2015 City of Hamilton Financial Report - Auditors Edits updated May 11 2016 TD

The entities that are not consolidated are as follows: Hamilton Region Conservation Authority Disabled and Aged Regional Transit System The Hamilton Municipal Retirement Fund The Hamilton-Wentworth Retirement Fund The Pension Fund of the Employees of the Hamilton Street Railway The Hamilton and Scourge Foundation Inc. [...] (c) Use of estimates The preparation of financial statements in accordance with Canadian public sector accounting standards 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 reporting. [...] Hamilton Future Fund The Hamilton Future Fund was established by the Council of the City of Hamilton in 2002 from the proceeds from Hamilton Utilities Corporation of the net assets owed to the City upon restructuring of the electrical industry. [...] Reporting by Business Segment The Consolidated Financial Statements provide a summary of the revenues and expenses for all of the services provided to the residents and businesses in the City of Hamilton as defined in the reporting entity (Note 1). [...] Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust Funds of the City of Hamilton as at December 31, 2015, and the results of its operations for the year then ended in accordance with Canadian public sector accounting standards.