2021 Statement of Financial Information

(l) Use of 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 amounts of revenues and expenses during the period. [...] The terms of the agreement provides the Board a borrowing limit of $3 million with the City and the District of Saanich providing equal guarantee. [...] The Police Department ensures the safety of the lives and property of Victoria as well as Esquimalt citizens through the enforcement of municipal bylaws, criminal laws and the laws of British Columbia, the maintenance of law and order; and the prevention of crime. [...] CITY OF VICTORIA I Statement of Financial Information 2021 30 THE CORPORATION OF THE CITY OF VICTORIA, BC SCHEDULE OF GUARANTEE AND INDEMNITY AGREEMENTS - 2021 The City of Victoria and the District of Saanich established the Board of Cemetery Trustees of Greater Victoria (the "Board") in 1922 under the Municipal Cemeteries Act. [...] Together the City of Victoria and the District of Saanich guarantee the debt of the Board.