Item - 2019.AU3.8
Tracking Status
- City Council adopted this item on July 16, 17 and 18, 2019 without amendments and without debate.
- This item was considered by the Audit Committee on June 28, 2019 and adopted without amendment. It will be considered by City Council on July 16, 17 and 18, 2019.
AU3.8 - Trust Funds - 2018 Audited Consolidated Financial Statements
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on July 16, 17 and 18, 2019, adopted the following:
1. City Council approve the 2018 Consolidated Financial Statements for the City of Toronto Trust Funds as attached in Appendix A to the report (June 12, 2019) from the Controller.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135270.pdf
Appendix A: Consolidated Financial Statements City of Toronto Trust Funds December 31, 2018
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135271.pdf
Appendix B: Trust Funds Account Descriptions
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135272.pdf
City of Toronto Trust Funds - 2018 Year-end Report - submitted by PricewaterhouseCoopers
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135273.pdf
(June 12, 2019) Notice of Pending Report from the Controller - 2018 Audited Trust Funds Consolidated Financial Statements
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-134979.pdf
AU3.8 - Trust Funds - 2018 Audited Consolidated Financial Statements
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Audit Committee recommends that:
1. City Council approve the 2018 Consolidated Financial Statements for the City of Toronto Trust Funds as attached in Appendix A to the report (June 12, 2019) from the Controller.
Origin
Summary
The City of Toronto (City), its' agencies, and corporations are the beneficiaries of assets from third parties intended to be used for specific purposes. These assets, held mostly in cash and investments, are administered through the City and two of its' related parties. Although these trust funds are assets to the City and its consolidated parties, they are not included in the City's Consolidated Financial Statements.
This report presents the City's Consolidated Trust Funds Financial Statements for the year ended December 31, 2018 and provides highlights of the Trust Funds' 2018 financial performance and financial condition as of December 31, 2018.
The Trust Fund Financial Statements are audited by PricewaterhouseCoopers (PwC). The City received an unqualified audit opinion and no internal control recommendations related to the 2018 Trust Fund Financial Statements.
Background Information
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135270.pdf
Appendix A: Consolidated Financial Statements City of Toronto Trust Funds December 31, 2018
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135271.pdf
Appendix B: Trust Funds Account Descriptions
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135272.pdf
City of Toronto Trust Funds - 2018 Year-end Report - submitted by PricewaterhouseCoopers
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135273.pdf
(June 12, 2019) Notice of Pending Report from the Controller - 2018 Audited Trust Funds Consolidated Financial Statements
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-134979.pdf