savings over the years and decades ahead, with the liability being reduced over the long term.

While the reserve levels of the City remain below that of its peers, improvements to the balance of the reserve funds continue via the City’s Reserve Enhancement Plan.

Background:

The City of Windsor’s 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 also attached as Appendix B.

Section 296 of the Municipal Act requires that all municipalities undertake an annual audit of their accounts and that the external auditor shall express an opinion on the consolidated financial statements based on the audit. The City’s external auditor is the firm of KPMG LLP, Chartered Professional Accountants and their report is attached as Appendix C.

Discussion:

Included in the attached report are the notes to the Consolidated Financial Statements, which form an integral part of the report, as well as the KPMG Audit Findings Report. The City’s external auditors, KPMG, will be present at the City Council meeting to address the report and any questions.

Risk Analysis:

There are no significant or critical risks associated with this report.

As well as the Municipal Act requirement discussed in Section 2, other individuals wishing to review the City’s financial position and operations, such as ratepayers, banks, and bond rating agencies rely on audited consolidated financial statements. The risk of publishing a material misstatement is mitigated by the independent external audit and the City’s internal control structure.

Financial Matters:

Key financial highlights of the 2019 Consolidated Financial Statements include the following:

i) Review of Consolidated Statement of Financial Position:

In reviewing the Consolidated Statement of Financial Position, the following highlights are provided for the Executive Committee’s consideration as relates to 2019: