HomeMy WebLinkAboutFCS-16-062 - 2015 Audited Financial Statements
REPORT TO: Audit Committee
DATE OF MEETING: June 27, 2016
SUBMITTED BY: Dan Chapman, Deputy CAO, Finance and Corporate Services and
City Treasurer, 519-741-2200 ext 7347
PREPARED BY: Sheri Brisbane, Supervisor of Financial Reporting, 519-741-2200
ext 7349
WARD(S) INVOLVED: All
DATE OF REPORT: June 16, 2016
REPORT NO.: FCS-16-062
SUBJECT: 2015 Audited Consolidated Financial Statements
___________________________________________________________________________
RECOMMENDATION:
THAT the 2015 Audited Consolidated Financial Statements of the City of
Kitchener be approved.
BACKGROUND:
Staff is pleased to submit the 2015 Audited Consolidated Financial Statements of the
City of Kitchener. A presentation of financial statement highlights will be given at the
Audit Committee meeting on June
will also be in attendance to discuss the Audit Findings Report.
REPORT:
The consolidated financial statements are prepared in accordance with Canadian
generally accepted accounting principles for local governments as established by the
Public Sector Accounting Board of the Chartered Professional Accountants of Canada.
These financial statements are prepared on a full accrual basis and combine the results
of the tax-based operations, enterprises, local boards, capital activity, and reserve fund
activities. Local boards include The Centre in the Square Inc. (CITS), Kitchener Public
Library, Belmont Improvement Area, and Kitchener Downtown Improvement Area. The
2015 year end results for the tax-based operations and the enterprises were reported to
Council in March. Please see Appendix A to this report for a reconciliation between the
non-consolidated figures presented in March and the Audited Consolidated Financial
Statements.
ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
vision through the delivery of core service.
*** This information is available in accessible formats upon request. ***
Please call 519-741-2345 or TTY 1-866-969-9994 for assistance.
FINANCIAL IMPLICATIONS:
None
COMMUNITY ENGAGEMENT:
INFORM
advance of the council / committee meeting. The audited financial statements will be
posted on the City website and notice will be provided to all residents through Your
Kitchener (a City publication delivered in the Kitchener Citizen) in accordance with
Section 295 (1) of the Municipal Act, 2001.
ATTACHMENTS:
City of Kitchener Financial Report for the Year Ended December 31, 2015
Audit Committee Presentation
Audit Findings Report for the year ended December 31, 2015 (KPMG)
ACKNOWLEDGED BY:
Dan Chapman, Deputy CAO of Finance and Corporate Services and City Treasurer
Appendix A Annual Surplus Reconciliation
The annual surplus presented in the Audited Consolidated Financial Statements reconciles to the City of
Kitchener year-end results provided to Finance & Corporate Services Committee on March 7, 2016 as
follows: