Audit Committee

Related Documents

Terms of Reference

Audit Committee VOTING DELEGATES staff attendees(non voting)


Meetings start at 4pm.

Meetings are not open to the public.

Minutes are available to the public - see below 

Council Members (voting)
1.  Cr Gontaszewski
2.  Cr Ioppolo
3.  Cr Alexander
4.  Cr Wallace

External Members (voting)

Mr Conley Manifis (Chair)

Olaf Goy

George Araj

Mr David MacLennan, Chief Executive Officer

Ms Virginia Miltrup, Executive Director Community & Business Services

Mr Rhys Taylor, Executive Manager Financial Services

Mr Peter Varris, Executive Manager Corporate Strategy & Governance

Ms Wendy Barnard, Council Liaison Officer

External Auditors (annually)

The City of Vincent received the Audit Management Letter, prepared by the Office of the Auditor General (OAG), at its Audit Committee meeting held 10 December 2021. This was the second year that the City was directly audited by the OAG and the audit included both financial and information system audits.

 The Audit Committee noted the 2 significant audit findings together with the recommended actions.

Significant Finance Audit Findings

2020/2021

Findings

Council Action Plan

Action Plan Completion Date

Finance Audit Findings

 

 

 

1. Asset sustainability ratio

 The asset sustainability ratio as reported in Note 35 of the financial report has now been below the Department of Local Government, Sport and Cultural Industries' standards for the current year and past 2 years.

The City’s result for 2020/2021 is 0.52 and 0.53 in 2019/20, comparing favourably to the 2019 value of 0.36. There has been a greater shift in capital expenditure relating to renewal of assets compared to new assets in previous years.

In 2021 the City undertook extensive community consultation to determine community expectations regarding Asset Management renewal and funding options for maintaining ageing community assets.  This has informed the Asset Management Sustainability Strategy (AMSS), which was formally approved by Council in October 2021. The AMSS will now inform a revised 2022/2023 -2031/2032 Long Term Financial Plan in 2022.

Ongoing

2.Ongoing surplus ratio

The operating surplus ratio as reported in Note 35 of the financial report has been below the Department of Local Government, Sport and Cultural Industries' standards for the current year and past 2 years.

The City’s 2020/2021 result is negative 0.03 compared to a restated amount of negative 0.14 in 2019/2020. This result is an improvement from the prior year but also highlights the City needs to explore opportunities to increase its operating surplus going forward. Strategies will also be developed to improve this ratio when preparing the Long Term Financial Plan.

Ongoing


Previous Audit Findings

2022

MEETING MINUTES
15 February 2022 (to discuss items not discussed in the 10 December 2021 meeting) Confirmed Minutes
16 March 2022 (rescheduled from 1 March 2022) Confirmed Minutes
3 May 2022 Confirmed Minutes
29 June 2022 (meeting postponed)
9 August 2022 Minutes
7 September 2022 (to discuss items not discussed at 9 August 2022 meeting) Minutes
1 November 2022
29 November 2022

2021

MEETING MINUTES
2 March 2021

Confirmed Minutes

Attachments

4 May 2021

Confirmed Minutes

Attachments

6 July 2021

Confirmed Minutes

Attachments

6 September 2021

(rescheduled from 31 August 2021)

Confirmed Minutes

10 December 2021

(rescheduled from 30 November 2021)

Confirmed Minutes

2020

MEETING MINUTES
3 March 2020 Confirmed Minutes
5 May 2020 Confirmed Minutes
30 June 2020 Confirmed Minutes
1 September 2020 Confirmed Minutes
20 October 2020 Confirmed Minutes
1 December 2020 Confirmed Minutes

2019

MEETING MINUTES
11 June 2019 Confirmed Minutes
27 August 2019 Confirmed Minutes
26 November 2019 Confirmed Minutes


If you require any information please contact the Governance Team on 9273 6000 or governance@vincent.wa.gov.au.