Financial Statements

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All municipalities in Canada are required to prepare and provide financial statements that provide the financial position and changes in the financial position over a given fiscal period, which is one calendar year. The financial information in these reports detail municipal assets, liabilities, revenues and expenditures. The financial statement reflects how well the municipality carried out its financial plan.

 

Financial statements must be prepared in accordance with the generally accepted accounting principles and guidelines set out by the Public Sector Accounting Board (PSAB).

General purpose financial statements are:

• Required by legislation,

• Audited, and

• Are publically available to all interested parties.

 

The financial statements are to be audited by a professional auditor. This is a person who is a member in good standing of a recognized accounting profession under The Accounting Profession Act, 2014.

 

Section 186 of The Municipalities Act requires that audited financial statements for the fiscal year-ending be submitted to Government Relations no later than July 1 of the year immediately following the financial year for which the financial statements and report have been prepared.