2016 Statement of Financial Information (Public List)
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metrovancouver METRO VANCOUVER FINANCIAL INFORMATION ACT FILING STATEMENT OF FINANCIAL INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2016 THIS STATEMENT OF FINANCIAL INFORMATON INCLUDES THE ACCOUNTS OF: METRO VANCOUVER REGIONAL DISTRICT GREATER VANCOUVER WATER DISTRICT GREATER VANCOUVER SEWERAGE AND DRAINAGE DISTRICT METRO VANCOUVER HOUSING CORPORATION • SERVICES AND SOLUTIONS FOR A LIVABLE REGION Metro Vancouver Regional District Greater Vancouver Water District Greater Vancouver Sewerage & Drainage District Metro Vancouver Housing Corporation 2016 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 2016 Statement of Financial Information, produced under the Financial Information Act. Phil Trotzuk, Chief Financial Officer May 2, 2017 Prepared pursuant to the Financial Information Regulation, Schedule 1, section 9 STATEMENT OF FINANCIAL INFORMATION For the Year Ended December 31, 2016 INDEX SECTION I Consolidated Financial Statements SECTION II Other Schedules 1) Guarantee and Indemnity Agreements ............................................................. …………..None 2) Remuneration and Expenses Members of the Board of Directors And Elected Officials ...................................................................................... Schedule 1 Employees ...................................................................................................... Schedule 2 Reconciliation of Remuneration and Expenses To Financial Statements ................................................................................. Schedule 3 Statement of Severance Agreements ............................................................ Schedule 4 3) Schedule of Payments to Suppliers for Goods and Services Payments to Canadian Suppliers ($CDN) ....................................................... Schedule 5 Payments to U.S. Suppliers ($US) .................................................................. Schedule 6 Reconciliation of Payments for Goods and Services to Financial Statement ..................................................................... Schedule 7 SECTION I Consolidated Financial Statements Consolidated Financial Statements of GREATER VANCOUVER REGIONAL DISTRICT (OPERATING AS METRO VANCOUVER) Year ended December 31, 2016 GREATER VANCOUVER REGIONAL DISTRICT Index to Consolidated Financial Statements December 31, 2016 Exhibit Independent Auditor's Report Management Report Consolidated Statement of Financial Position A Consolidated Statement of Operations B Consolidated Statement of Change in Net Debt C Consolidated Statement of Cash Flows D Notes to Consolidated Financial Statements Schedule Unaudited Consolidated Schedules of: Operating Fund 1 Capital and Other Funds 2 Independent Auditor’s Report To the members of the Board of Directors of the Metro Vancouver Regional District We have audited the accompanying financial statements of the Greater Vancouver Regional District, which comprise the Statement Financial Position as at December 31, 2016, and the Statements of Operations, Change in Net Financial Assets and Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Greater Vancouver Regional District as at December 31, 2016 and the results of its operations, change in net financial assets and cash flows for the year then ended in accordance with Canadian public sector accounting standards. Chartered Professional Accountants Vancouver, British Columbia April 28, 2017 GREATER VANCOUVER DISTRICTS’ AND METRO VANCOUVER HOUSING CORPORATION (Operating as Metro Vancouver) MANAGEMENT REPORT The Consolidated Financial Statements contained in this report have been prepared by management in accordance with Canadian public sector accounting standards. The integrity and objectivity of these statements are management’s responsibility. Management is 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 also responsible for implementing and maintaining a system of internal controls to provide reasonable assurance that reliable financial information is produced. The Metro Vancouver Regional District’s(1) Board of Directors is responsible for approving the consolidated financial statements and for ensuring that management fulfills its responsibilities for financial reporting and internal control and exercises this responsibility through the Performance and Audit Committee of the Board. The external auditors, BDO Canada LLP, conduct an independent examination, in accordance with Canadian Auditing Standards, and express their opinion on the consolidated financial statements. Their examination does not relate to the other schedules and statements required by the Financial Information Act. The Independent Auditor’s Report outlines the scope of the audit for the year ended December 31, 2016. On behalf of the Metro Vancouver Regional District(1), Greater Vancouver Sewerage & Drainage District, Greater Vancouver Water District and Metro Vancouver Housing Corporation. Date: April 28, 2017 Phil Trotzuk, Chief Financial Officer (1) Effective January 30, the Greater Vancouver Regional District changed its name to the Metro Vancouver Regional District. GREATER VANCOUVER REGIONAL DISTRICT Exhibit A Consolidated Statement of Financial Position Year ended December 31, 2016 2016 2015 Financial Assets Cash and cash equivalents $ 39,672,708 $ 38,000,105 Accounts receivable (note 2) 98,012,317 116,467,508 Due from TransLink and member municipalities (note 3) 1,065,454,157 1,116,737,614 Investments (note 4) 529,060,836 424,213,303 Debt reserve fund (note 5) 56,785,649 56,680,190 1,788,985,667 1,752,098,720 Liabilities Accounts payable and accrued liabilities (note 6) 115,925,665 134,516,144 Employee future benefits (note 7) 13,658,500 13,756,000 Landfill closure and post-closure liability (note 8) 30,707,896 31,612,359 Deferred revenue and refundable deposits (note 9) 277,688,704 258,103,611 Debt reserve fund, member municipalities and TransLink (note 5) 38,808,653 39,711,503 Debt (net of sinking funds) (note 10) Greater Vancouver Districts and Metro Vancouver Housing Corporation 906,036,374 851,066,533 Translink and member municipalities 1,054,423,155 1,105,143,083 Total debt 1,960,459,529 1,956,209,616 2,437,248,947 2,433,909,233 Net Debt (648,263,280) (681,810,513) Non-Financial Assets Tangible capital assets (note 11) 4,549,205,879 4,389,059,837 Inventories of supplies 5,829,543 5,933,767 Prepaid land leases (note 12) 6,036,297 6,231,096 Prepaid expenses 4,979,884 4,983,444 4,566,051,603 4,406,208,144 Accumulated surplus (note 13) $ 3,917,788,323 $ 3,724,397,631 Commitments (note 14) Contingencies (note 15) The accompanying notes are an integral part of these consolidated financial statements. Chief Financial Officer Board Chair GREATER VANCOUVER REGIONAL DISTRICT Exhibit B Consolidated Statement of Operations Year ended December 31, 2016 2016 2016 2015 Budget Actual Actual (note 16) Revenue (note 17) GVRD property tax requisitions $ 50,291,409 $ 50,291,409 $ 47,533,516 Metered sale of water 251,824,851 251,217,868 247,865,697 Sewerage and drainage levy 200,250,619 200,250,619 192,334,433 Tipping fees 80,015,101 93,504,371 83,290,870 BODTSS industrial charges 8,518,412 8,495,783 8,286,783 Electricity sales 5,719,900 5,796,681 5,213,664 Development cost charges 3,488,610 6,045,889 5,375,200