Item - 2017.EX26.11

The Executive Committee recommends that:

1. City Council treat the portion of the City Council meeting at which this report is considered as the Annual General Meeting of the Shareholder for Toronto Community Housing Corporation, and:

a.  receive the Letter to the Shareholder and Annual Review from the Toronto Community Housing Corporation's Chair of the Board of Directors and Interim President and Chief Executive Officer dated April 25, 2017 and related attachments, forming Attachment 1 to the report (May 31, 2017) from the City Manager and the Deputy City Manager and Chief Financial Officer;

b.  receive Toronto Community Housing Corporation's 2016 Audited Annual Consolidated Financial Statements for the period ending December 31, 2016, and the auditor's report dated April 26, 2017, forming Attachment 2 to the report (May 31, 2017) from the City Manager and the Deputy City Manager and Chief Financial Officer; and

c.  re-appoint PricewaterhouseCoopers LLP, Chartered Accountants, as the auditor for Toronto Community Housing Corporation for fiscal year 2017 at the fee provided in the City's agreement with that firm.

2. City Council, as shareholder, approve a delay to the development of Toronto Community Housing Corporation's next strategic plan until after City Council has decided on the implementation of the recommendations in the Tenants First report.

3. City Council direct the City Clerk to forward a copy of the "Toronto Community Housing Corporation Consolidated Financial Statements December 31, 2016", forming Attachment 2 to the report (May 31, 2017) from the City Manager and the Deputy City Manager and 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 2016 audited annual consolidated financial statements and appointment of the auditor for Toronto Community Housing Corporation for 2017.

This report also contains a recommendation that Toronto Community Housing Corporation delay the development of its next strategic plan until after City Council has decided on the implementation of the recommendations in the Tenants First report.