TOWNSHIP OF ESQUIMALT STAFF REPORT
MEETING DATE: May 5, 2025 Report No. FIN-25-006
TO: Council
FROM: Kristi Bilodeau, Manager of Financial Services
SUBJECT: 2024 Audited Financial Statements
RECOMMENDATION:
Recommendation
That Council approve the audited financial statements for the year ended December 31, 2024, as attached to Staff Report FIN-25-006.
Body
EXECUTIVE SUMMARY:
The purpose of this report is to summarize and present the 2024 audited financial statements to Council for review and acceptance.
BACKGROUND:
Each year, the Financial Services Department compiles an audit file and prepares the financial statements to be audited by an external auditor. The Township's current appointed external auditor is KPMG.
In accordance with the Community Charter Section 167, Council is required to accept the annual audited financial statements that are prepared in accordance with generally accepted accounting principles for local governments. The audited financial statements are required to be submitted to the Province of BC by May 15 each year.
In accordance with the Community Charter Section 171, the auditor is required to report to Council on the annual financial statements.
ANALYSIS:
This year's audit was conducted during March and April 2025, with the financial statements being finalized shortly thereafter. Based on fieldwork and testing, the auditors did not identify any significant or material errors. In their opinion, the financial statements attached to this report are prepared in accordance with Canadian Public Sector Accounting Standards. They are also of the opinion that the financial statements fairly present the financial position and operating results of the Township for the year ended December 31, 2024.
OPTIONS:
1. That Council approve the 2024 audited financial statements for the year ended December 31, 2024, as attached to Staff Report FIN-25-006.
2. That Council refer the 2024 audited financial statements back to staff for...
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