � � ��� ��tuari� r��uts �� t�� ���ru�� b�n��it i�biity r��� t�� �n t�� stat���n� ��
�in�n�i� ���iti�n�
9� Mortgages Payable on Income Producing Properties
M� t����� ar� ���ur�� b� � �irst ��� �� �n ����i�i� ass��s �� t�� �� �� ati�n it� ��� tizati�n
�� i��� t��� r�n��� �r�� 5 t� 50 y�� s �n� in�� ��t r�n�in� �r�� 1.04% �� 8.0%. G�n�ray, int�r��t rat�� ar� �ix�� �� 10 y�� s.
Esti�at�� � in�i�� r������n�s in r�����t t� t���� �� t����� �� t�� y�� s 2016-2020 �n� ��� ���t� ar� �� ���s�
Principal Reduction
2016 $ ���045,689
2017 22,145,104
2018 21,042,769
2019 19,089,747
2020 18,329,186
Sub���u�n� t� 2020 115,287,373
Total $ 218,939,868
Retirement Benefits Liability 2015 2014
A��ru�� b�n��it �bi���i�n at J�nu� y 1 $ 107,814 $ 106,033
A�� b�n��it s� vi�� ���t 2,548 4,161
A�� in�� ��t ���ru�� 5,201 4,705
D��u�t b�n��it �����n�s (7,096) (7,085)
A��ru�� b�n��it �bi���i�n �� D����b� 31 108,467 107,814
Liability at December 31 $ 108,467 $ 107,814
Retirement Benefits Expense 2015 2014
Curr�n� �� i�� b�n��it ���t $ 2,548 $ 4,161
In�� ��t �n ���ru�� b�n��it �bi���i�n 5,201 4,705
Total $ 7,749 $ 8,866
9-16
38 BUSINESS TRANSFORMATION
1�� Long Term Debt
�� ! "#&m '#(" )� *+sts ,&+mar+ly �- t.&## l�/ * -r�m t.# 2#!+� �- P##l / ' -�&!+v/(l# l�/ * w+t. ".#
,&�3+ )+/l !�3#& m# " ass�)+at#' 4+t. *�m# �- t.# ,&�,#&t+#* '#3#l�,#' 4+t. ".# 2#!+� �- P##l. T.#-+rst R#!+� /l l�/ +s -�& S5mm#&3+ll# / ' ".# )urr# t t#&m +s 4.6: -�& t# y#/&s -r�m Mar). 6, 2006 t�Mar). ;< 2016, /m�&t+z#' �3#& 35 y#/&s= ,/>m# "s m/'# /&# (/*#' � ".# �,#&at+ ! *ur,lus �- t.#,&�?#)t. T.# *#)� ' 2#!+� /l l�/ +s ,/>/(l# �3#& 15 y#/&s )�mm# )+ ! 4+t. ".# 3ar+�5* ,&�,#&ty l�)at+� *’ r#s,#)t+3# @,#&at+ ! A!&##m# " # ' '/"#*. T.# ".+r' 2#!+� /l l�/ +s -�& t.# ,5&)./*# �-
l/ ' /'?/)# " t� Cw+ D+ #*, w+t. / + "#&#*t �- rat# 3.E:, w+t. / �,# t#&m t� r#,/>. T.# ,&�3+ )+/l
l�/ * w+ll (# -�&!+3# /-t#& EF >#/&s � )# ,&�!&/m r#G5+r#m# "s ./3# (## m#t. T.# ma?�&+ty w+ll (# -�&!+v# + t.# y#/& 2025. T.# l� ! "#&m '#(" /ls� + )l5'#* / /m�5 " '5# "� ".# "# / "s ass�)+at+� �- Tw+ D+ #* / ' 4as
)� "r+(5"#' (> +ts m#m(#&s. A )� "r+(5"+� +s r#,/>/(l# "� ".# m#m(#&s �- t.# "# / "s ass�)+at+� � t#&m+ /"+� �- m#m(#&s.+,* w+t. t.# ass�)+at+� H I "#&#*t +s ,/>/(l# at t.# l#*s#& �- I;<000 �& J: �- t.# ,&+ )+,/l (/l/ )# �5"st/ '+ ! ,#& / 5m.
