1. Recommendation 1 – Item 7.3 - Audited Financial Statements & Report on Financial Results
THAT COUNCIL
1. Considers that the Consolidated Financial Statements present fairly the financial position of the City of Adelaide, having reviewed the Consolidated Financial Statements for 2022/23, contained in Attachment A to Item 7.3 on the Agenda for the meeting of the Audit and Risk Committee held on 6 October 2023.
2. Receives the City of Adelaide’s Consolidated Financial Statements for 2022/23, contained in Attachment A to Item 7.3 on the Agenda for the meeting of the Audit and Risk Committee held on 6 October 2023, subject to minor administrative changes and subsequent balance date event adjustments, to be certified by the Chief Executive Officer and the Lord Mayor.
3. Considers it is appropriate that the representation letter requested by the external auditor, contained in Attachment B to Item 7.3 on the Agenda for the meeting of the Audit and Risk Committee held on 6 October 2023, is signed by management.
4. Notes the Certification of Auditor Independence contained in Attachment C to Item 7.3 on the Agenda for the meeting of the Audit and Risk Committee held on 6 October 2023 by the Chief Executive Officer and the Presiding Member of the Audit and Risk Committee.
5. Authorises the Chief Executive Officer and the Lord Mayor to certify the Annual Financial Statements in their final form.
6. Notes the Adelaide Economic Development Agency Financial Statements for 2022/23, contained in Attachment D to Item 7.3 on the Agenda for the meeting of the Audit and Risk Committee held on 6 October 2023, have been reviewed by the Adelaide Economic Development Agency Board at its meeting on 26 September 2023. These financial results are included in the Consolidated Financial Statements of the City of Adelaide, and
6.1. Considers the Financial Statements for 2022/23 present fairly the financial position of the Adelaide Economic Development Agency.
6.2. Notes the Certification of Auditor Independence in relation to Adelaide Economic Development Agency, contained in Attachment E to Item 7.3 on the Agenda for the meeting of the Audit and Risk Committee held on 6 October 2023 is signed by the Chief Executive Officer and the Presiding Member of the Audit and Risk Committee.
6.3 Notes the representation letter requested by the external auditor of the Adelaide Economic Development Agency, contained in Attachment F to Item 7.3 on the Agenda for the meeting of the Audit and Risk Committee held on 6 October 2023, is signed by management.
7. Notes the Adelaide Park Lands Authority Financial Statements for 2022/23, contained in Attachment G to Item 7.3 on the Agenda for the meeting of the Audit and Risk Committee held on 6 October 2023, are included in the Consolidated Financial Statements of the City of Adelaide, and
7.1 Considers the Financial Statements for 2022/23 present fairly the financial position of the Adelaide Park Lands Authority and can be certified by the Lord Mayor as Chair of Adelaide Park Lands Authority.
7.2 Considers it is appropriate that the representation letter requested by the external auditor of the Adelaide Park Lands Authority, contained in Attachment H to Item 7.3 on the Agenda for the meeting of the Audit and Risk Committee held on 6 October 2023, is signed by management.
7.3 Notes the Certification of Auditor Independence in relation to the Adelaide Park Lands Authority, contained in Attachment I to Item 7.3 on the Agenda for the meeting of the Audit and Risk Committee held on 6 October 2023, and considers it is appropriate to be signed by the Chief Executive Officer and the Presiding Member of the Audit and Risk Committee.
8. Notes the Brown Hill and Keswick Creeks Storm Water Board’s Financial Statements for 2022/23 as contained in Attachment J to Item 7.3 on the Agenda for the meeting of the Audit and Risk Committee held on 6 October 2023. Council’s equity interest of 8% is included in the Consolidated Financial Statements of the City of Adelaide.
9. Recommends the 2022/23 Consolidated Financial Statements of the City of Adelaide, and the Financial Statements of the Adelaide Park Lands Authority, Adelaide Central Market Authority and Brown Hill and Keswick Creeks Stormwater Board be presented to Council for noting on 24 October 2023 and included in the adopted Annual Report.
10. Notes the 2022/23 Report on the financial results for the City of Adelaide and its subsidiaries, contained in Attachments K, L, M and N to Item 7.3 on the Agenda for the meeting of the Audit and Risk Committee held on 6 October 2023.