REQUEST FOR DECISION
DATE: April 26, 2016 Report No. FIN-16-006
TO: Laurie Hurst, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:
Title
2015 Audited Financial Statements
End
RECOMMENDATION:
Recommendation
That Council receive and approve the Township’s audited financial statements for the year ended December 31, 2015 attached to Staff Report No. FIN-16-006.
Body
RELEVANT POLICY:
As required by the Community Charter, the municipal financial statements must be approved by Council each year.
STRATEGIC RELEVANCE:
This request for decision does not relate to any specific strategic priority.
BACKGROUND:
For each fiscal year end, the Financial Services department completes the required accounting analysis and work, compiles an audit file, and prepares financial statements, which satisfy the criteria as set out by our auditors, KPMG. This year, the annual audit was conducted during March and April, with the audited financial statements finalized on April 19, 2016. As a result of their fieldwork and testing, the audit findings report indicated that no significant issues were noted and no material adjustments were required.
The audited financial statements are prepared in compliance with legislation and in accordance with Canadian public sector accounting standards. The statements, prepared by management, fairly present the financial position and operational results of the Township for the year ended December 31, 2015.
The audited financial statements for the year ended December 31, 2015 are attached for Council receipt and approval.
ISSUES:
1. Rationale for Selected Option
The receipt and approval of the audited financial statements are required under the Community Charter and will allow for completion of the 2015 Annual Report.
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 implications of this decision.
5. Communication & Engagement
The audited financial statements will form a key component of the 2015 Annual Report. This annual report will be made available for public inspection for a two week period prior to June 30 in accordance with the Community Charter.
ALTERNATIVES:
1. That Council receive and approve the Township’s audited financial statements for the year ended December 31, 2015 attached to Staff Report No. FIN-16-006.
2. That Council not approve the audited financial statements.