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Mr.
Michael Jones advised that the audit has been substantially completed to
date. Receipt of the signed management letters remains outstanding. He
provided an overview of the audit findings as indicated in their final
report to the Committee, including a high level overview of accounting and
audit matters, adjusted and unadjusted differences, management
representations, fraud, internal control matters, other required
communications. Discussion ensued regarding contaminated sites, draft
management letter, fraud, consultation with outside accountants prior to
the audit, audit fees and whether they’re reflective of the volume and
scope of work completed.
The
Director, Financial Services/Treasurer provided a high level overview of
the financial statements, addressing financial sustainability, surplus
funds, financial indicators, and financial plans for 2016 and 2017 related
to the Service Pricing Policy, water/wastewater and stormwater management
fees, asset replacement funds, investment strategies and debt. Discussion
ensued regarding servicing of areas under intensification, employee
benefits, temporary investments, loan receivables, asset repairs, and a request
for clarification on the restriction stated in the BIA and Trust Fund statements.
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