By GPT-4 & Parth on 2025-11-22, City: Oakville, View Transcript
The council reviewed the 2025 Audit Planning Report for information, with KPMG scheduled to return in the spring to present final audit findings. The discussion covered audit focus areas, materiality thresholds, upcoming accounting standards, and a projected year-end surplus. Public input opportunities were not specified in this segment.
The meeting recorded the unanimous receipt of the Audit Planning Report; no additional formal motions were noted in this portion beyond information receipt. Follow-up actions include monitoring the audit process and awaiting KPMG’s spring presentation.
1) 2025 Audit Plan Overview - The audit plan was presented to emphasize transparency and consistency with prior years, noting there have been no significant or unusual transactions this year. - Direct quote: "The audit focus areas for 2025 have remained relatively consistent from the past because there's been really no significant or unusual transactions this year."
2) Materiality and Misstatement Thresholds - Materiality is set at $375,000, up from the previous year, with a misstatement posting threshold of $18,750. The board is assured that adjustments above this amount will be reported, providing transparency. - Direct quote: "Hopefully this process of providing all adjustments over $18,750 but well below that materiality threshold does give the board and the public comfort that everything will be reported to you in 2025."
3) Upcoming Accounting Standards - No new accounting standards need immediate implementation, but changes effective for periods ending April 1, 2026 will affect the 2027 financial statements. Management will monitor and update closer to implementation. - Direct quote: "Management is currently evaluating the implications of these changes and will provide updates closer to the implementation date."
4) Year-End Financial Surplus - The year-end surplus is projected to exceed $500,000, largely due to the delayed opening of the 16 Mile branch and related staffing costs. - Direct quote: "We are targeting a surplus of over $500,000... $350,000 is simply a result of the delayed opening of 16 Mile and the staffing that was budgeted in order to accommodate that."
5) Audit Communication and Board Involvement - Board members were encouraged to communicate with KPMG directly if needed, not only during the audit process, to address concerns or questions. - Direct quote: "If you do have any questions for KPMG directly, I'm happy to help facilitate those communications or as board members, you're certainly welcome to reach out to them directly at any point throughout the entire year."
1) Motion to Receive Audit Planning Report for Information - Title: Receipt of Audit Planning Report for Information - Outcome: Passed unanimously - Next Steps: The board will monitor the audit process and await KPMG’s spring findings.
2) Comprehensive Financial Report Update - Title: Comprehensive Financial Report Update - Outcome: No formal motion recorded in this section; noted for information as part of year-end considerations. - Next Steps: Further updates anticipated as year-end approaches.