TOWNSHIP OF ESQUIMALT STAFF REPORT
MEETING DATE: May 6, 2024 Report No. FIN-24-011
TO: Council
FROM: Ian Irvine, Director of Financial Services
SUBJECT: 2023 Audited Financial Statements
RECOMMENDATION:
Recommendation
That Council approve the Township’s audited financial statements for the fiscal year ended December 31, 2023, as attached to Staff Report FIN-24-011.
Body
EXECUTIVE SUMMARY:
The Township’s audited financial statements require Council approval in accordance with the Community Charter. These statements are attached to this report for Council consideration.
BACKGROUND:
At the end of each fiscal year, the Financial Services Department performs analysis, compiles an audit file, and prepares financial statements which satisfy the criteria set out by KPMG, the Township’s auditors. This year’s audit was conducted during March and April 2024 with interim audit work completed in November 2023 and the statements were finalized on April 29, 2024. Based on their fieldwork and testing, the auditors did not identify any significant issues or material unadjusted errors.
ANALYSIS:
The Community Charter requires the Township to submit audited financial statements to the provincial government prior to May 15 each year. These statements must be prepared by the Township’s financial officer in accordance with generally accepted accounting principles and must be presented to Council for acceptance.
In the auditor’s opinion, the financial statements attached to this staff report were prepared in compliance with legislation and in accordance with Canadian public sector accounting standards. They are also of the opinion that the statements fairly present the financial position and operating results of the Township for the year ended December 31, 2023.
OPTIONS:
Council could approve the Financial Statements as attached to this staff report. Alternatively, Council could request that the auditors make changes to the statements prior to approving the amended statements in advance of the May 15 deadline.
COUNCIL PRIORITY:
Good Governance
FINANCIAL IMPACT:
There are no financial impacts of this decision.
COMMUNICATIONS/ENGAGEMENT:
The audited financial statements will form part of the Township’s 2023 Annual Report. This report must be released prior to June 30 and will be made available to the public for a two-week period prior to this date. The approved statements will also be submitted to the provincial government as part of the Township’s annual reporting requirements.
TIMELINES & NEXT STEPS:
Once approved, the financial statements will be signed and submitted to the province. As well, a copy will be included in the Township’s 2023 Annual Report which will be presented to Council for approval in June.
REPORT REVIEWED BY:
1. Deb Hopkins, Director of Corporate Services, Reviewed
2. Dan Horan, Chief Administrative Officer, Concurrence
LIST OF ATTACHMENTS:
1. 2023 Draft Financial Statements