Keri Greaves, City Treasurer, Deputy City Treasurer Andrea Morrison, Manager Corporate Financial Services Shannon Lane, and Manager - Internal Audit John Tyson entered the meeting room.
Draft Corporate Report 383-2024 (Corporate Services - Office of the City Treasurer) – 2023 Audit Committee Annual Report, for presentation to Committee of the Whole on October 28, 2024, for information, was distributed separately on Friday, October 11, 2024.
Report 383-2024 also includes the draft “Annual Financial Report 2023” that includes the Corporation of the City of Thunder Bay’s audited Consolidated Financial Statements and Trust Fund Financial Statements, for the year ended December 31, 2023, distributed separately on Friday, October 11, 2024.
City Treasurer Keri Greaves, Deputy City Treasurer Andrea Morrison, and Manager Shannon Lane provided an overview of the draft "Annual Financial Report 2023" and responded to questions.
Discussion was held relative to the above noted. Some of the item's discussed as follows:
- Asset Retirement Obligation
- The methods of accounting used and the resulting perception of excess funds. Administration will add a schedule to the report for explanation.
- City relationship with Thunder Bay Community Auditorium.
- Asset Consumption Ratio
MOVED BY: Linda Baca
SECONDED BY: Mayor Ken Boshcoff
THAT Corporate Report 383-2024 (Corporate Services - Office of the City Treasurer) – 2023 Audit Committee Annual Report, as presented at the October 15, 2024 meeting of the Audit Committee, be accepted for presentation to Committee of the Whole;
AND THAT the Audit Committee recommends to City Council, approval of the audited Consolidated Financial Statements and Trust Fund Statements of the Corporation of the City of Thunder Bay, for the year ended December 31, 2023.
CARRIED