Council Report: C 139/2020
Subject: 2019 City of Windsor Consolidated Financial Statements & Trust Funds Financial Statements
Reference:
Date to Council: August 4, 2020Author: Stephen Cipkar
scipkar@citywindor.ca
519-255-6100 ext. 6234
Financial Accounting
Report Date: July 5, 2020
Clerk’s File #: AF/11247
To: Mayor and Members of City Council
Recommendation:
THAT City Council RECEIVE AND ACCEPT the Audited Consolidated Financial Statements for the year ended December 31, 2019, including the City of Windsor Trust Fund Statements.
Executive Summary:
The Corporation of the City of Windsor’s Audited Consolidated Financial Statements for the year ended December 31, 2019 are attached as Appendix A. The Financial Statements for the City of Windsor’s Trust Funds for the year ended December 31, 2019 are attached as Appendix B. The Audit Findings Report of KPMG LLP is attached as Appendix C.
KPMG LLP has issued a clean audit report for the Corporation of the City of Windsor for the year ended December 31, 2019 with no significant findings noted.
The financial statements demonstrate the City’s sound financial position. Liquidity has increased in 2019 with the value of cash and investments increasing by about $66 million due to the annual operating surplus and contributions to various reserves. The City’s long-term debt continues to decline and totalled $70.6 million as of December 31, 2019. Of that debt, only $26.2 million was issued by the City, with the balance issued by the Essex Windsor Solid Waste Authority and the Windsor Essex Community Housing Corporation.
Employee future benefit liabilities have increased by approximately $37.8 million compared to 2018 based on an actuarial valuation, largely due to amortization of past actuarial net losses, actuarial service costs and interest. Currently the Corporation is funding this actuarial liability on a cash basis as actual payments are required. The total liability of approximately $603 million represents the estimated present value of all future payments. Recent Council decisions aimed at controlling post retirement benefit costs will gradually yield benefits and