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RFD- 3155 Administrative Updates   Item #   8. a.    
Regular Council Meeting Agenda
Meeting Date: 11/27/2017  
Title:    2017 Third Quarter Financial Statements - Goodwin
Department: Corporate Services  
Strategic Vision Element: This topic relates to all three of the City’s strategic vision elements contained in Council’s Strategic Plan Related Goal: n/a

Request for Decision Summary
To publish quarterly financial information, allowing for the routine monitoring of financial activities.

Proposed Motion
That the 2017 third quarter financial statements be received as information.

The financial statements have been prepared and presented by Administration, which is responsible for their accuracy, objectivity, and completeness.  Administration is available to provide Council with an overview and answer any questions about the financial statements.

Interim financial statements are consistent with annual statements except that they are condensed, unconsolidated, and unaudited.
  • Condensed financial statements do not include the complete note disclosure, but refer readers to the annual financial statements.
  • Unconsolidated financial statements do not include the financial results of the TransAlta Tri Leisure Centre or the Library.
  • Interim financial statements are not normally audited.
The financial statements represent the financial position of the City at September 30, 2017, as well as the results of its financial operations, changes in net financial assets, and changes in cash flows for the nine months ended September 30, 2017.

Quarterly financial statements include year-to-date budgets, which are helpful in comparing planned and actual results during the fiscal year.  Some budget variances are due to timing differences in the year-to-date budget.  Administration continues to work on improving the accuracy of monthly allocations for the year-to-date budgets.

Year-to-date operations are generally within budget:
  • The City is in a net financial asset position at September 30, 2017 but is expected to be in a net debt position at year-end due to completion of capital projects.
  • Operating revenues are slightly under budget, as photo enforcement revenue came in lower than anticipated.  These revenues are unpredictable in nature, as they are dependent on the number of infractions. 
  • Contracted services expense is also under budget for the period due to lower than expected photo enforcement and waste collection costs. Waste collection expenses are expected to be close to budget by year-end.
  • Opening deferred developer contributions for the Water Reservoir project were missed when setting the budget for 2017, resulting in developer contribution revenues in excess of budget for the first 9 months of the year. 
The interim financial statements have been posted on the City website and a copy has been distributed to the City's management team.
2017 Third Quarter Financial Statements

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