Audit Committee

Minutes

Monday, June 23, 2025 at 3:00 P.m. - 4:00 P.m.

Council Chambers - Hybrid

City of Kitchener

200 King Street W, Kitchener, ON N2G 4G7

Present:

• Mayor B. Vrbanovic
• Councillor S. Davey
• Councillor D. Schnider
• Councillor J. Deneault
• Councillor C. Michaud
• Councillor A. Owodunni
• Councillor P. Singh
• Councillor B. Ioannidis
• Councillor M. Johnston
• Councillor D. Chapman
• Councillor S. Stretch

Staff:

• D. Chapman, Chief Administrative Officer
• M. May, General Manager, Community Services and Deputy Chief Administrator
• V. Raab, General Manager, Corporate Services
• J. Readman, General Manager, Development Services
• J. Lautenbach, Chief Financial Officer, Financial Services
• D. McGoldrick, General Manager, Infrastructure Services
• K. Fischer, Director, Financial Reporting & ERP Solutions
• D. Saunderson, Deputy Clerk
• G. Demacio, Manager, Financial Reporting & Analysis
• M. Mills, Committee Coordinator

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1.

Commencement

The Audit Committee held a meeting this date commencing at 3:05 p.m. 

2.

Disclosure of Pecuniary Interest and the General Nature Thereof

3.

Presentations

3.1

Certificate of Achievement - Canadian Award for Financial Reporting – Fiscal Year 2023

K. Fischer, presented the award received by the City of Kitchener, for the fiscal year ending December 1, 2023 noting staff applied to the Government Finance Officers Association (GFOA) for financial reporting and were successful in obtaining the award for excellence in financial reporting. 

4.

Discussion Items

4.1

2024 Audited Consolidated Financial Statements, FIN-2025-289

The Committee considered Financial Services report FIN-2025-289, dated June 17, 2025, to which the KPMG report entitled "Audit Findings Report" was attached. 

G. Demacio presented the 2024 financial highlights, key financial indicators, and the audit findings report prepared by KPMG. K. Fischer was also in attendance to respond to questions from the Committee. 

Councillor P. Singh entered the meeting at this time.

M. Betik and C. Cheal, KPMG presented their 2024 Audited Financial Statement noting there was one significant control deficiency where an internal order settlement rule was not processed correctly within the financial reporting system. However, Staff are implementing measures to remediate this error and ensure accurate reporting for the 2025 fiscal year. M. Betik and C. Cheal then responded to questions from the Committee.  

• On motion by Councillor S. Davey

  it was resolved:

  "That the 2024 Audited Consolidated Financial Statements of the Corporation of the City of Kitchener be approved, as outlined in Financial Services Department report FIN-2025-289."

  Carried

5.

Adjournment

On motion, this meeting adjourned at 3:40 p.m.

Marilyn Mills
Committee Coordinator