Mr. Anderson provided an overview on the 2019 Financial Statements highlighting the financial statements versus the budget book, assets, liabilities, accumulated surplus, revenues, expenses and the Living Arts Centre. The City’s investments in relation to Enersource Corporation experienced a slight reduction due to the Alectra Utilities amalgamating with Guelph Hydroelectric Systems. In 2019, The City of Mississauga assumed effective control of the Living Arts Centre. The City expanded use of SAP Concur for an increase in transparency, automated processing, a reduction in manual entry and to speed up year-end reporting. In consultation with KPMG, Finance revised the account treatment of deferred revenues to include unspent capital funds from obligatory reserve funds. Mr. Anderson further outlined the potential impacts of COVID-19 on the City’s Financials and notes that the ultimate impact is unknown.
Councillor Ras inquired about the revised accounting treatment of obligatory development charges and the impact of Bill 108. Mr. Anderson responded by noting that historically the balance and unspent development charges were classified as liabilities, while other accounts were calculated as surplus. Mr. Anderson further noted that with revised calculation all accounts with unspent balances are classified as liabilities and that this revision has been recast in the 2018 and 2019 finances to reflect the update. Gary Kent, Commissioner of Corporate Services and Chief Financial Officer and Jeff Jackson, Director of Finance and Treasurer responded by noting the impacts of Bill 108 are still unknown and will continue to be monitored.
Item 7.1 was brought forward and voted on.