Audit, Finance and Administration Committee approves City of Hamilton External Audit Planning Report (City Wide) and the accompanying pres... 9-0

City Council received the 2024 Annual External Audit Plan, which outlined the scope and approach of the annual audit. Like the 2023 audit, the 2024 plan included additional risk assessment procedures and audit review activities related to the City’s cyber incident and carried an associated cost of $299,000.

KPMG was the successful proponent of a 2023 Request for Proposals for the City of Hamilton’s External Audit Services and has provided the City’s external audit services since 2012, having been the successful proponent of a 2011 Request for Proposals. Following completion of the 2023 external financial statement audit and finalization of the year-end surplus reconciliation, revisions to the previously approved surplus disposition were identified, including a net increase of $39,705 to the Tax Supported corporate surplus and adjustments to the Rate Supported corporate surplus, with the most significant revisions relating to the reconciliation of accounts receivable balances between the City of Hamilton and Alectra during the completion of the external audit.

The motion, as recorded in the minutes:

2024 City of Hamilton External Audit Planning Report (City Wide) Mike Zegarac, General Manager, Finance and Corporate Services, introduced Paul Ciapanna, KPMG, who addressed Committee respecting Report FCS26068, 2024 City of Hamilton External Audit Planning Report (City Wide), with the aid of a presentation. (Hwang/A. Wilson) That Report FCS26067, dated September 3, 2026, respecting the 2024 City of Hamilton External Audit Planning Report (City Wide) and the accompanying presentation, be received and the following recommendation, be approved: (a) That additional audit fees of $299,000 related to 2024 City of Hamilton and related entities year end audits be approved to be funded through the Tax Stabilization Reserve (#110046).

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