Committee of the Whole Report: 2017 Consolidated Financial Statements and Audit Results

Committee of the Whole Report

TO: Committee of the Whole DATE: May 3, 2018 FROM: Dawn Christenson, Director of Finance MEETING: May 8, 2018

2017 Consolidated Financial Statements and Audit Results

RECOMMENDATION:

THAT the Committee recommend approval of the 2017 audited financial statements.

CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:

I concur with the recommendation.

PURPOSE OF REPORT:

To present the draft 2017 Financial Statements and auditor’s report prepared by Grant Thornton LLP relating to the audit of the Town of View Royal’s consolidated financial statements for the year ended December 31, 2017.

TIME CRITICAL:

The Community Charter requires the Town of View Royal to prepare and submit to the Inspector of Municipalities its audited consolidated financial statements for the preceding year by May 15 of each year. The financial statements must be presented to council for its acceptance prior to submission to the inspector.

DISCUSSION:

As required by legislation, Town of View Royal staff have prepared consolidated financial statements in accordance with public sector accounting standards. The 2017 Financial Statements were audited by the Council-appointed audit firm, Grant Thornton LLP for the year ended December 31, 2017 following Canadian generally accepted auditing standards. The Community Charter requires that the annual financial statements be publicly presented to Council for its acceptance.

Canadian Audit Standards require the Council to accept the annual financial statements prior to the completion of the work of the auditors. Once this process has been completed, the Auditors’ Report will be included in the 2017 Financial Statements, submitted to the Inspector of Municipalities and posted on View Royal’s website.

Attached to this report are:

1. Draft 2017 Consolidated Financial Statements with notes and supporting schedules accompanied by the Management’s Responsibility for Financial Reporting statement and draft independent Auditor’s Report; and
2. Report to Council – Communication of Audit Results for the year ended December 31, 2017.

The Auditor’s Report concludes that the financial statements present fairly, in all material respects, the consolidated financial position of the Town of View Royal as at December 31, 2017. The 2017 Financial Statements reflect Council’s commitment towards fiscal sustainability and further analysis indicates that the Town’s overall fiscal health is satisfactory.

The auditors confirm independence from the Town of View Royal and that they have had access to Council without interference from management. Council may choose to convene a restricted, closed session to discuss with the auditors any financial matters pertaining to the Town of View Royal.

RECOMMENDATION:

THAT the Committee recommend approval of the 2017 audited financial statements.

SUBMITTED BY:

Dawn Christenson, Director of Finance

REVIEWED BY:

K. Anema, Chief Administrative Officer