2017 Annual Report

66 City of Chilliwack 2017 Annual Report Chilliwack Economic Partners Corporation (CEPCO) Fiscal Year Ended December 31, 2017 Financial Statements of KPMG LLP Suite 200 - 9123 Mary Street Chilliwack BC V2P 4H7 Canada Telephone (604) 793-4700 Fax (604) 793-4747 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.  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, 2017, 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 Consolidated 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 audits. 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 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. KPMG LLP Suite 200 - 9123 Mary Street Chilliwack BC V2P 4H7 Canada Telephone (604) 793-4700 Fax (604) 793-4747 KPMG LLP isaCanadian limited liabilitypartnershipandamember firmof theKPMGnetworkof independent  member firmsaffiliatedwithKPMG InternationalCooperative (“KPMG International”),a Swissentity.   KPMGCanadaprovides services toKPMG LLP.  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, 2017, 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 Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements i accorda e with Canad an 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 audits. We condu ted our audit in accordance with Canadia generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform an audit to btain reasonable assurance about whether the 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 stat ments. The procedures select d depend n our judgment, including the assessment of the risks of material isstatement 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 effectivene s f 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. Page 2 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 consolidat d fina cial statements present fairly, in all material respects, the consolidated fin ncial position of City of Chilliwack as at December 31, 2017, and its consolidat d results of op ations, its consolidated chang s in net financial assets and its consolidated ash f ows for the year th n ded in accordance with Canadian public sector account g standard . Chartered Professional Accountants April 17, 2018 Chilliwack, Canada