municipal financial reporting
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Municipal Financial Reporting. Town of New Sampleford 2009 Annual Results. Municipal financial statements Demonstrate accountability and transparency to citizens Fulfill legislated requirements Aid in effective long-term planning Provide a snapshot in time. - PowerPoint PPT PresentationTRANSCRIPT
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Municipal Financial Reporting
Town of New Sampleford2009 Annual Results
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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?
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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
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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?
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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
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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
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Notes contain important detail and explanations of the financial statement informationSome note disclosure required by legislation
Debt limitsSalary Disclosure
Notes to the Financial Statements
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Notes to the financial statements disclose information about:
Accounting policiesCash and investmentsDeferred revenueEmployee benefit obligationsDebt and debt limitsTangible capital assetsAccumulated surplus
Typical Note Disclosure
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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
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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)
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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)
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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)
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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
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(Insert Summary of Notes to Financial Statements)
(Add additional slides as necessary)
Town of New Sampleford2009 Notes to Financial Statements
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Summary of Audit Report
(Insert summary/outcome of annual audit)
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Questions and next steps