Municipal Financial Reporting

Town of New Sampleford2009 Annual Results

Municipal financial statements

Demonstrate accountability and transparency to citizensFulfill legislated requirementsAid in effective long-term planningProvide a snapshot in time

Why are the financialstatements important?

What has changed?New accounting standards for local governments take effect

Required for 2009 reporting Consistent across Canada Tangible capital assets to be recordedStatements now based on the net financial assets (debt) model

Statement of Financial PositionReports on assets, liabilities, accumulated surplus

Statement of OperationsReports on revenues, expenses, results

Statement of Change in Net Financial Assets (Debt)Reports on surplus (deficit), tangible capital asset acquisitions

Statement of Cash FlowIdentifies cash sources and use

What are the key financial statements?

Components of the annual statements that provide additional information

Included to assist the reader of the statements to understand the financial condition of the municipalityCan vary in detail and formShould be consistent with individual municipality’s reporting format and content

Supplementary Schedules

Schedule of Tangible Capital AssetsCompares net book value of TCAs to previous year

Schedule of Property and Other TaxesReports on taxation, Alberta School Foundation Fund

Schedule of Government TransfersTransfers from federal, provincial and other local governments

Schedule of Consolidated Expenses by ObjectIncludes amortization expense for TCAs

Typical Supplementary Schedules

Notes contain important detail and explanations of the financial statement informationSome note disclosure required by legislation

Debt limitsSalary Disclosure

Notes to the Financial Statements

Notes to the financial statements disclose information about:

Accounting policiesCash and investmentsDeferred revenueEmployee benefit obligationsDebt and debt limitsTangible capital assetsAccumulated surplus

Typical Note Disclosure

Current Year Previous Year

Total Financial Assets $ (insert amount) $ (insert amount)

Total Liabilities $ (insert amount) $ (insert amount)

Long Term Debt $ (insert amount) $ (insert amount)

Net Financial Assets (Debt) $ (insert amount) $ (insert amount)

Non Financial Assets $ (insert amount) $ (insert amount)

Accumulated Surplus $ (insert amount) $ (insert amount)

Town of New Sampleford2009 Statement of Financial Position

Current Year Budgeted

Total Revenue $ (insert amount) $ (insert amount)

Total Expenses $ (insert amount) $ (insert amount)

Excess (Shortfall) of Revenue Over Expenses $ (insert amount) $ (insert amount)

Town of New Sampleford2009 Statement of Operations

Accumulated Surplus (beginning) $ (insert amount)Accumulated Surplus (ending) $ (insert amount)

Net Financial Assets (Debt) (beginning) $ (insert amount)Net Financial Assets (Debt) (ending) $ (insert amount)

Town of New Sampleford2009 Change in Net Financial Assets (Debt)

Current Year Budgeted

Acquisition of TCAs $ (insert amount) $ (insert amount)

Contributed TCAs $ (insert amount) $ (insert amount)

Increase (Decrease) in Net Debt $ (insert amount) $ (insert amount)

Current Year Budget

Cash provided by operating transactions $ (insert amount) $ (insert amount)

Cash applied to capital transactions $ (insert amount) $ (insert amount)

Cash provided by (applied to) investing $ (insert amount) $ (insert amount) transactions

Cash provided by (applied to) financing $ (insert amount) $ (insert amount) transactions

Town of New Sampleford2009 Statement of Cash Flows

Change in cash and equivalents, during the year $ (insert amount)Cash and cash equivalents, end of year $ (insert amount)

2009 2008

Cost of Tangible Capital Assets - opening $ (insert amount) $ (insert amount)

Additions & Reductions $ (insert amount) $ (insert amount)

Amortization & Adjustments $ (insert amount) $ (insert amount)

Net Book Value of Tangible Capital Assets $ (insert amount) $ (insert amount)

Town of New Sampleford2009 Schedule 1 - TCAs

(Insert Summary of Notes to Financial Statements)

(Add additional slides as necessary)

Town of New Sampleford2009 Notes to Financial Statements

Summary of Audit Report

(Insert summary/outcome of annual audit)

Questions and next steps