Long Term Debt 2015 2014
R#!+� �- P##l l�/ 2005 S5mm#&v+ll# D+ #* I 11,480,646 I J1,480,646
R#!+� �- P##l l�/ K#&3+)# M/ /!#& )/,+t/l r#+ 3#*tm# " 17,505,519 13,699,123
R#!+� �- P##l l�/ EFJN l/ ' /)G5+s+t+� 2,684,763 2,606,164
Pr�3+ )+/l l�/ * (-�&!+3/(l#O 1,990,500 2,014,250
Tw+ D+ #* M#m(#& Ass�)+at+� * 1,000,000 1,000,000
Total $ 34,661,428 $ 30,800,183
9-17
PEEL LIVING ANNUAL REPORT 2015 39
PPQ Contributed Capital TRS fTUUTVWXY sZ[[arWzS\ cR]XYS\ tT tRS ^]U]XcS fT_ cTX`rW^Z`Sa c]dWt]U.
PgQ Accumulated Surplus TRS ]ccZ[ZUatSa \urdUus cTX\Wsts Tf tRS fTUUTVWXYj
Contributed Capital 2015 2014
B]U]XcS ]` tRS ^SYWXXWXY Tf tRS yS]_ k 18,783,754 k 18,760,004
A\\WstSa HTZ\WXY WX pSSU fT_YWq]^US
UT]X 23,750 23,750
Total Contributed Capital $ 18,807,501 $ 18,783,754
Accumulated Surplus 2015 2014
AccZ[ZUatSa TdS_atWXY surdUusj
IXqS\t[SX` WX `]XYW^US c]dWt]U assS`s k 187,868,401 k 175,738,586
RS\S_qS\ 15,574,647 9,802,835
CTX`rW^Z`Sa c]dWt]U 18,807,501 18,783,754
C]dWt]U fZXa (17,505,519) (13,699,123)
AccZ[ZUatSa surdUus frT[ TdS_atWTX\ 724,260 724,260
UXfZXaSa UW]^WUWty – rS`WrSS ^SXSfWts (108,467) (107,814)
CT[[TX \R]_S\ 100 100
205,360,923 191,242,598
UX_S]UWzSa Y]WX TX _S\trWctSa WXqS\t[SX`s 421,609 414,512
Total Accumulated Surplus $ 205,782,532 $ 191,657,110
9-18
40 BUSINESS TRANSFORMATION
rst Surplus / (Deficit) from Housing Program Administration Ovwxzw{| }~�ts arw rw�atw| t~ {|����strat�vw ���}t�~�� �wx�~x�w| �� tzw Rw��~� ~� Pww� {�| arw{��~}atw| �{�w| ~� �zw ����|����’ ww��z�w| ���t }~���.
2015 2014
T~�{� rw�w��w � 823,697 � ����449
�w�s� w��w��w� 10,014,307 10,978,516
Dw��}�t �w�~xw �zw ��|wx �~�w| �tw�s (9,190,610) (10,015,067)
Tr{���wx ~� ���w�t�w�� ��}~�w �~ xw�wx�w ���|� (342,934) (208,560)
Tr{���wx ~� ���w�t�w�� rw�w��w �~ �ast �~��z�s rw�� (63,567) (32,540)
Tr{���wx ~� ���w�t�w�� ��}~�w �~ ~�wxat�~�� (253,318) (495,633)
Tr{���wx ~� ���ur{�}w �{����� t~ xw�wx�w ���|� A|����strat��w w��w��w xw}~�wxw| �r~� ~�wxat�~��
- 8,599,227
(129,926) 9,575,960
A|����strat��w {��~}at�~� �~ �w��~� ~� Pww� ����|���� 1,251,202 1,305,766
Surplus/deficit from housing program administration
$ - $ -
r�t Expenses by Object
Tzw �tatw�w�� ~� ~�wxat�~�� rw�~xts w��w��w� �~x tzw C~x�~xat�~� �� ���}t�~�� Tzw �~��~���� �s a s���ar� ~� w��w��w� �� ~��w}t.
r�t Contingent Liabilities
As at Dw}w��wx 31, 2015, tzw C~x�~xat�~� z{� }wxt{�� �w�{� |�s���w� ~��st{�|��� tz{� z{�w ar��w� �� tzw ~x|��{xy }~�xsw ~� ~�wxat�~��. N~ �x~��s�~� z{� �ww� �{|w �� 2015 �~r }~sts ~r �~��ws, as a��
}�{��s arw w��w}tw| �~ �w }~�wxw| �� ���ur{�}w ~x tzw }~��w��w�}w� arw ��|w�wx���{��w {� tz�s t��w.
