Item - 2019.AU3.9
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.
AU3.9 - Sinking Funds - 2018 Audited 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 Sinking Funds Statements as attached in Appendix A to the report (June 10, 2019) from the Controller.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135240.pdf
Appendix A: Financial Statements - City of Toronto Sinking Funds December 31, 2018
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135241.pdf
City of Toronto Sinking Funds - 2018 Year-end Report - submitted by PricewaterhouseCoopers
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135242.pdf
(June 12, 2019) Notice of Pending Report from the Controller - 2018 Audited Sinking Funds Financial Statements
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-134980.pdf
AU3.9 - Sinking Funds - 2018 Audited Financial Statements
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Audit Committee recommends that:
1. City Council approve the 2018 Sinking Funds Statements as attached in Appendix A to the report (June 10, 2019) from the Controller.
Origin
Summary
The City of Toronto (City) maintains portfolios of sinking funds in order to build up funds used to repay City debt when it matures. Sinking fund contributions are invested; the investment earnings help reduce the amount of City own-source cash used to repay amounts borrowed.
This report presents the City of Toronto's Sinking Funds Financial Statements for the year ended December 31, 2018 and provides highlights of the Sinking Funds' 2018 financial performance as of December 31, 2018.
The Sinking Fund financial statements are audited by PricewaterhouseCoopers (PwC). The City received an unqualified audit opinion and no internal control recommendations related to the 2018 Sinking Fund financial statements.
Background Information
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135240.pdf
Appendix A: Financial Statements - City of Toronto Sinking Funds December 31, 2018
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135241.pdf
City of Toronto Sinking Funds - 2018 Year-end Report - submitted by PricewaterhouseCoopers
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-135242.pdf
(June 12, 2019) Notice of Pending Report from the Controller - 2018 Audited Sinking Funds Financial Statements
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-134980.pdf