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PRESENTATION CONCERNING THE 2017 AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Craig Millar, Director of Finance/Treasurer provided a presentation concerning of the 2017 Consolidated Financial Statements and thanked staff in their efforts in completing the statements by the deadline of May 31, 2018.
Mr. Millar discussed slides concerning the following topics:
• The Statement of Operations and Accumulated Surplus;
• The annual surplus;
• The significant adjustments to tax rate surplus;
• The consolidated statement of change in net debt;
• The change in net debt;
• The statement of financial position;
• The accumulated surplus; and
• The statement of cash flows.
Ms. Paula Jesty, Partner, Deloitte LLP reviewed the status of the audit of the 2017 Consolidated Financial Statements for the City’s 2017 fiscal year. Ms. Jesty thanked the Finance and Internal Audit staff for their efforts in completing the audit.
Ms. Jesty reviewed the key elements of the 2017 audit including details of the following aspects:
• The audit scope and terms of engagement and audit risks;
• The status of the audit and uncorrected misstatements;
• The fraud and audit risk areas;
• The significant accounting policies associated with the City’s financial position and performance;
• The other reportable matters;
• The communication requirements associated with the Audit Service Plan;
• The uncorrected misstatements; and
• The Independence letter and draft Management Representation letter.
Members of the Committee asked a number of questions related to the information provided and received responses from the presenter and City staff.