Financial Statements

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:

• The Management Accountants Act;
• The Certified General Accountants Act, 1994; or
• The Chartered Accountants Act, 1986.

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.

A suggested form of financial statement has been developed in consultation with auditors, administrators and government in order to prepare a document that is flexible to meet the needs of the various parties. The financial information in these reports detail municipal assets, liabilities, revenues and expenditures, and is to be made available to the public. Municipalities may alter the form of their financial statement to meet their needs, provided that the information provided meets the above requirements. See the "Related Documents" section for these forms

If you would like more information, contact us at:

Ministry of Municipal Affairs
Grants Administration & Financial Management
410 - 1855 Victoria Avenue
Regina, SK  S4P 3T2

Phone:  (306) 787-8808
Fax:  (306) 787-3641
E-mail:  muninfo@gov.sk.ca