Item - 2019.AU4.18
Tracking Status
- City Council adopted this item on October 29 and 30, 2019 without amendments.
- This item was considered by the Audit Committee on October 25, 2019 and adopted without amendment. It will be considered by City Council on October 29 and 30, 2019.
AU4.18 - Transparency in the City's Financial Information
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
City Council Decision
City Council on October 29 and 30, 2019, adopted the following:
1. City Council receive the report (October 9, 2019) from the Chief Financial Officer and Treasurer, and the Controller for information.
City Council Decision Advice and Other Information
During the review of the Order Paper on October 29, 2019, City Council adopted a procedural motion to remove this Item from the jurisdiction of the Audit Committee and bring it forward for consideration by City Council.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-138840.pdf
Motions (City Council)
That in accordance with Section 27-7.10 of Council Procedures, City Council remove Item AU4.18, headed "Transparency in the City's Financial Information" from the Audit Committee and bring the Item forward to City Council for consideration.
AU4.18 - Transparency in the City's Financial Information
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Audit Committee recommend that:
1. City Council receive the report (October 9, 2019) from the Chief Financial Officer and Treasurer, and the Controller, for information.
Origin
Summary
At its July 16, 2019 meeting, City Council requested the Chief Financial Officer and Treasurer, and the Controller, to review the presentation of the City's budget documents and consolidated financial statements for transparency and understandability, following the Audit Committee June 28, 2019 submission of the City of Toronto's (City) Audited, Consolidated Financial Statements (Statements). This report provides information about the presentation standards used for the City's Statements, including best practices among Canadian municipalities, and provides support for the presentation currently used by the City.
Background Information
https://www.toronto.ca/legdocs/mmis/2019/au/bgrd/backgroundfile-138840.pdf