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File #: 20-202    Version: 1 Name:
Type: Staff Report Status: Passed
File created: 5/1/2020 In control: Council
On agenda: 6/1/2020 Final action: 6/1/2020
Title: 2019 Audited Financial Statements
Attachments: 1. Attachment No. 1: 2019 Draft Financial Statements

REQUEST FOR DECISION

 

DATE:                       May 25, 2020                     Report No. FIN-20-010

TO:                       Laurie Hurst, Chief Administrative Officer                                           

FROM:                      Ian Irvine, Director of Financial Services

SUBJECT:

 

Title

2019 Audited Financial Statements

End

 

RECOMMENDATION:

 

Recommendation

That Council receive and approve the Township’s audited financial statements for the year ended December 31, 2019 as attached to Staff Report FIN-20-010.

Body

 

RELEVANT POLICY:

 

Community Charter s.171

 

STRATEGIC RELEVANCE:

 

This request for decision does not relate to any specific priority or objective.

 

BACKGROUND:

 

At the end of each fiscal year the Financial Services department completes the required analysis, compiles an audit file and prepares financial statements which satisfy the criteria set out by KPMG, the Township’s auditors. This year the annual work was conducted during March and April with the statements finalized on April 17, 2020.  As a result of their fieldwork and testing, the auditors noted no significant issues and no  material unadjusted errors were identified.

 

In the auditor’s opinion, the financial statements were prepared in compliance with legislation and in accordance with Canadian public sector accounting standards.  As well, they are of the opinion that the statements fairly present the financial position and operational results of the Township for the year ended December 31, 2019.

 

ISSUES: 

 

1.  Rationale for Selected Option

The Community Charter requires the auditors of each municipality to report to Council on the annual financial statements.

 

2.  Organizational Implications

There are no organizational implications of this decision

 

3.  Financial Implications

There are no financial implications of this decision.

 

4.  Sustainability & Environmental Implications

There are no sustainability or environmental implications of this decision.

 

5.  Communication & Engagement 

The audited financial statements will form part of the Township’s 2019 Annual Report. Typically this report must be released prior to June 30; however, this year an extension to August 31 has been granted by the Provincial Government. The Community Charter also requires that the report be made available to the public during a two week period prior to this date. Once the Annual Report has been approved and received by Council, it will be added to the Township’s website.

 

ALTERNATIVES:

 

1. That Council receive and approve the Township’s audited financial statements for the year ended December 31, 2019, as attached to Staff Report FIN-20-010.

 

2. That Council not approve the 2019 audited financial statements.