Council Report: 2021 Consolidated Financial Statements and Audit Results
A staff report from the Director of Finance recommending that Council approve the 2021 audited financial statements as required by the Community Charter.
TOWN OF VIEW ROYAL
Council Report
TO: Council
DATE: April 27, 2022
FROM: Dawn Christenson, Director of Finance
MEETING: May 3, 2022
2021 Consolidated Financial Statements and Audit Results
RECOMMENDATION:
THAT Council approve the 2021 audited financial statements.
CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:
I concur with the recommendation.
PURPOSE OF REPORT:
To present the draft 2021 Financial Statements and auditor’s report prepared by MNP LLP relating to the audit of the Town of View Royal’s consolidated financial statements for the year ended December 31, 2021.
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 2021 Financial Statements were audited by the Council-appointed audit firm, MNP LLP for the year ended December 31, 2021 following Canadian generally accepted auditing standards. The Community Charter requires that the annual financial statements be publicly presented to Council for its review and approval.
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 2021 Financial Statements, submitted to the Inspector of Municipalities and posted on View Royal’s website.
Attached to this report are:
- Draft 2021 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
- Town of View Royal 2021 Audit Findings Report to Mayor and Council, December 31, 2021.
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, 2021. The 2021 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 Council approve the 2021 audited financial statements.
SUBMITTED BY:
Dawn Christenson, Director of Finance
REVIEWED BY:
K. Anema, Chief Administrative Officer
Attachments:
DRAFT 2021 Consolidated Financial Statements
Town of View Royal 2021 Audit Findings Report to the Mayor and Council, December 31, 2021
Document Images
(4)
