2014 Statement of Financial Information

2014 Statement of Financial Information Capital Regional District | 2014 Statement of Financial Information Table of Contents 2014 Statement of Financial Information 2014 Financial Statements ............................ 6 Guarantee & Indemnity Agreement .................... 58 Supplies of Goods & Services .......................... 59 Remuneration & Expenses: Directors .................... 69 Remuneration & Expenses: Employees .................. 71 Statement of Severance Payments ..................... 77 2 Capital Regional District | Statement of Financial Information CAPITAL REGIONAL DISTRICT CAPITAL REGION HOUSING CORPORATION 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. Diana E. Lokken, CPA, CMA General Manager, Finance and Technology Capital Regional District | Statement of Financial Information 3 Capital Regional District Capital Region Housing Corporation MANAGEMENT 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 principles or stated 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 also responsible for implementing and maintaining a system of internal controls to provide reasonable assurance that reliable financial information is produced. The Board of Directors is responsible for ensuring that management fulfills its oversight for financial reporting and internal control. 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 corporation's system of internal control and appropriate tests and procedures to provide reasonable assurance that the financial statements are presented fairly. The external auditors have full and free access to staff and management. On behalf of Capital Regional District and Capital Region Housing Corporation. Diana E. Lokken, CPA, CMA General Manager, Finance and Technology * * For municipalities, the officer assigned responsibility for financial administration signs Prepared pursuant to Financial Information Regulation, Schedule 1, section 9 F:\Legistar\CRDBoard\June10-2015\ManagementReport-1.docx 4 Capital Regional District | Statement of Financial Information KPMG LLP Chartered Accountants St. Andrew’s Square II Telephone (250) 480-3500 800-730 View Street Telefax (250) 480-3539 Victoria BC V8W 3Y7 Internet www.kpmg.ca INDEPENDENT AUDITORS' REPORT To the Chair and DirectorsKPMG of tLLPhe Capital Regional District Chartered Accountants We have audited the accompanyingSt. Andrew’s Square c IIonsolidated financial statementsTelephone of the(250) Capital 480-3500 Regional District, 800-730 View Street Telefax (250) 480-3539 which comprise the consolidatedVictoria BC V8W 3Y7statement of financial positionInternet as at Decemberwww.kpmg.ca 31, 2014, the consolidated statements of operations, change in net debt and cash flows for the year then ended, and ABCnotes,D comprising a summary of significant accounting policies and other explanatory information. KPMG LLPKPMG LLP INDEPENDENT AUDITORS' REPORT CharteredChartered AccountantsManagement's Accountants ResponsibilityKPMG LLP for the Consolidated Financial Statements St. Andrew’sSt. Square Andrew’s II Square II Chartered TelephoneAccountants Telephone(250) 480-3500 (250) 480-3500 To the Chair and Directors ofSt. tAndrew’she Capital Square RegionalII District Telephone (250) 480-3500 800-730 View800-730 Street View Management Street is responsibleTelefax for theTelefax (250)preparation 480-3539(250) 480-3539and fair presentation of these consolidated financial 800-730 View Street Telefax (250)A 480-3539BC D Victoria BC VictoriaWeV8W have3Y7 BC V8W statementsaudited 3Y7 the in accompanying accordanceVictoria BC V8W withInternet c3Y7onsolidated Canadian Internetwww.kpmg.ca public financialwww.kpmg.ca sector statements accountingInternet ofwww.kpmg.ca standards,the Capital and Regional for such District, internal control which compriseas management the consolidated determines statement is necessary of fitonancial enable positionthe preparation as at Decemberof consolidated 31, financial2014, the statements KPMG LLP INDEPENDENTconsolidatedINDEPENDENT AUDIthat statementsareTORS' AUDIfree REPORTfromTORS' of materialoperations,INDEPENDENT REPORT misstatement, change AUDITORS' in whethernet REPORT debt dueand to cash fraud flows or error. for the year then ended, and Chartered Accountants notes,To the Chair comprising and Directors a summary of the Capital of significant Regional District accounting policies and other explanatory information. St. Andrew’s Square II Telephone (250) 480-3500 To the ChairTo the and Chair Directors and Directors of the Capital of the Regional Capital Regional DistrictAuditors' District Responsibility 800-730 View Street Telefax (250) 480-3539 Management'sWe have audited Responsibilitythe accompanying for consolidated the Consolidated financial Financial statements Statements of the Capital Regional District, Victoria BC V8W 3Y7 Internet www.kpmg.ca We haveWe audited have theaudited accompanying the accompanying consolidatedwhich ccompriseonsolidatedOur financial responsibility the financialconsolidatedstatements isstatements to statement ofexpress the Capital ofanof the opinionfinancial RegionalCapital onposition theseRegional District, as consolidated at District,December finan 31, cial2014, statements the based on our audit. Management is responsible for the preparation and fair presentation of these consolidated financial which comprisewhich comprise the consolidated the consolidated statementconsolidated statement of Wefi statementsnancial conducted of financialposition of operati our positionauditons,as atchange in December asaccordance inat net Decemberdebt 31, andwith 2014, cash Cana31, fl ows thedian2014, for generallythe the year then accepted ended, and auditing standards. Those statements in accordance with Canadian public sector accounting standards, and for such internal control INDEPENDENT AUDITORS' REPORT consolidatedconsolidated statements statements of operations, of operations, changenotes, comprising inchange standardsnet debt ina summary netand require debt cash of and significant thatflows cash we for accountingcomplyflows the year for with policies thethen ethicalyear ended, and then otherrequ and ended, explanatoryirements and andinformation. plan and perform the audit to obtain as management determines is necessary to enable the preparation of consolidated financial statements notes, comprisingnotes, comprising a summary a summary of significant of significantManagement's accountingreasonable accounting Responsibilitypolicies andassurancepolicies forother the and Consolidatedexplanatory about other explanatorywhether Financial information. the Statements information. consolidat ed financialTo the statements Chair and Directorsare free offrom the Capitalmaterial Regional District that are freemisstatement. from material misstatement, whether due to fraud or error. Management'sManagement's Responsibility Responsibility for the Consolidated for Managementthe Consolidated Financial is responsible Financial Statements for Statements the preparation and fair presentation of these consolidatedWe have financial audited the accompanying consolidated financial statements of the Capital Regional District, Auditors'statements ResponsibilityAn in accordanceaudit involves with Canadian performing public procedures sector accounting to obtain standards, audit and evidence for suchwhich internalabout comprise thecontrol amounts the consolidatedand disclosures statement in of financial position as at December 31, 2014, the ManagementManagement is responsible is responsible for the preparationfor asthe management preparation and fadeterminesir andpresentation fa isir necessarypresentation of theseto enable of consolidated thesethe preparation consolidated financial of consolidated financial financial statements Our responsibilitythe consolidated is to express financial an opinion statements. on these The consolidated procedures finanselectedcial consolidated statementsdepend on ba ourstatementssed judgment, on our of audit. operatiincluding ons, the change in net debt and cash flows for the year then ended, and statementsstatements in accordance in accordance with Canadian with Canadian thatpublic are sectorfree public from accounting sectormaterial accounting misstate standards,ment, standards, whether and for due such and to fraudforinternal such or error. controlinternal control We conductedassessment our audit of the in risksaccordance of material with misstatement Canadian generally of the consolidated acceptednotes, auditingfinancial comprising standards.statements, a summary Those whether of significant due to accounting policies and other explanatory information. as managementas

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