Statement of Financial Information 2003
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CITY OF VANCOUVER INCLUDING BOARDS AND COMMISSIONS BRITISH COLUMBIA STATEMENT OF FINANCIAL INFORMATION DECEMBER 31, 2003 ¾ FINANCIAL STATEMENTS ¾ SCHEDULE OF DEBTS ¾ SCHEDULE OF GUARANTEE AND INDEMNITY AGREEMENTS ¾ SCHEDULE OF REMUNERATION AND EXPENSES ¾ SCHEDULE OF PAYMENTS FOR GOODS OR SERVICES ¾ STATEMENT OF PAYMENTS OF COMMUNITY GRANTS OR CONTRIBUTIONS 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. _______________________________________ Estelle Lo Director of Finance June 22, 2004 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 generally accepted accounting priniciples, 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 Committee. The External Auditors, KPMG LLP, conduct an independent examination, in accordance with 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 City Services & Budget Standing Committee. On behalf of the City of Vancouver, ________________________________ Estelle Lo Director of Finance June 22, 2004 CONTENTS CONSOLIDATED FINANCIAL STATEMENTS ................................................................... 1 SCHEDULES OF DEBTS AND GUARANTEE AND INDEMNITY AGREEMENTS General ................................................................................................................. 31 Local Improvement ............................................................................................... 34 Schedule of Guarantee and Indemnity Agreements............................................. 36 SCHEDULE OF REMUNERATION AND EXPENSES Mayor and Councillors .......................................................................................... 38 Vancouver Board of Parks and Recreation Commissioners ................................ 39 Vancouver Police Board Members ....................................................................... 40 Employees ............................................................................................................ 41 Severance Agreements ........................................................................................ 53 Conferences, Courses & Training General ....................................................................................................... 54 Board of Parks and Recreation................................................................... 59 Vancouver Public Library ............................................................................ 60 PAYMENTS TO SUPPLIERS OF GOODS AND SERVICES General ................................................................................................................. 61 Vancouver Board of Parks and Recreation – Imprest Payments ........................ 84 Vancouver Public Library - Books and Materials.................................................. 85 Grants Cultural........................................................................................................ 88 Community Services ................................................................................... 91 Childcare ..................................................................................................... 93 Other ........................................................................................................... 94 CITY OF VANCOUVER 2003 FINANCIAL STATEMENTS 2003 STATEMENT OF FINANCIAL INFORMATION 1 TABLE OF CONTENTS Mayor and Councillors 3 Officials 4 Boards 5 Report of the Director of Finance 6 Auditors’ Report 12 Consolidated Statement of Financial Position 13 Consolidated Statement of Financial Activities 14 Consolidated Statement of Cash Flows 16 Notes to Consolidated Financial Statements 16 Auditors’ Report 24 Schedules of Financial Activities Revenue Fund 25 Capital Fund 26 Capital Financing Fund 27 Sinking Fund 28 Property Endowment Fund 29 Utilities 30 2003 STATEMENT OF FINANCIAL INFORMATION 2 MAYOR AND COUNCILLORS Mayor Larry Campbell Councillor Councillor Councillor Councillor Councillor Fred Bass David Cadman Jim Greene Peter Ladner Raymond Louie Councillor Councillor Councillor Councillor Councillor Tim Louis Anne Roberts Tim Stevenson Sam Sullivan Ellen Woodsworth 2003 STATEMENT OF FINANCIAL INFORMATION 3 OFFICIALS Corporate Management Team City Manager J. Rogers, M.P.A. Deputy City Manager B. MacGregor, P. Eng. Chief Constable J. Graham Director of Legal Services F. Connell, LL.B City Librarian P. Whitney, M.L.S. General Manager of Community Services J. Forbes-Roberts General Manager of Corporate Services E. Lo, B. Comm, M.B.A., C.M.A. General Manager of Engineering Services D. Rudberg, P. Eng. General Manager of Fire and Rescue Services R. Holdgate General Manager of Human Resource Services M. Zora, B.Comm. General Manager of Parks and Recreation S.J. Mundick, B.R.I.S., R.D.M.R. Financial Services Director of Finance E. Lo, B. Comm, M.B.A., C.M.A. Director of Financial Services T. Corrigan, C.A., M.P.A. Director of Financial Planning and Treasury K.B. Bayne, B.A., M.Sc. (Bus.) Manager of Accounting Services E. Lee, B. Comm, C.A. Director of Budget Services A. Klein, M.B.A. City Treasurer and Collector G. Merchant, M.B.A. City Clerk S. Baxter _________________________ City Auditors KPMG LLP, Chartered Accountants _________________________ Bankers Bank of Montreal _________________________ Fiscal Agent - Worldwide RBC Dominion Securities Inc. _________________________ Fiscal Agents for Certain Functions Relating to Eurobond Issues Royal Bank of Canada, London Relating to Book Entry Only Issues Canadian Depository for Securities Ltd. __________________________ 2003 STATEMENT OF FINANCIAL INFORMATION 4 BOARDS Vancouver Public Library Board City Librarian – P. Whitney J. Andersen - Chair J. Buckberrough - Vice Chair S. Daub – Vice Chair A. Kenyon, School Board Representative A. Romaniuk, Parks and Recreation Representative Councillor T. Louis - Council Liaison M. Bawa A. Higgs K. Chong L. Kuehn D. Foley A. Zaenker T. Hansen Vancouver Police Board J. Graham - Chief Constable Mayor L. Campbell - Chair K. Bagshaw M. McNeil L. Kennedy J. Pau K. MacDonald P. Webster Vancouver Civic Theatres Board Director - R. Ackerman Directors Emeritus - H. Pickett and N. Young A. Jones - Chair B. McLean – Vice-Chair Councillor R. Louie - Council Liaison M. Andrew W. Saunders D. Lam G. Stamp Board of Parks and Recreation General Manager - S. Mundick A. Romaniuk - Chair L. Woodcock - Vice Chair S. Anton L. Poaps H. Deal E. Riccius A. De Genova Board of School Trustees for School District No. 39 (Vancouver) Superintendent of Schools – C. Kelly Secretary-Treasurer – D. Yuen A. Montani - Chair A. Blakey – Vice- Chair J. Bouey K. Millsip J. Cheng A. Reimer N. Herron A. Wong A. Kenyon 2003 STATEMENT OF FINANCIAL INFORMATION 5 REPORT OF THE DIRECTOR OF FINANCE City Hall, Vancouver April 15, 2004 Mayor L. Campbell and Members of Council It is my pleasure to submit the Consolidated Financial Statements for the City of Vancouver for the year ended December 31, 2003. These financial statements include the financial position and results of operations of the City including its boards and City-owned/controlled corporations. 2003 Financial Highlights The City continued to maintain a strong financial position in 2003: 1. The cash position of the City, including temporary investments, remained strong at $473.5 million. The decline of $3.8 million (0.8%), compared to the $477.3 million at the end of 2002, was the result of interim financing of approximately $41.7 million for capital expenditures pending the issue of long term debt in early 2004. 2. Through tight fiscal control, the City was able to manage expenditures within the operating budget envelope ending the year with a surplus of $0.3 million. 3. Expenditures on capital works totalled $147.0 million, compared to $149.7 million in 2002, a 1.8% decrease. 4. Reserves set aside for specific purposes by Council increased during 2003 by $8.6 million to $205.3 million. Although contributions to reserves remained strong at $29.1 million, two major expenditures