Minutes (Appointed) - Finance Advisory Committee - 20251118
Town of Aurora
Finance Advisory Committee
Meeting Minutes
Date:
Time:
Location:
Tuesday, November 18, 2025
5:45 p.m.
Holland Room, Aurora Town Hall
Committee Members: Mayor Tom Mrakas (Chair)
Councillor Harold Kim
Members Absent: Councillor Michael Thompson
Other Attendees: Councillor John Gallo
Rachel Wainwright-van Kessel, Director, Finance
Elizabeth Adams-Quattrociocchi, Manager, Financial Reporting
and Revenues
Jason Gaertner, Manager, Financial Management
Michelle Hoang, Supervisor, Accounting
Julia Shipcott, Council/Committee Coordinator
_____________________________________________________________________
1. Call to Order
The Chair called the meeting to order at 5:47 p.m.
The Mayor relinquished the chair to Councillor Kim at 6:04 p.m. during
consideration of item 7.1 Memorandum from Supervisor, Accounting; Re: 2025
Audit Planning Report and reassumed the chair at 6:09 p.m.
2. Land Acknowledgement
The Committee acknowledged that the meeting took place on Anishinaabe lands,
the traditional and treaty territory of the Chippewas of Georgina Island,
recognizing the many other Nations whose presence here continues to this day,
the special relationship the Chippewas have with the lands and waters of this
territory, and that Aurora has shared responsibility for the stewardship of these
lands and waters. It was noted that Aurora is part of the treaty lands of the
Finance Advisory Committee Meeting Minutes
November 18, 2025 2
Mississaugas and Chippewas, recognized through Treaty #13 and the Williams
Treaties of 1923.
3. Approval of the Agenda
Moved by Councillor Kim
Seconded by Mayor Mrakas
That the agenda as circulated by Legislative Services be approved.
Carried
4. Declarations of Pecuniary Interest and General Nature Thereof
There were no declarations of pecuniary interest under the Municipal Conflict of
Interest Act, R.S.O. 1990, c. M.50.
5. Receipt of the Minutes
5.1 Financial Advisory Committee Meeting Minutes of September 16, 2025
Moved by Councillor Kim
Seconded by Mayor Mrakas
1. That the Finance Advisory Committee meeting minutes of September
16, 2025, be received for information.
Carried
6. Delegations
None.
7. Matters for Consideration
7.1 Memorandum from Supervisor, Accounting; Re: 2025 Audit Planning Report
Kevin Travers, Lead Audit Engagement Partner, KPMG, presented a summary
of the Town's 2025 Audit Planning Report, highlighting key items including
materiality calculation, involvement of an actuarial specialist for employee
benefits, scope of total revenue, risk assessment summary, inquiry
Finance Advisory Committee Meeting Minutes
November 18, 2025 3
requirements for those charged with governance, key milestones and
deliverables. Also noted were proposed accounting standards for the
Canadian public sector with the launch of section PS 1202 Financial
statement presentation that will apply to fiscal years beginning April 1, 2026
(Town's December 21, 2027 year-end). Hitesh Sharma, Audit Manager, KPMG,
presented a brief overview of material misstatement risk assessment tests
performed and their results.
In response to Committee inquiries, Kevin Travers provided clarification on
matters including upcoming changes to the separation of liabilities related to
development charges, One Investment auditing procedures, best practices
with regard to the materiality percentage, detection of fraud risks and other
high-risk areas typical to a municipality, high-risk criteria filtering processes,
procurement oversight within the scope of predictability, depreciation rates
and cyber security auditing.
Staff provided clarification to Committee inquiries on the applicability of Bill
C59's Environmental, Social and Governance mandate to municipalities,
auditing of the Town’s assets, status of a Town whistleblower program to
address perceived fraud, and collection and benchmarking of data analytics
through Access Aurora's planned CRM program.
Moved by Councillor Kim
Seconded by Mayor Mrakas
1. That the memorandum regarding 2025 Audit Planning Report be
received; and
2. That the Finance Advisory Committee comments regarding 2025 Audit
Planning Report be received and referred to staff for consideration and
further action as appropriate.
Carried
8. New Business
None.
9. Adjournment
Finance Advisory Committee Meeting Minutes
November 18, 2025 4
Moved by Councillor Kim
Seconded by Mayor Mrakas
That the meeting be adjourned at 6:19 p.m.
Carried