Municipal financial statement information provides audited information in a manner that is compliant with the rules set out by the Public Sector Accounting Board (PSAB).
The Cities Act and The Municipalities Act require each municipality to submit a copy of it's annual audited financial statement and auditors report to the Municipal Affairs. The municipality is required to submit this information by July 1.
The financial statement reflects how well the municipality carried out its financial plan and covers the calendar year.
The statement is to be audited by a professional auditor. This is a person who is a member in good standing of a professional association recognized under:
Municipal financial statements must be prepared in accordance with PSAB standards. These are generally accepted accounting principles for public sector bodies, as recommended by the Canadian Institute of Chartered Accountants. In addition to the PSAB standards, we require additional data to be submitted.
This financial statement template has been developed in consultation with auditors, administrators and government. The financial information in these reports detail municipal assets, liabilities, revenues and expenditures, and is to be made available to the public. Updated forms will be available at the end December, 2012.
For more information, contact:
Ministry of Government Relations