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RFD- 3311 Administrative Updates   Item #   8. a.    
Regular Council Meeting Agenda
Meeting Date: 05/14/2018  
Title:    2018 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

Information
Request for Decision Summary
To publish quarterly financial information to allow the routine monitoring of financial activities.

Proposed Motion
That the 2018 first quarter financial statements be received as information.

Background/Analysis
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 March 31, 2018, as well as the results of its financial operations, changes in net financial assets, and changes in cash flows for the three months ended March 31, 2018.

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 making the year-to-date budgets as accurate as the annual budget.

Year-to-date operations are generally within budget:
  • The City's net debt position increased compared to December, primarily because property tax revenue is not recorded until after the bylaw is passed.
  • Operating revenues are under budget, mostly due to the annual budget for water sales being allocated evenly throughout the year when actual water sales are highest in the summer months.
  • Expenses are very close to budget, and are higher than the same period last year as a result of increases to the TLC contribution and various contracted services.
  • Capital grant revenue is higher than budget due to a timing difference between budgeted and actual payments made for the new fire truck.
Options/Alternatives
N/A
Consultation/Engagement
N/A
Implementation/Communication
The interim financial statements have been posted on the City website and a copy has been distributed to the City's management team.
Impacts
N/A
Attachments
2018 First Quarter Financial Statements

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.

All attachments are in PDF format, and require the Adobe Acrobat Reader plug-in for viewing.

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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