Local government financial reporting
The purpose of financial reporting is to ensure the transparency and accountability of the local government system. Local governments are ultimately accountable to their citizens for how they choose to raise and spend funds.
Financial budgeting is a planning tool that enhances local government accountability and service delivery, and sets out their legal expenditure authority. Legislation establishes requirements and deadlines for adoption of financial plans, and a local government may amend its plan during the year for unexpected expenditures.
Financial statements and annual reports
Annual municipal reports
Municipalities are required to produce an annual report which states their goals and objectives for the coming year and demonstrates what progress has been made toward the preceding year's goals and objectives.
The report must be presented at a public meeting before June 29 each year and made available for public inspection at least 14 days prior to that meeting.
Audited financial statements
Audited financial statements provide a consolidated and independently verified overview of a local government's a financial activities over the course of the previous fiscal year and its financial position at the end of that year. This provides enhanced transparency and public accountability of local government financial affairs.
Financial reporting forms
Local governments are required to submit an annual Local Government Data Entry (LGDE) form, which presents a standardized account of assets, liabilities, revenue, expenditures, and other financial indicators to the Ministry of Municipal Affairs and Housing. This information is used to produce the local government financial data, which is made publicly available.
Statement of financial information
All local governments must prepare an annual statement of financial information in accordance with the Financial Information Act. The statement of financial information must be made available for public viewing by June 30 each year and be accessible for the following three years.