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Town of New Sampleford 2009 Annual Results. Municipal financial statements Demonstrate accountability and transparency to citizens Fulfill legislated.

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Presentation on theme: "Town of New Sampleford 2009 Annual Results. Municipal financial statements Demonstrate accountability and transparency to citizens Fulfill legislated."— Presentation transcript:

1 Town of New Sampleford 2009 Annual Results

2 Municipal financial statements Demonstrate accountability and transparency to citizens Fulfill legislated requirements Aid in effective long-term planning Provide a snapshot in time Why are the financial statements important?

3 What has changed? New accounting standards for local governments take effect Required for 2009 reporting Consistent across Canada Tangible capital assets to be recorded Statements now based on the net financial assets (debt) model

4 Statement of Financial Position Reports on assets, liabilities, accumulated surplus Statement of Operations Reports on revenues, expenses, results Statement of Change in Net Financial Assets (Debt) Reports on surplus (deficit), tangible capital asset acquisitions Statement of Cash Flow Identifies cash sources and use What are the key financial statements?

5 Components of the annual statements that provide additional information Included to assist the reader of the statements to understand the financial condition of the municipality Can vary in detail and form Should be consistent with individual municipality’s reporting format and content Supplementary Schedules

6 Schedule of Tangible Capital Assets Compares net book value of TCAs to previous year Schedule of Property and Other Taxes Reports on taxation, Alberta School Foundation Fund Schedule of Government Transfers Transfers from federal, provincial and other local governments Schedule of Consolidated Expenses by Object Includes amortization expense for TCAs Typical Supplementary Schedules

7 Notes contain important detail and explanations of the financial statement information Some note disclosure required by legislation Debt limits Salary Disclosure Notes to the Financial Statements

8 Notes to the financial statements disclose information about: Accounting policies Cash and investments Deferred revenue Employee benefit obligations Debt and debt limits Tangible capital assets Accumulated surplus Typical Note Disclosure

9 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 Sampleford 2009 Statement of Financial Position

10 Current YearBudgeted 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 Sampleford 2009 Statement of Operations Accumulated Surplus (beginning) $ (insert amount) Accumulated Surplus (ending)$ (insert amount)

11 Net Financial Assets (Debt) (beginning)$ (insert amount) Net Financial Assets (Debt) (ending)$ (insert amount) Town of New Sampleford 2009 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)

12 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 Sampleford 2009 Statement of Cash Flows Change in cash and equivalents, during the year$ (insert amount) Cash and cash equivalents, end of year$ (insert amount)

13 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 Sampleford 2009 Schedule 1 - TCAs

14 (Insert Summary of Notes to Financial Statements) (Add additional slides as necessary) Town of New Sampleford 2009 Notes to Financial Statements

15 (Insert summary/outcome of annual audit)

16 Questions and next steps


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