2014 Annual Report

The City also approved the master plan for the Garden City Lands, a 136.5-acre parcel of open space on the edge of the City Centre. [...] Municipal Infrastructure Improvement To continue to invest in the City’s infrastructure networks and systems in a manner that meets community needs and responds to the issues of aging components of the system, growth related capacity issues and the requirements due to changing climate and environmental impacts. [...] 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, 2014 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. [...] (o) Use of accounting estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenditures during the reporting period. [...] 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. [...] 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.