2015 2014
S{�ar� {�| �{�w� � 5,040,616 � 5,144,483
M���}��{� t{�w� 12,510,090 12,413,662
A�~r���a��~� 10,920,465 10,927,702
Dw�� ���wxw�t }z{x�w� 10,904,588 10,487,225
Otzwx ~�wxat��� w��w��w� 51,839,306 58,348,829
Total $ 91,215,065 $ 97,321,901
9-19
PEEL LIVING ANNUAL REPORT 2015 41
��� Risks
a) Cr ¡¢£ R¢¤¥ T¦ §¨©ª¨©at¢¨« ¢s s¬® ¯t t¨ ¯r ¡¢t r¢s¥s °r¨± ¢ts t «²«£s as a r ¤¬³t ¨° ¯¨¬«£ ©ª²©t´ ¡ °²¬³t. T¦¢¤ r¢s¥ ¢s ±¢t¢µ²£ ¡ ´ ª©¬¡ «£ ±¨«¢t¨©¢«µ ª©¨¯ ¡¬© ¤.
¶ I«t © st Ra£ R¢¤¥ T¦ §¨©ª¨©at¢¨« ¢s s¬® ¯t t¨ ¢«£ © ¤t rat °³¬¯tuat¢¨«¤ ¨« ¢ts ±¨©tµ²µ ¤ ²«¡ ³¨«µ £ ©± ¡ £. T¦ C¨©ª¨©at¢¨« ¯urr «£³´ ¡¨ ¤ «¨£ us ²«´ ¦ ¡µ¢«µ ¤trat µ¢ ¤ t¨ ±¢t¢µ²£ £¦¢s ¢«£ © ¤t rat ·ª¨¤ur ¸
¯¶ Mar¥ £ R¢¤¥ Mar¥ £ r¢s¥ ar¢s ¤ as a r ¤¬³t ¨° tr²¡¢«µ ¢« °¢· ¡ ¢«¯¨± ¤ ¯ur¢t¢ ¤. F³¬¯tuat¢¨«¤ ¢« £¦ ±ar¥ £
·ª¨¤ £¦ §¨©ª¨©at¢¨« £¨ ² ©¢s¥ ¨° ³¨¤s. T¦ §¨©ª¨©at¢¨« ±¢t¢µ²£ ¤ t¦¢s r¢s¥ t¦©¨¬µ¦ ¯as¦±²«²µ ± «£ ª©¨¯ ¤s ¤ ²«¡ ¯¨±ª³¢²«¯ £¨ £¦ ²ªª©¨¹ ¡ ¢«¹ ¤t± «£ ª¨³¢¯y.
�º� Commitments
T¦ §¨©ª¨©at¢¨« ¦²¤ ¨³¢µ²£¢¨«¤ ¬«¡ © «¨«-¯²«¯ ³³²³ ¨ª ©at¢«µ ³ ²¤ ¤ w¢t¦ £¦ » µ¢¨« ¨° P ³ °¨© var¢¨us s r¹¢¯ aµr ± «ts. T¦ ª²´± «£s t¨ £¦ ·ª¢r´ ¨° ³ ²¤ ¤ ²«¡ ²µ© ± «£s ar ²¤ °¨³³¨¼s½
Principal Reduction
2016 ¾ ¿À726,999
2017 2,740,618
2018 2,754,437
2019 2,768,462
2020 2,782,688
S¬¤ Á¬ «£ t¨ 2020 78,050,897
Total $ 91,824,101
9-20
2015 Peel Living Board Of Directors
Dianne Austin
Frank Dale
Sammy Elias
Chris Fonseca
Veronica Hall
Matt Mahoney
Ranil Mendis
Gael Miles
Junaid Mirza
Elaine Moore
Paul Palleschi
Barb Shaughnessy
2015 Peel Living Executive Officers
Paul PalleschiPresident
Gael MilesVice-President
David Szwarc
Chief Administrative Officer
Mwarigha M.S.General Manager
David BinghamTreasurer
Patrick O’ConnorCorporate Counsel
Ava MacintyreCorporate Secretary
Janet MenardCommissioner
Human Services
HUM-0074 16/06
9-21
REPORT Meeting Date: 2016-06-23
Peel Living Annual General Meeting
DATE: June 7, 2016
REPORT TITLE: 2016 APPOINTMENT AND REMUNERATION OF EXTERNAL
AUDITORS
FROM: Mwarigha M.S., General Manager, Peel Living
Dave Bingham, Treasurer, Peel Housing Corporation
RECOMMENDATION That Deloitte LLP be appointed as the Corporation’s Auditors to hold office until the close of the next annual meeting, pursuant to the award from the Request for Proposal for External Audit Services for the Regional Municipality of Peel and Peel Housing
Corporation, Fiscal Years 2016 to 2020;
And further, that the audit fee for the 2016 fiscal year be set at $18,419;
And further, that the Treasurer be authorized to approve additional remuneration for the
auditors during this period in the event of additional audit requirements.
