Audit Committee
Related Documents
Terms of Reference
| Audit Committee |
VOTING DELEGATES |
staff attendees(non voting) |
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Meetings start at 4pm.
Meetings are not open to the public.
Minutes are available to the public - see below
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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
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Mr David MacLennan, Chief Executive Officer
Mr Rhys Taylor, Chief Financial Officer
Mr Peter Varris, A/Executive Director Infrastructure & Engineering
Ms Joslin Colli, A/Executive Manager Corporate Strategy & Governance
Ms Wendy Barnard, Council Liaison Officer
External Auditors (annually)
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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 2020/21 |
Finding |
council Action Plan |
Action Plan Completion Date |
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Finance Audit Findings
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1. Asset sustainability ratio
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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.
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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.
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Ongoing
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| 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.
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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.
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Ongoing
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Previous Audit Findings
2023
| MEETING |
MINUTES |
| 2 March 2023 |
Minutes |
| 4 May 2023 |
Minutes |
| 29 June 2023 |
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| 10 August 2023 |
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| 5 October 2023 |
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| 30 November 2023 |
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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) |
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| 9 August 2022 |
Minutes |
| 7 September 2022 (to discuss items not discussed at 9 August 2022 meeting) |
Minutes |
| 1 November 2022 - Cancelled |
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| 7 December 2022 |
Minutes |
2021
2020
2019
If you require any information please contact the Governance Team on 9273 6000 or governance@vincent.wa.gov.au.