Clean Audit Opinion, New Accounting Standards Adoption, and Financial Highlights
KPMG LLP issued an unqualified audit opinion for the City of Richmond’s 2024 consolidated financial statements, confirming the fair presentation of the City’s financial position and results in accordance with Canadian public sector accounting standards.
The City adopted new public sector accounting standards (PS 3160, PSG-8, and PS 3400) in 2024. While PS 3160 and PSG-8 had no material impact, PS 3400 resulted in changes to revenue recognition timing for certain streams, leading to increases in licenses and permits revenue and other revenues.
The City’s net financial assets increased to $1.2 billion, reflecting a strong financial position. Notable increases were seen in financial assets ($101.3 million increase to $1.9 billion), primarily due to strategic investment repositioning in response to higher interest rates, and in tangible capital assets ($146.1 million increase to $2.8 billion), driven by asset additions and despite amortization expenses.