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INDEPENDENT AUDITORS' REPORT
To the Mayor and Council of the City of Chilliwack
We have audited the accompanying consolidated financial statements of the City of Chilliwack which
comprise the consolidated statement of financial position as at December 31, 2011, the consolidated
statements of operations and accumulated surplus, change in net financial assets and cash flows for
the year then ended, and notes comprising a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with Canadian public sector accounting standards, and for such internal control
as management determines is necessary to enable the preparation of consolidated financial statements
that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit.
We conducted our audit in accordance with Canadian generally accepted auditing standards. Those
standards require that we comply with ethical requirements and plan and perform an audit to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the consolidated financial statements. The procedures selected depend on our judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error. In making those risk assessments, we consider internal control relevant to the entity's
preparation and fair presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as well
as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of City of Chilliwack as at December 31, 2011, and the results of its operations, its changes in net
financial assets and its cash flows for the year then ended in accordance with Canadian public sector
accounting standards.
Chartered Accountants
May 1, 2011
Chilliwack, British Columbia
KPMG LLP
Telephone (604) 793-4700
Chartered Accountants
Fax
(604) 793-4747
200-9123 Mary Street
Internet
www.kpmg.ca
Chilliwack BC V2P 4H7
Canada
NOTICE TO READER
On the basis of i formation provided by m nag ment, we have compiled the balance sheet of
Chilliwack Aviation Park Ltd. as at January 31, 2012 and the statement of earnings and deficiency
for the year th n e ded. We ave not performe n audit or review engagement in respect of
hese finan ial st tements and, accordingly, we express no ssu ance thereon. Readers are
caution d that th se financial statemen s may not b appropriate f r their purposes.
KPMG LLP
Chartered Accountants
Chilliwack, British Columbia
April 21, 2012
KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG International Cooperative
(“KPMG International”), a Swiss entity.
KPMG Canada provides services to KPMG LLP.
City of Chilliwack
Financial Statements
2011 City of Chilliwack Annual Report
36