REPORT HIGHLIGHTS
The Region of Peel issued a Request for Proposal (“RFP”) for the External Audit Services, Fiscal Years 2016 to 2020 for both the Region of Peel and Peel Housing Corporation.
The RFP was competitively bid and Deloitte LLP is recommended for the award.
Deloitte LLP has demonstrated considerable municipal and housing auditing experience. DISCUSSION 1. Background
An RFP for the external audit services was last issued in 2010 and Council awarded the contract to Deloitte LLP for a five year term. In 2015, the external audit services contract was extended by one year due to the new implementation of the Liability for Contaminated Sites.
2. Procurement Process
In accordance with Purchasing By-law 113-2013, the process to award this contract was compliant and required the Corporation’s approval. Submissions for the RFP were received from Deloitte LLP and KPMG LLP. The submissions were reviewed and evaluated by a staff evaluation committee. The evaluation included vendor profile, staff experience, proposed approach and
10-1
2016 APPOINTMENT AND REMUNERATION OF EXTERNAL AUDITORS
- 2 -
methodology. Upon completion of the technical evaluation, two vendor submissions advanced to the second phase of the evaluation where the Purchasing representative opened the financial proposals and completed the analysis. The evaluation summary of the rankings is as follows:
Vendor Name
and Location
Technical
(70 per cent)
Financial
(30 per cent)
Price
Submitted
Overall
Ranking
Deloitte LLP,
North York, ON 1 1 $653,450 1
KPMG LLP,
Toronto, ON 2 2 $783,640 2
Note: Prices within the table are reflective of the cost for services to both the Region of Peel and Peel Housing Corporation for fiscal years 2016-2020. The proposal from Deloitte LLP received the highest overall score when assessing the combination of technical proficiency and price. Their proposal demonstrated a thorough understanding of the assignment and presented an experienced project team. The vendor presented a well-structured and detailed audit services methodology, appropriate workplan/project schedule and an excellent overall understanding of the complexities of performing the audit services for the Region of Peel and Peel Housing Corporation. Deloitte LLP is the auditor for various municipal housing corporations across Ontario and the senior audit staff who will be serving the Region of Peel and Peel Housing Corporation have extensive experience in performing municipal and housing audits. The annual budget includes the annual audit fee for Peel Housing Corporation. The staff evaluation committee has concluded that the proposal from Deloitte LLP represents good value to the Corporation. The Region’s Commissioner of Finance and Chief Financial Officer has also submitted a report to the June 23, 2016 Regional Council recommending that Deloitte LLP be awarded the contract for the External Audit Services, Fiscal Years 2016 to 2020, for the Region of Peel.
FINANCIAL IMPLICATIONS
Sufficient funds are available in the 2016 budget for the annual audit fees.
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2016 APPOINTMENT AND REMUNERATION OF EXTERNAL AUDITORS
- 3 -
CONCLUSION
In accordance with the Purchasing By-law 2013-113, it is recommended that Deloitte LLP be awarded the contract for the External Audit Services for the 2016 fiscal year for an annual audit
fee of $18,419 excluding applicable taxes.
Mwarigha M.S., General Manager, Peel Living
David Bingham, Treasurer, Peel Housing Corporation For further information regarding this report, please contact David Bingham at extension 4292 or via email [email protected]. Authored By Monique Hynes
Reviewed in workflow by:
Purchasing
10-3
REPORT Meeting Date: 2016-06-23
Peel Living Annual General Meeting
DATE: May 31, 2016
REPORT TITLE: 2016 RATIFICATION AND CONFIRMATION OF ACTIONS OF THE
CORPORATION
FROM: Ava Macintyre, Corporate Secretary
RECOMMENDATION That all by-laws and resolutions of the Corporation and all acts of the Corporation undertaken in good faith from June 25, 2015 to the date of the 2016 Annual General Meeting of Shareholder, be ratified and confirmed. REPORT HIGHLIGHTS
It is necessary to ratify and confirm all resolutions and acts of the Corporation from the last Annual Shareholder Meeting to the present.
DISCUSSION
The Annual General Meeting of the Corporation affords a convenient opportunity for the Shareholder to consider and review the by-laws, resolutions and acts of the Corporation undertaken from the time of the preceding Annual General Meeting to the present. The Shareholder, at the last Annual Shareholder Meeting held on June 25, 2015 ratified and confirmed all preceding by-laws, resolutions and acts of the Corporation were undertaken in good faith. It is now necessary to ratify and confirm all resolutions and acts of the Corporation from the last Annual Shareholder Meeting to the present.
Ava Macintyre, Corporate Secretary, Peel Housing Corporation
11-1