HomeMy WebLinkAboutAudit 2017-06-26AUDIT COMMITTEE MINUTES
JUNE 26, 2017
The Audit Committee met this date commencing at 1:31 p.m.
CITY OF KITCHENER
Present: Mayor B. Vrbanovic - Chair
Councillors S. Davey, Y. Fernandes, K. Galloway-Sealock, J. Gazzola, B. loannidis, Z.
Janecki, S. Marsh and D. Schnider.
Staff: J.
Willmer, Chief Administrative Officer
D.
Chapman, Deputy CAO, Finance & Corporate Services
M.
May, Deputy CAO, Community Services
C.
Fletcher, Interim Executive Director, Infrastructure Services
J.
Readman, Interim Executive Director, Infrastructure Services
B.
Johnson, Director of Accounting, Finance & Corporate Services
R.
Lebrun, Manager of Accounting, Finance & Corporate Services
S.
Brisbane, Supervisor, Financial Reporting
C.
Tasker, Internal Auditor
J.
Bunn, Committee Administrator
FCS -17-051 - 2016 AUDITED FINANCIAL STATEMENTS
The Committee considered Finance and Corporate Services Department report FCS -17-051,
dated June 19, 2017, to which was attached the "Financial Report for the Year ending
December 31, 2016" and the KPMG report entitled "Audit Findings Report for the year ending
December 31, 2016".
Ms. S. Brisbane presented the staff report and gave an overview of the municipal financial
condition as of December 31, 2016, and highlighted reporting differences between the
operating results presented in March 2017 and those included in the 2016 Audited
Consolidated Financial Statements. She advised the City should continue to reduce debt, build
reserve balances, and retain long term investments.
Mr. M. Betik, KPMG, the City's external Auditor, presented the Audit Findings Report for the
year ending December 31, 2016. He provided an overview of the audit process of the
consolidated financial statements, advising there were no identified misstatements corrected
during the audit. He advised KPMG will be issuing a clean Auditors' report once the
consolidated financial statements have been approved.
On motion by Councillor B. loannidis -
it was resolved:
"That the 2016 Audited Consolidated Financial Statements of the City of Kitchener be
approved"
FCS -17-009 - 2ND QUARTER AUDIT STATUS REPORT
The Committee was in receipt of Finance and Corporate Services Department report FCS -17-
009, dated June 9, 2017 regarding a summary of the Internal Audit activities completed during
the period of December 2016 to June 2017.
Ms. C. Tasker presented the Report advising of current audit activities and provided a review
of the comprehensive audit completed of the City's Aggregates, Stores - Tool Crib, Corporate
Contact Centre & Dispatch, and Community Services Administration.
With respect to the comprehensive audit of the City's aggregates, Ms. Tasker advised the
recommended practice is for City staff to haul material from the work site to the Kitchener
Operations Facility (KOF), sort it, crush it and use the recycled materials. She noted the
benefits of the recommended option include: less vehicle/machinery emissions and impact on
greenhouse gas emissions; lower cost per tonne; and, complete control over quality of
material.
AUDIT COMMITTEE MINUTES
JUNE 26, 2017 - 3 - CITY OF KITCHENER
ADJOURNMENT
On motion, this meeting adjourned at 2:52 p.m.
Y
J. Bunn
Committee Administrator