Integrity, accountability and responsibility

Oct. 1, 2020 1:00 p.m.
Vaughan’s 2019 statutory financial statements reflect the City’s commitment to openness, transparency and respect

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 that were approved by Mayor Maurizio Bevilacqua and Members of Council during the Sept. 29 Council meeting. Vaughan’s budget is rooted in fiscal sustainability and credibility, and serves to secure greater efficiencies and maximize every dollar the City is entrusted to invest.
 
As a testament to this commitment, the City’s annual statutory consolidated financial statements for 2019 is in compliance with the Public Sector Accounting Standards and has consistently received an unqualified audit opinion as issued by KPMG (an independent third-party auditor). Additionally, the Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for governments and incorporate the separate financial results of the following entities:
  • Corporation of the City of Vaughan
  • Vaughan Public Library Board
  • Kleinburg Business Improvement Area
  • Tourism Vaughan Corporation
  • Trust fund, statement of revenues, expenditures and fund balance of the Mayor’s Gala and Golf Events

This means the statements fairly present the financial position of each entity as of Dec. 31, 2019, including the results of operations, accumulated surplus, the change in net financial assets and the cash flows for each entity for the year.  

Independent financial statements can be viewed as attachments in the Sept. 22, 2020 Committee of the Whole (2) Report Agenda.
 
BUDGET
The City’s annual budget process is open and transparent, with public consultation being a vital component. Throughout the year, Vaughan engages citizens in a variety of ways to provide budget-related information and gather feedback in its development. As a direct result, the annual Budget Book (PDF) is developed to recap the budget process. It is available at vaughan.ca/budget. This book, which is updated each year, 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. 
Vaughan remains a leader in budgeting and the City’s ongoing efforts continue to be recognized. For the 2019 budget, the City received the International Award of Excellence in Budgeting from the Government Finance Officers Association – the Distinguished Budget Presentation Award – for the 11th year in a row. This award highlight’s Vaughan’s commitment to Service Excellence and staff’s ability to prepare and issue budget documents of the highest quality.
 
QUOTE
"At the City of Vaughan, we are dedicated to managing taxpayers' hard-earned dollars responsibly while safeguarding investments for the high-quality public services our community relies on each day. Our sound approach to public finances and commitment to open, accountable and transparent governance is fundamental to the City's ongoing success. Vaughan continues to maintain one of the lowest and most competitive tax rates in the Greater Toronto Area. We are securing efficiencies and maximizing every dollar we are entrusted to manage. Since 2015, we have achieved more than $30 million in budget savings because of our mission to strive for continuous improvement. This innovative approach has advanced our global position as an economic leader. Together, we will continue to build a city that is respected for its entrepreneurial spirit, renowned for its responsible planning and economic leadership, and elevated by its people's dedication to being agents of positive change. For Vaughan, the best is truly yet to come!"
- Mayor Maurizio Bevilacqua
 

QUICK FACTS

  • Vaughan’s budget is rooted in fiscal sustainability and credibility and serves to secure greater efficiencies and maximize every dollar the City is entrusted to invest.
  • The City of Vaughan’s 2019 Consolidated Financial Statements have been prepared with the Public Sector Accounting Standards and received an unqualified audit opinion by KPMG (an independent third-party auditor). This means the statements fairly present the financial position of each entity as of Dec. 31, 2019.
  • The statutory financial statements are a requirement prescribed by the Municipal Act, 2001 that show the results of operations for the fiscal year and the financial position at the end of the fiscal year. 
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