Trust Funds - 2019 Audited Consolidated Financial Statements

This report presents the City's Audited Consolidated Trust Funds Financial Statements (Statements) for the year ended December 31, 2019 and provides highlights of the Trust Funds' 2019 financial performance and financial condition as at December 31, 2019. The Trust Funds Financial Statements have been prepared by management who is responsible for ensuring that proper internal controls have been applied to the presentations in each statement. The City's 2019 auditors, PricewaterhouseCoopers LLP (PwC), are responsible for providing an opinion on the fair presentation of the financial statements in accordance with Public Sector Accounting Standards (PSAS). The Audit Committee is responsible for approving the statements prior to City Council approval. In 2019, the Audited Consolidated Trust Funds Financial Statements received an unqualified audit opinion. In addition, no internal control recommendations were made by PwC. Financial statements and auditor's reports are typically reported to the Audit Committee and Council in June, when external audit work is substantially complete. During the external auditor's normal engagement period, management's focus was on the COVID-19 response and meeting operational requirements. Additionally, public health restrictions put in place because of the pandemic required that the audit process be conducted in an extended fashion over a longer period of time. As a result, the completion of the 2019 Statements and external audit was delayed.