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Financial Statements of the City Pursuant to Section 231 of the Vancouver Charter

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Financial Statements of the City Pursuant to Section 231 of the Vancouver Charter ADMINISTRATIVE REPORT Report Date: March 19, 2018 Contact: Melanie Kerr Contact No.: 604.871.6281 RTS No.: 12820 VanRIMS No.: 08-2000-20 Meeting Date: April 2, 2019 TO: Vancouver City Council FROM: Director of Finance SUBJECT: 2018 Statement of Financial Information RECOMMENDATION A. THAT Council approve the 2018 Statement of Financial Information for filing with the Ministry of Community, Sport, and Cultural Development pursuant to the Financial Information Act. B. THAT Council receive for information the portion of the 2018 Statement of Financial Information which represents the report of the City’s auditors on the 2018 financial statements of the City pursuant to Section 231 of the Vancouver Charter. C. THAT Council receive for consideration the portion of the 2018 Statement of Financial Information as it pertains to the remuneration and expenses of Council members pursuant to Section 196A of the Vancouver Charter. REPORT SUMMARY The Financial Information Act (FIA) requires municipalities to prepare a Statement of Financial Information (SOFI) to be filed with the Ministry of Community, Sport and Cultural Development. The detailed requirements for a SOFI are set out in the Financial Information Regulation (“FIR”) enacted pursuant to the FIA. The 2018 SOFI has been prepared in accordance with the FIR and has been approved by the Director of Finance as required by the FIR. Section 231 requires the City’s external auditors to report on the financial statements to Council by April 30 of the following year. 2018 Statement of Financial Information – RTS 12819 2 Section 196A of the Vancouver Charter requires: 1. At least once a year, Council must have prepared a report separately listing for each Council member by name: i. The total amount of remuneration paid to the Council member ii. The total amount of expense payments made under section 196 2. The report must be considered by Council at a Council meeting that is open to the public and a copy of the report must be made available for public inspection at City Hall during its regular office hours from the date when it is considered by Council until one year after that date. COUNCIL AUTHORITY/PREVIOUS DECISIONS There is no applicable Council Authority or previous decisions relevant to this report. CITY MANAGER'S/GENERAL MANAGER'S COMMENTS The Director of Finance recommends approval of the report. REPORT Background/Context The 2018 SOFI contains the audited Annual Consolidated Financial Statements including the Independent Auditors Report and the following schedules: • Schedules of Debts and Guarantee and Indemnity Agreements • Schedule of Payments to Suppliers of Goods and Services – list of suppliers with payments over $25,000 • Schedule of Remuneration and Expenses – list of employees earning over $75,000 • Remuneration and expenses paid Council and Board members. It should be noted that the list of payments to suppliers reported in SOFI includes some items that do not go through the traditional competitive procurement processes at the City, and are not reported in the City’s annual procurement report. These types of payments include items such as real estate acquisitions and the purchase of water from Metro Vancouver. CONCLUSION The SOFI has been prepared in accordance with the FIA and the Annual Consolidated Financial Statements have been prepared in accordance with the Public Sector Accounting Board standards. The SOFI incorporates the Independent Auditors Report and includes a statement on the remuneration and expenses of Council members. Accordingly, the approval of the SOFI is recommended by the Director of Finance and such approval and receipt for information and consideration by Council will satisfy the City’s legal obligations with respect to its financial reporting requirements for 2018 under the Vancouver Charter and the FIA. * * * * * 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 ........................................................................................... 9 Vancouver Board of Parks and Recreation Commissioners .................................. 10 Vancouver Police Board Members ........................................................................ 11 Employees ............................................................................................................. 12 Severance Agreements .......................................................................................... 38 PAYMENTS TO SUPPLIERS OF GOODS AND SERVICES General ................................................................................................................... 39 Vancouver Public Library Board - Books and Materials ........................................ 52 Grants Business Improvement Associations .............................................................. 56 Cultural ........................................................................................................... 57 Community Services ...................................................................................... 60 Childcare ........................................................................................................ 62 Other ............................................................................................................... 63 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
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