Audit Committee

THAT nominations for Chair be closed.

THAT nominations for Vice-Chair be closed.

THAT Councillor Engelsdorfer be appointed Chair of the Audit Committee pursuant to the Terms of Reference; THAT Jane Lesslie be appointed Vice-Chair of the Audit Committee pursuant to the Terms of Reference.

THAT the agenda for the Audit Committee meeting of March 25, 2026 be confirmed.

THAT the minutes from the Audit Committee meeting held August 27, 2025 be adopted as presented.

THAT the Audit Planning Report for the year ending December 31, 2025 be received.

1. THAT the Audit Committee receive FIN-05-2026 for information. Page 3 of 6 Minutes of the March 25, 2026 Audit Committee Meeting Circulated to Council on April 7, 2026

THAT the Municipal Financial Profile be received; THAT the Financial Indicator Review be received.

WHEREAS the County’s net debt has grown almost 22% year over year (according to page 10 Auditor’s Presentation section Financial Sustainability, and page 5 of the County’s Consolidated Statement of Financial Position, 2023); and the auditor further notes that $29.8 million of temporary borrowing is due to become long term debt; and WHEREAS the County is currently engaging in at least two major projects (Water and Waste Water; the McFarland Long Term Care Home); WHEREAS the County has sought and received permission from the Provincial Government to exceed its Annual Repayment Limit; AND WHEREAS the mandate for the Audit Committee is to promote an appropriate environment for the management of public funds and a high level of accountability as well as assist the Council in fulfilling its due diligence, fiduciary and financial reporting responsibilities; as well as provide advice on risk management and the financial reporting and accounting control policies of the County THAT the Audit Committee recommends that Council direct staff to provide Page 4 of 6 Minutes of the March 25, 2026 Audit Committee Meeting Circulated to Council on April 7, 2026 an analysis and forecast of the County’s debt position, to include: 1. A maturity profile in annotated bar graph form with demonstrating a year by year maturity profile of the County’s debt; 2. This should include both short term liabilities expected to become long-term debt as well as existing long-term debt; 3. A report showing the muni

WHEREAS the Audit Committee is aware that there have been material changes in the directors of virtually all departments throughout the past year and that significant changes are under way vis a vis the County’s financial reporting capacities; THAT the Audit Committee recommends Council direct the Director of Finance to provide an overview of the process and systems (information technology) improvements being made at a meeting of the Audit Committee to be held in July 2026 with the overall objective of bringing more visibility, transparency and timeliness to the financial reporting process.

THAT the Audit Committee discussion on the Work Plan be received.

THAT the 2026 Statutory & Advisory Board/Committee Schedule be received.

THAT this meeting now adjourn at 4:50 p.m.