HomeMy WebLinkAboutAudit Minutes - 2025-06-23
Audit Committee
Minutes
June 23, 2025, 3:00 p.m.
Council Chambers - Hybrid
City of Kitchener
200 King Street W, Kitchener, ON N2G 4G7
Present: Mayor B. Vrbanovic
Councillor S. Davey
Councillor D. Schnider
Councillor J. Deneault
Councillor C. Michaud
Councillor A. Owodunni
Councillor P. Singh
Councillor B. Ioannidis
Councillor M. Johnston
Councillor D. Chapman
Councillor S. Stretch
Staff: D. Chapman, Chief Administrative Officer
M. May, General Manager, Community Services and Deputy
Chief Administrator
V. Raab, General Manager, Corporate Services
J. Readman, General Manager, Development Services
J. Lautenbach, Chief Financial Officer, Financial Services
D. McGoldrick, General Manager, Infrastructure Services
K. Fischer, Director, Financial Reporting & ERP Solutions
D. Saunderson, Deputy Clerk
G. Demacio, Manager, Financial Reporting & Analysis
M. Mills, Committee Coordinator
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1. Commencement
The Audit Committee held a meeting this date commencing at 3:05 p.m.
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2. Disclosure of Pecuniary Interest and the General Nature Thereof
3. Presentations
3.1 Certificate of Achievement - Canadian Award for Financial Reporting
Fiscal Year 2023
K. Fischer, presented the award received by the City of Kitchener, for the fiscal
year ending December 1, 2023 noting staff applied to the Government Finance
Officers Association (GFOA) for financial reporting and were successful in
obtaining the award for excellence in financial reporting.
4. Discussion Items
4.1 2024 Audited Consolidated Financial Statements, FIN-2025-289
The Committee considered Financial Services report FIN-2025-289, dated June
17, 2025, to which the KPMG report entitled "Audit Findings Report" was
attached.
G. Demacio presented the 2024 financial highlights, key financial indicators, and
the audit findings report prepared by KPMG. K. Fischer was also in attendance to
respond to questions from the Committee.
Councillor P. Singh entered the meeting at this time.
M. Betik and C. Cheal, KPMG presented their 2024 Audited Financial Statement
noting there was one significant control deficiency where an internal order
settlement rule was not processed correctly within the financial reporting system.
However, Staff are implementing measures to remediate this error and ensure
accurate reporting for the 2025 fiscal year. M. Betik and C. Cheal then responded
to questions from the Committee.
On motion by Councillor S. Davey
it was resolved:
"That the 2024 Audited Consolidated Financial Statements of the
Corporation of the City of Kitchener be approved, as outlined in Financial
Services Department report FIN-2025-289."
Carried
5. Adjournment
On motion, this meeting adjourned at 3:40 p.m.
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Marilyn Mills
Committee Coordinator
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