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The City of Ottawa’s Audit Committee today received three follow-up reports on audit reports, and recommended approval of the City’s financial statements for 2016.
The Committee received follow-ups from Auditor General Ken Hughes on two 2013 audits – the Audit of Ethics and the Audit of the OC Transpo Lost and Found – as well as a follow-up on the Review of the City’s Acquisition of Land for Soccer Fields, which was also done in 2013. Follow-ups are part of a complete audit process and are conducted to ensure the required measures, as promised by management and approved by Council, have been effectively implemented.
The Audit Committee today also recommended Council approve the Consolidated Financial Statements for 2016, as well as the Sinking Fund Financial Statements, all of which were audited by an external accounting firm.
The Consolidated Financial Statements for 2016 showed a shift from investments to cash, and cash equivalents, largely due to the required cash flow for major projects, including Confederation Line. Revenue increased by three per cent, with property taxes representing the largest revenue source. Expenses increased by 1.2 per cent, although there was a decrease in general government expenses, due to the organizational restructuring.
As of December 31, 2016, the value of the City’s Sinking Fund was $104.34 million, with a market value of $107.98 million. The fund’s total outstanding commitments of $1,031.84 million mature between 2018 and 2053. A new commitment of $170 million was added in 2016.
External audits found no issues with the City’s financial statements.
All of these audit reports will be before City Council on Wednesday, June 14.
For more information on City programs and services, visit ottawa.ca or call 3-1-1 (TTY: 613-580-2401). You can also connect with us through Facebook, Twitter and Instagram.
查看原文...
The Committee received follow-ups from Auditor General Ken Hughes on two 2013 audits – the Audit of Ethics and the Audit of the OC Transpo Lost and Found – as well as a follow-up on the Review of the City’s Acquisition of Land for Soccer Fields, which was also done in 2013. Follow-ups are part of a complete audit process and are conducted to ensure the required measures, as promised by management and approved by Council, have been effectively implemented.
The Audit Committee today also recommended Council approve the Consolidated Financial Statements for 2016, as well as the Sinking Fund Financial Statements, all of which were audited by an external accounting firm.
The Consolidated Financial Statements for 2016 showed a shift from investments to cash, and cash equivalents, largely due to the required cash flow for major projects, including Confederation Line. Revenue increased by three per cent, with property taxes representing the largest revenue source. Expenses increased by 1.2 per cent, although there was a decrease in general government expenses, due to the organizational restructuring.
As of December 31, 2016, the value of the City’s Sinking Fund was $104.34 million, with a market value of $107.98 million. The fund’s total outstanding commitments of $1,031.84 million mature between 2018 and 2053. A new commitment of $170 million was added in 2016.
External audits found no issues with the City’s financial statements.
All of these audit reports will be before City Council on Wednesday, June 14.
For more information on City programs and services, visit ottawa.ca or call 3-1-1 (TTY: 613-580-2401). You can also connect with us through Facebook, Twitter and Instagram.
查看原文...
