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RFD- 4273 Business Items   Item #   11. a.    
Regular Council Meeting Agenda   
Meeting Date: 04/26/2021  
Title:    2020 Audited Consolidated Financial Statements - Frostad
Department: Corporate Services  
Strategic Vision Element: This topic relates to all three of the City’s strategic vision elements contained in Council’s Strategic Plan Related Goal: n/a

Information
Request for Decision Summary
This request for decision seeks approval of the 2020 audited consolidated financial statements as prepared by administration and audited by KPMG LLP.

Proposed Motion
That the audited consolidated financial statements of the City of Spruce Grove for the year ended December 31, 2020 be approved as presented.
Background/Analysis
The consolidated financial statements have been prepared and are presented by administration, which is responsible for their accuracy, objectivity, and completeness.  The consolidated financial statements represent the financial position of the City of Spruce Grove (the "City") at December 31, 2020, as well as the results of its financial operations, changes in net financial assets, and changes in financial position for the year.

The Financial Statement Discussion and Analysis is an explanation of the significant items, transactions and events presented in the audited consolidated financial statements and the trends and factors that influenced them. It provides useful information to the users for accountability and decision-making purposes.  The report has been reviewed by the auditors and will be included in the City's Annual Financial Report.

KPMG LLP, the City's independent auditors, have audited the consolidated financial statements and expressed an unqualified opinion on the financial statements as presented. KPMG will be presenting to Council an explanation of the Auditor's Report, the Audit Findings Report, and answer any questions about the financial statements at the April 26, 2021 Council meeting. 

Administration will provide Council with an overview and answer questions about the financial statements. 
 
Options/Alternatives
Should Council have any matters they wish to discuss in confidence with the auditors prior to voting on the recommended motion, Council can opt to pass the following motion to go into closed session:  
 
That Council go into Closed Session under section 24 of the Freedom of Information and Protection of Privacy Act, respecting advice from officials.
Consultation/Engagement
N/A
Implementation/Communication
The Municipal Government Act (MGA) requires the City to publish the financial statements and submit a copy to the Minister of Municipal Affairs no later than May 1, 2021.  A copy of these financial statements will be posted on the City's website, and in the Annual Financial Report which will be posted no later than June 30, 2021.
Impacts
N/A
Attachments
Auditor Presentation
Financial Statement Discussion and Analysis
2020 Audited Consolidated Financial Statements
2020 Audit Findings Report

City Council and Committee of the Whole agendas and minutes are posted on the City of Spruce Grove website for information purposes only. These agendas may be changed at the discretion of Council by the addition or deletion of items. Anyone reviewing the draft agenda should do so on the understanding that it is subject to change by Council.

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