Integrity, accountability and responsibility
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Vaughan’s 2020 statutory financial statements reflect the City’s commitment to good governance
Integrity, accountability and responsibility are the values that guide the City of Vaughan. These principles are built into all aspects of City business, including the City’s annual statutory financial statements approved by Mayor Maurizio Bevilacqua and Members of Council during the June 22 Council meeting. Vaughan’s budget is rooted in fiscal sustainability and credibility, and serves to secure greater efficiencies to maximize every dollar the City is entrusted to invest.
As a testament to this commitment, the City’s annual statutory consolidated financial statements for 2020 comply with the Public Sector Accounting Standards and have consistently received an unqualified audit opinion issued by KPMG (an independent third-party auditor). Additionally, the Consolidated Financial Statements have been prepared following generally accepted accounting principles for governments and incorporate the financial results of the following entities:
- Corporation of the City of Vaughan
- Vaughan Public Library Board
- Kleinburg Business Improvement Area
- Tourism Vaughan Corporation
- Hydro Vaughan Corporations:
- o Alectra (20.5% ownership through Vaughan Holdings Inc.)
- o Vaughan Holdings Inc. (100% owned by the City of Vaughan)
- o Hydro Vaughan Energy Corporation (100% owned by Vaughan Holdings Inc.)
- o 1446631 Ontario Inc. (100% owned by the City of Vaughan)
This means the statements fairly present the financial position of the consolidated entity as of Dec. 31, 2020, including the results of operations, accumulated surplus, the change in net financial assets and the cash flows for the consolidated entity for the year. Independent financial statements are available as attachments in the May 31, 2021 Audit Committee agenda. Additional information is available in the staff report: 2020 Draft Consolidated Financial Statements (PDF).
This compliance is a testament to the City’s sound approach to public finances and dedication to accountable governance, a priority outlined in the 2018-2022 Term of Council Service Excellence Strategic Plan. Under this directive, the City aims to:
- effectively pursue Service Excellence in governance and fiscal responsibility.
- hold the public’s trust through inclusive, transparent and accountable decision-making.
- undertake responsible financial management.
- have superior service delivery and effective communication.
The City’s 2020 Budget and 2021-2022 Financial Plan received the 2020 Distinguished Budget Presentation Award from the Government Finance Officers Association (GFOA). This award acknowledges governments that prepare and issue budget documents of the highest quality and standards. This was the twelfth consecutive year the City received this prestigious recognition.
2022 BUDGET PROCESS
The City’s annual budget process is open and transparent, with public consultation being a vital component. The annual Budget Book (PDF) provides an overview of the budget and this process. Planning is underway for the 2022 budget process. Information will be posted to vaughan.ca/budget once confirmed, including ways the community can get involved.
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