ADMINISTRATIVE REPORT

Date: April 23, 2002
Author/Local: Terry Corrigan/

604-873-7225 RTS No.02685

CC File No. 1503

CS&B: May 2, 2002

TO:	Standing Committee on City Services and Budgets
FROM:	General Manager of Corporate Services/Director of Finance
SUBJECT:	City of Vancouver Year 2001 Financial Statements

RECOMMENDATION

THAT Council receive for information the City of Vancouver Financial Statements for the year ended December 31, 2001.

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 2001 Financial Statements are presented to Council for information and to fulfill the legislative requirements of the Vancouver Charter.

REPORT

In 2000, the City started to adopt the Public Sector Accounting Board (PSAB) standards in the financial statements. The PSAB standards are national accounting and reporting principles established by the Canadian Institute of Chartered 

Accountants to bring consistency of financial reporting across all Canadian senior and local governments. The benefits to the City of adopting these standards is that it facilitates meaningful comparisons of the City's financial position to other Canadian municipalities.

In 2001, the City has made further refinements and enhancements to the financial statements to bring them in line with the PSAB statement. The impact of these changes are more fully explained in the Report of the Director of Finance section and in the Notes to the Financial Statements in the 2001 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 2001 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 2001 financial position. The Financial Statements demonstrate that the City has continued to maintain its financial strength.

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(c) 1998 City of Vancouver