Finance and Labour Relations Committee

Committee Recommendation: THAT the report titled, “Draft 2020 Audited Financial Statements” (FIN22-039), be received for information; AND THAT the Draft 2020 Audited Financial Statements be approved and finalized. Committee Discussion: The Director of Corporate Services provided the following highlights from the staff report: A vibrant city, leading the way in community-driven excellence. Finance and Labour Relations Committee Minutes 3 September 26, 2022  there was a $2 million surplus from the 2020 year end;  the surplus, per City practice, was transferred to the Tax Stabilization Reserve, which is used to offset levy increases or unplanned expenses;  the financial health of the City is reasonably good, with no negative trends or areas of concern identified; and  staff hope to finalize the 2021 audited financial statements in the next few months, as they had to finalize 2020 first. Cameron Johnston of Millards Chartered Professional Accounts stated that they will attach their independent auditor's report to the draft consolidated financial statement. Mr. Johnston reviewed the unqualified statement that would be included with that report. He noted that the operating surplus of $2 million should not be confused with the surplus noted on the financial statement, which is closer to $18,511,000. The financial statements are done on a full accrual basis, which recognizes tangible capital assets, future liabilities and done on a consolidated basis. The City remains in a good f

Committee Decision: THAT the Finance and Labour Relations Committee meeting adjourn.