2013 Annual Report

Working with the private sector, The City retired $18.6 million of debt, initially over 600 units are now connected to the system, incurred in the early 1990s to fund construction leading to the reduction of greenhouse gas of the No. [...] The financial statements reflect a consolidation of the financial position and operating results for the City of Richmond, Lulu Island Energy Company, Richmond Olympic Oval Corporation and the Richmond Public Library. [...] V5H 4N2 Canada INDEPENDENT AUDITORS' REPORT To the Mayor and Council We have audited the accompanying consolidated financial statements of the City of Richmond, which comprise the consolidated statement of financial position as at December 31, 2013 and the consolidated statements of operations, changes in net financial assets and cash flows for the year then ended, and notes, comprising a summary [...] In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. [...] (a) Basis of consolidation: The consolidated financial statements reflect a combination of the City’s General Revenue, General Capital and Loan, Waterworks and Sewerworks, and Reserve Funds consolidated with the Richmond Public Library (the “Library”), the Richmond Olympic Oval and the Lulu Island Energy Company Ltd. [...] The board of trustees, representing plan members and employers, is responsible for overseeing the management of the Plan, including the investment of the assets and administration of benefits. [...] While they are separate legal entities, the City does generally provide the buildings and grounds for the use of the community associations as well as pay the operating costs of the facilities. [...] As the final outcome of the legal action and the potential financial impact to the City is not determinable, the City has not recorded any provision for this matter in the consolidated financial statements as at December 31, 2013. [...] The City holds the assets for the benefit of and stands in fiduciary relationship to the beneficiary. [...] The services provided are construction and maintenance of the City's infrastructure and all City owned buildings, maintenance of the City’s road networks, managing and operating a mixed fleet of vehicles, heavy equipment and an assortment of specialized work units for the City operations, development of current and long-range engineering planning and construction of major projects.