Quarterly Financial Statements
The quarterly condensed unconsolidated financial statements for the City are prepared by the Finance department, and outline the City’s financial position and operating results compared to the approved budget for a particular quarter.
Annual Financial Statements
The annual consolidated financial statements for the City are prepared by the Finance department, in accordance with Canadian Public Sector accounting standards, and audited by independent external auditors. The financial statements and auditors’ report satisfy a legislative reporting requirement as set out in the Municipal Government Act of Alberta.
Municipal Affairs Financial Reporting
The Municipal Government Act (MGA) requires that every Alberta municipality prepare annual audited financial statements and a financial information return. Both reports should be returned to Alberta Municipal Affairs by May 1 of each year. The financial statements must be prepared in accordance with generally accepted accounting principles for municipal governments in Canada. Requirements for municipal financial reporting are standardized across Canada and are based on the Public Sector Accounting Handbook.