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RFD- 2999 Business Items   Item #:   4. b.    
Committee of the Whole Meeting Agenda
Meeting Date: 05/15/2017  
Title:    2017 First 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 to allow the routine monitoring of financial activities.

Proposed Motion
That the 2017 first 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 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 of the City of Spruce Grove Library.
  • Interim financial statements are not normally audited.
The financial statements represent the financial position of the City as at March 31, 2017, as well as the results of its operations, changes in net financial assets and changes in cash flows for the three months ended March 31, 2017.

The highlights of the first quarter financial statements are:
  • Year-to-date results are very close to budget.
  • Cash and investments total $28 million.
  • Long-term debt increased $1 million from year-end.
  • Net debt increased $13 million from year-end to $22 million at March 31st.

The interim financial statements have been posted on the City's website and a copy will be distributed to the City's management team.

Unconsolidated Financial Statement

City Council and Committee of the Whole agendas and minutes are posted on the City of Spruce Grove website for information purposes only. These agendas may be changed at the discretion of Council by the addition or deletion of items. Anyone reviewing the draft agenda should do so on the understanding that it is subject to change by Council.

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Audio from the most recent City Council and Committee of the Whole meetings are available via podcast on the City of Spruce Grove website.

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