Endorse the 10 recommendations in the Auditor General's report dated February 5th, 2026, entitled Land Sales and Exchanges, and recommend that Council endorse the 10 recommendations (base motion) — Auditor General Committee, February 12, 2026

Motion 4 Carried

Summary

The Auditor General recommended the committee endorse all 10 recommendations from the February 5, 2026 Land Sales and Exchanges report, and further recommend Council do the same.
Key findings: City lacked a real estate portfolio strategy; policies were outdated and non-compliant with FIPPA; Council was not always given full information (e.g., sales below appraised value, contract extensions without Council approval); a $13 million calculation error occurred in the 601 Beach Crescent transaction.
City staff (REFM) disputed several findings, arguing that CAC negotiations provide public value not captured in sale price alone, and that the audit lacked full context on how complex real estate transactions work in practice.
Committee members noted the audit concluded the City "could not demonstrate" maximum value — not that value was definitively lost — an important distinction highlighted during debate.
Moved by Councillor Zhou, seconded by Councillor Fry; carried unanimously.