City of Guelph 2023 Consolidated Financial Statements and External Audit Findings Report, dated June 25, 2024, be approved.

57:25No, don't see or hear anybody so that's unanimous. Thank you so much. Oh, I missed the minutes. Yes, I did. Sorry about that everybody

57:35Let's do the minutes

57:37Open council meetings held May 14th and 28

57:422024 and the committee of the whole meetings held on April 3rd May 7th and 15th

57:472024 to be confirmed as recorded and without being read counselor downer. I saw your hand go up for that. Thank you

57:54Boosetil will second the minutes anything on the minutes

57:59Not hearing or seeing anybody on that so I'll call the votes anyone against

58:05And that's nobody so thank you very much that's unanimous as well

58:08So we are moving into the items for discussion and right off the top

58:13we're going to have some presentations here from our

58:17external

58:19consultants for oh not consultants earlier are our

58:23Oversight team from KPMG

58:26in 20 for the 2023 audited consolidated financial statements and

58:33So I will turn it over to our finance team and

58:38From KPMG to do that for us

58:41Thank you over to you. Thank you

58:50Because you are certainly not Matt. Are you I am not yes, we're yes, please introduce yourself

58:56Okay, I am T. Shekali Berof senior financial analyst in corporate reporting and I'm here to present the

59:042023 financial statements. Okay. Thank you so much

59:07Good evening mayor Guthrie members of council and members of the public joining us today

59:13I am pleased to be able to present highlights from the 2023

59:18consolidated financial statements to you today

59:20Last month council received the 2023 year-end financial results for operating capital and city reserves

59:27The consolidated financial statements combines all of those reports

59:31Plus the all plus our consolidated entities into four financial statements to give a full and detailed picture of the city finances

59:39Today will not repeat the information you heard last month instead. I will be highlighting key items from the 2023 financial statements in

59:46The presentation today. I will discuss the two new financial reporting standards implemented in 23

59:52highlight key items from the statement of financial position and

59:55Discuss some of the key financial indicators the city measures using the financial statements

1:00:01Before I begin I'd like to thank all members of staff and our consolidated entities for their assistance with the city's audit and

1:00:07consolidated statements

1:00:09Preparing the statements requires extensive communication and collaboration from all departments across the city and with our consolidated entities

1:00:16And I truly appreciate all their efforts

1:00:19The municipal act requires the city engage independent auditors to an express an

1:00:24To express an opinion as to whether the financial statements fairly present the city's financial results for the year

1:00:31KPMG is the audit firm for the city and shortly you will hear from Matt Betic

1:00:35Partner at KPMG who will present that findings from their audit

1:00:39The consolidated financial statements are prepared by city staff in accordance with public sector accounting standards

1:00:50Which we refer to as PSAS which are set by the public standard accounting board of CPA Canada

1:00:56As a refresher our consolidated entities include the Guelph police service the Guelph public library the Elliott community

1:01:04Wellington Dufferin Guelph public health the downtown Guelph business Association

1:01:08The Guelph Junction Railway and Guelph Municipal Holdings Inc

1:01:12The methods used for consolidation can be found in note one of the financial statements

1:01:18Public sector accounting standards use full accrual accounting which difference which differs from certain aspects of the city's budget presentation