ADMINISTRATIVE REPORT

Date: May 1, 2001
Author/Local: Terry Corrigan/

7225

RTS No. 01877
CC File No. 1503
CS&B: May 10, 2001

TO:	Standing Committee on City Services and Budgets
FROM:	General Manager of Corporate Services/Director of Finance
SUBJECT:	City of Vancouver Year 2000 Financial Statements

RECOMMENDATION

THAT Council receive for information the City of Vancouver Financial Statements for the year ended December 31, 2000.

COUNCIL POLICY

The Director of Finance is required under Section 211 of the Vancouver Charter to advise Council on the financial position of the City. As well, Section 230 requires a firm of Chartered Accountants or Certified General Accountants to audit the accounts and transactions of the City and of every other administrative body.

PURPOSE

The 2000 Financial Statements are presented to Council for information and to fulfill the legislative requirements of the Vancouver Charter.

REPORT

There are significant changes in the reporting format from the previous years' with the adoption of the Public Sector Accounting Board national reporting and accounting standards. The impact of the changes are more fully explained in the `Report of The Director of Finance' section of the 2000 Financial Statements.

The Financial Statements have been audited by the City's External Auditor KPMG
and are distributed to Council under separate cover. A copy is also on file in the City Clerk's office.

The City's External Auditor KPMG will be present at the Committee meeting to speak to the 2000 Audit Program and to answer questions on the process and the Financial Statements.

CONCLUSION

The `Report of the Director of Finance' section of the Financial Statements provides an overview of the City's 2000 financial position. The Financial Statements demonstrate that the City has continued to maintain its financial strength.

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