Doc 9 OPL 2006 Audit Report Oct 15-07

9 COMMUNICATION AND COUNSEL Subject: Ottawa Public Library 2006 Audit Report Prepared by: Brenda Gorton FSU Account Manager, Ottawa Public Library Community & Protective Services Financial Support Unit Prepared for: Ottawa Public Library Board Meeting of: October 15, 2007 Date: October 1, 2007 Reference 1. City of Ottawa Audit – Schedule 4 – Ottawa Public Library Board – Appendix A 2. Ottawa Public Library Board Financial Statements – Appendix B Background As approved by the Board at its meeting on November 20, 2006, the Library has been consolidated into the overall city audit and no longer completes a separate Library audit. It is acceptable for a library board to supply its financial information in a consolidated audited financial statement as noted in Municipal Act, 2001, s. 296 (11), provided that the financial information on the library board is provided in a separate schedule or appendix of the consolidated municipal financial statement. Attached in Appendix A is a copy of the Ottawa Public Library schedule that was included in the 2006 City of Ottawa financial statements, forming part of the Consolidated Statements of the City. This schedule has been approved by the Province and upon receiving a copy of this schedule the Province has released the 2007 Ottawa library grant. Following the change in the audit process, the Library Financial Services Unit agreed to continue to prepare the library statements as in ...