At its regular meeting Monday Yorkton Council approved the 2019 draft Audited Financial Statements for the City of Yorkton as presented; and further authorized the Director of Finance to sign the representation letter to the auditors; and further that the final 2019 Financial Statements be created.
鈥淏aker Tilly SK LLP has audited the financial position of the City of Yorkton as of December 31, 2019. We are pleased that the Independent Auditor鈥檚 Report indicates compliance with Canadian Public Sector Accounting Standards, and that they have confirmed our financial statements present fairly, the City鈥檚 financial position and the results of its operations and changes for the year 2019,鈥� noted Amber Matechuk City Controller.
鈥淚n conjunction with Canadian auditing standards, a final statement cannot be issued until the auditors receive approval from Council. The Auditors are required to perform audit procedures up to the date of approval to include any subsequent events. Once Council approves the draft statements and the Director of Finance signs the representation letter, the auditors will issue financial statements.鈥�
Management continues to be responsible for:
*System of Internal Controls
*Legislative Compliance
*Financial Statements and Financial Records
In terms of finances the City has a debt limit of $42 million noted the report circulated to Council.
Details of the outstanding loans include:
* Fire Hall $ 3,424,666
* Gallagher Centre $465,360
* Queen Street Water Treatment Plant $3,282,000
* Work on Dracup AVe $4,775,997
The total outstanding sits at $11,948,023.
This leaves the city with approximately $30,050,000 of debt available, as of Dec 31, 2019.
