I can confidently say that the City of Edmonton has robust independent audit practices.
The City remains compliant with all guiding legislation, including strong financial policies. For example, the city adheres to a strict debt servicing limit per policy that is more conservative than allowable by Provincial legislation.
The city also has a AA credit rating from S&P Global due to prudent financial planning - an improvement in this Council’s term.
While it’s clear that Edmonton is not immune to the financial challenges that are being faced across the country, Edmonton’s financial state remains stable.
To that point, the financial statements of the City are reviewed annually by an external auditor - most recently in 2023 by KPMG. The external auditor determined that the financial statements of the city are fairly (accurately) presented.
Additionally, Council appoints an internal City Auditor to conduct audits of importance on City Administration’s work and report to Council the findings by way of Audit Committee. These reports can be financial and non-financial, and focus findings and recommendations on compliance, controls, efficiency, efficiency of city operations. The City Auditor makes recommendations based on findings for continual improvements. You can see more information on the Office of the City Auditor here, as well as the master list of audits here.
I’ve been appointed as a member of the Audit Committee for the entire Council term. This committee also includes two appointed citizens with extensive experience and knowledge in financial accountability in large organizations. The citizen members can serve a maximum of 8 years.
If you ever have suggestions on audits that should be included in the auditor work plans, please let me know and we can make suggestions and ultimately approve the auditor’s work plan.
Read the other blogs in this series…
Spring Budget Adjustment
Before Considering a Tax Increase. . .
Transparency on Council Salaries and Office Budget
