kpmg
KPMG LLP
Chartered Accountants Yonge Corporate Centre 4100 Yonge Street Suite 200 Toronto ON M2P 2H3 Telephone (416) 228-7000 Telefax (416) 228-7123 www.kpmg.ca
AUDITORS' REPORT
To the Members of Council, Inhabitants and Ratepayers of The Corporation of the City of Vaughan
We have audited the trust funds statement of financial position of the trust funds of The Corporation of the City of Vaughan as at December 31, 2003 and the trust funds statement of financial activities and changes in fund balances for the year then ended. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these financial statements present fairly, in all material respects, the financial position of the funds held in trust by the City as at December 31, 2003 and the results of its operations and changes in its financial position for the year then ended in accordance with Canadian generally accepted accounting principles.
Chartered Accountants
Financial Assets
Cash Due from revenue fund Investments: Term deposits Province of Ontario bonds, at cost which approximates market value $ 165,252 201,406 57,386 77,091 134,477 $ 501,135 $ $ 153,505 6,778 54,589 75,000 129,589 289,872
Fund Balance
Trust funds $ $ 501,135 501,135 $ $ 289,872 289,872
Change in financial assets Trust funds, beginning of year Balance, end of year
18,092 209,092
9,903 $ 9,903 $
227,184
28,491
234,303
289,872
1. Significant accounting policies: (a) General: These financial statements reflect the fund balances and operations of the trust funds administered by The Corporation of the City of Vaughan (the "City"). The City administers the Perpetual Care Trust Fund in accordance with the provisions of the Cemeteries Act of Ontario. (b) Basis of accounting: Capital receipts and withdrawals on the Statement of Financial Activities and Changes in Fund Balances are reported on the cash basis of accounting. Other items are reported on an accrual basis. 2. Election Surplus: The election surplus trust fund was established pursuant to the Municipal Elections Act. The trust funds contain surplus monies from the previous campaign which are available for the registered candidate to expend in whole or part, in the next election. 3. Mayor Di Biase Foundation: The Mayor Michael Di Biase Foundation trust fund was established by Council to raise funds to support various local Vaughan Charities. 4. Vaughan Health Care Facility: The Vaughan Health Care Foundation trust fund was established by Council to support the construction of a future Vaughan Health Care Facility. 5. Preserving Ontario Architecture: These funds were provided by the Province of Ontario under the Community Heritage Fund Program for the purposes of investing in architectural conservation within the City.