Item - 2018.EX35.13

The Executive Committee recommends that:

1.  City Council treat the portion of the City Council meeting at which the report (June 4, 2018) from the Interim City Manager and the Interim Chief Financial Officer is considered as the Annual General Meeting of the Shareholder for Toronto Community Housing Corporation by:

a.  receiving the Letter to the Shareholder from the Toronto Community Housing Corporation's Chair of the Board of Directors and President and Chief Executive Officer dated April 30, 2018 transmitting the Toronto Community Housing Corporation 2017 Annual Report and additional information, forming Attachment 1 and Confidential Attachment 5 to the report (June 4, 2018) from the Interim City Manager and the Interim Chief Financial Officer;

b.  receiving Toronto Community Housing Corporation's 2017 Audited Consolidated Financial Statements for the period ending December 31, 2017, including the auditor's report dated May 4, 2018, forming Attachment 2 to the report (June 4, 2018) from the Interim City Manager and the Interim Chief Financial Officer; and

c.  appointing PricewaterhouseCoopers LLP, Chartered Accountants, as the auditor for Toronto Community Housing Corporation for fiscal year 2018 at the fee provided in the City's agreement with that firm.

2.  City Council, as Shareholder, approve amendments to Toronto Community Housing Corporation's financial control By-law (By-law 3), forming Attachment 3 to the report (June 4, 2018) from the Interim City Manager and the Interim Chief Financial Officer.

3.  City Council, as Shareholder, request the Toronto Community Housing Corporation to align its financial control By-law (By-law 3) with the City's financial management and control By-law once revisions are approved by Council.

4.  City Council, as Shareholder, approve the dissolution of Toronto Community Housing Corporation subsidiaries Don Mount Court Development Corporation and Access Housing Connections Incorporated.

5.  City Council direct that the confidential information contained in Confidential Attachment 5 to the report (June 4, 2018) from the Interim City Manager and the Interim Chief Financial Officer remain confidential in its entirety, as it deals with personal matters about an identifiable person.

6.  City Council direct the City Clerk to forward a copy of Toronto Community Housing Corporation's 2017 Audited Consolidated Financial Statements December 31, 2017, forming Attachment 2 to the report (June 4, 2018) from the Interim City Manager and the Interim Chief Financial Officer, to the Audit Committee for information.

This report recommends the actions necessary to comply with the requirements of the Ontario Business Corporations Act (OBCA) for holding an Annual General Meeting of the Shareholder of Toronto Community Housing Corporation (TCHC), including receipt of Toronto Community Housing Corporation's 2017 Audited Consolidated Financial Statements and appointment of the auditor for Toronto Community Housing Corporation for 2018.

This report also recommends that Council approve the dissolution of two non-active Toronto Community Housing Corporation subsidiaries, and amendments to Toronto Community Housing Corporation's financial control By-law, as required under the Ontario Business Corporation's Act and the Shareholder Direction to Toronto Community Housing Corporation.