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Statement of Financial Information CITY OF VANCOUVER INCLUDING BOARDS AND COMMISSIONS BRITISH COLUMBIA STATEMENT OF FINANCIAL INFORMATION DECEMBER 31, 2018 FINANCIAL STATEMENTS SCHEDULE OF DEBTS SCHEDULE OF GUARANTEE AND INDEMNITY AGREEMENTS SCHEDULE OF REMUNERATION AND EXPENSES SCHEDULE OF SUPPLIERS FOR GOODS AND SERVICES Published pursuant to the Financial Information Regulations under the Financial Information Act of British Columbia CITY OF VANCOUVER STATEMENT OF FINANCIAL INFORMATION APPROVAL The undersigned, as authorized by the Financial Information Regulation, Schedule 1, subsection 9(2), approves all the statements and schedules included in this Statement of Financial Information, produced under the Financial Information Act. Melanie Kerr Director of Financial Services Deputy Director of Finance March 22, 2019 CITY OF VANCOUVER DIRECTOR OF FINANCE REPORT The Financial Statements contained in this Statement of Financial Information under the Financial Information Act have been prepared by management in accordance with Canadian generally accepted accounting principles, and the integrity and objectivity of these statements are management’s responsibility. Management is also responsible for all the statements and schedules, and for ensuring that this information is consistent, where appropriate, with the information contained in the financial statements. Management is responsible for implementing and maintaining a system of internal controls to provide reasonable assurance that reliable financial information is produced. The City’s Internal Audit Division has the responsibility for assessing the internal control environment of the City and making observations and recommendations on the effectiveness of management systems and processes. The Internal Audit Division reports to the Internal Audit Management Team. The External Auditors, KPMG LLP, conduct an independent examination, in accordance with Canadian generally accepted auditing standards, and express their opinion on the financial statements. Their examination does not relate to the other schedules and statements required by the Act. Their examination includes a review and evaluation of the City’s system of internal control and appropriate tests and procedures to provide reasonable assurance that the financial statements are presented fairly. The External Auditors present their audit findings to the City’s Finance and Services Committee. On behalf of the City of Vancouver, Melanie Kerr Director of Financial Services Deputy Director of Finance March 22, 2019 TABLE OF CONTENTS CONSOLIDATED FINANCIAL STATEMENTS ................................................................. TAB 1 SCHEDULES OF DEBTS AND GUARANTEE AND INDEMNITY AGREEMENTS General ................................................................................................................... 1 Local Improvement ................................................................................................ 4 Schedule of Guarantee and Indemnity Agreements .............................................. 7 SCHEDULE OF REMUNERATION AND EXPENSES Mayor and Councillors ........................................................................................... 10 Vancouver Board of Parks and Recreation Commissioners .................................. 11 Vancouver Police Board Members ........................................................................ 12 Employees ............................................................................................................. 13 Severance Agreements .......................................................................................... 39 PAYMENTS TO SUPPLIERS OF GOODS AND SERVICES General ................................................................................................................... 41 Vancouver Public Library Board - Books and Materials ........................................ 54 Grants Business Improvement Associations .............................................................. 58 Cultural ........................................................................................................... 59 Community Services ...................................................................................... 62 Childcare ........................................................................................................ 64 Other ............................................................................................................... 65 CITY OF VANCOUVER BRITISH COLUMBIA CONSOLIDATED FINANCIAL STATEMENTS 2018 TABLE OF CONTENTS Mayor and Council ......................................................................................................................... 1 City of Vancouver Organizational Chart ........................................................................................ 2 Financial Statements Report of the Director of Finance .......................................................................................... 3 Auditors’ Report ..................................................................................................................... 8 Consolidated Statement of Financial Position ...................................................................... 11 Consolidated Statement of Operations ................................................................................. 12 Consolidated Statement of Change in Net Financial Assets ............................................... 13 Consolidated Statement of Cash Flows ................................................................................ 14 Notes to Consolidated Financial Statements ....................................................................... 15 Task Force for Climate-Related Financial Disclosures (TCFD) ............................................ 29 VANCOUVER CITY COUNCIL Vancouver City Council 2018 – 2022 City Council is made up of the Mayor and ten councillors who are elected at large for a four-year term. ANNUAL FINANCIAL REPORT 2018 1 CITY OF VANCOUVER ORGANIZATIONAL CHART The City of Vancouver’s organizational structure supports the community. ANNUAL FINANCIAL REPORT 2018 2 REPORT OF THE DIRECTOR OF FINANCE March 22, 2019 Mayor K. Stewart and Members of Council It is our pleasure to submit the Consolidated Financial Statements for the City of Vancouver for the year ended December 31, 2018. These financial statements include the financial position and results of operations of the City including its Boards and City controlled corporations. The preparation of the Consolidated Financial Statements is the responsibility of management and they have been prepared in accordance with Canadian Generally Accepted Accounting Principles as prescribed by the Public Sector Accounting Board (PSAB) of the Chartered Professional Accountants of Canada. To assist in meeting its responsibility, management maintains accounting, budget and other internal controls to provide reasonable assurance that transactions are appropriately authorized and accurately recorded, and that assets are properly accounted for and safeguarded. The City’s financial statements consist of: Consolidated Statement of Financial Position – summary of financial and non-financial assets, liabilities and accumulated surplus at yearend. Consolidated Statement of Operations – summary of revenues, expenses and annual surplus for the year. Consolidated Statement of Change in Net Financial Assets – summary of changes in financial assets and liabilities. Consolidated Statement of Cash Flows – summary of the sources and uses of cash in the year. The Consolidated Financial Statements have been audited by the independent firm of KPMG LLP and their report precedes the financial statements. Consolidated Financial Position ($Millions) 2018 2017 Change Financial assets$ 2,670.0 $ 2,309.3 $ 360.7 Liabilities 2,173.1 2,057.4 115.7 Net financial assets 496.9 251.9 245.0 Non-financial assets 7,111.2 6,964.5 146.7 Accumulated Surplus$ 7,608.1 $ 7,216.4 $ 391.7 The City’s overall financial position improved by $391.7 million in 2018 with accumulated surplus totaling $7.6 billion (2017 - $7.2 billion). Accumulated surplus is comprised of investment in tangible capital assets $6.0 billion (2017 - $5.9 billion), reserve balances set aside for specific purposes less obligations to be funded from future revenues of $1.5 billion (2017 - $1.2 billion) and fund balance of $109.3 million (2017 - $63.6 million). The City’s net financial position, calculated as financial assets less liabilities can result in either a net financial asset or a net financial liability. A net financial asset position is an indicator of the funds available for future expenditures and a net financial liability position is an indicator of future revenues required to pay for past transactions and events. The City’s net financial position improved by $245.0 million resulting in a net financial asset position of $496.9 million due to the City’s annual consolidated surplus (revenues exceeding expenses) of $391.7 million less changes non-financial assets of $146.7 million. The City’s non-financial assets increased in 2018 by $146.7 million, bringing the total to $7.1 billion. The increase is the net result of capital additions of physical assets in the year offset by disposals and amortization expense. ANNUAL FINANCIAL REPORT 2018 3 REPORT OF THE DIRECTOR OF FINANCE Consolidated Results of Operations ($Millions) 2018 Budget 2018 2017 Revenues$ 1,671.6 $ 1,978.9 $ 1,886.6 Expenses 1,595.6 1,587.2 1,534.6 Annual surplus$ 76.0 $ 391.7 $ 352.0 Year
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