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RFD- 3327 Administrative Updates   Item #   8. a.    
Regular Council Meeting Agenda
Meeting Date: 05/28/2018  
Title:    Introduction of Online Financial Reporting - 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
Open Books is an online reporting tool designed to make the City's financial reporting more accessible to the public. Open Books will provide users with a graphical representation of the City's quarterly and year-end financial statements. It will allow users to explore the City's financial information in a variety of ways, and provides the ability to save or share graphs and charts for information that is of particular interest to each user. 

Proposed Motion
That the introduction of Open Books be received as information. 

Administration provides Council with quarterly financial statements, but understands these are technical documents which are not likely to be read by the general public. Open Books allows the City to demonstrate its accountability over public funds through an interactive and easy to use online tool. 

Open Books allows users to view the revenue and expenses found in the City's financial statements through graphs and charts. Users can choose to view information by surplus (funding source), by department, or by type of revenue/expense. In most instances, Open Books will provide the same level of detail as the financial statements and where practical an additional level of detail has been provided. 

Users can view the actual results provided in a graph by either hovering over a  specific section or by viewing the table below each graph, and can access the next level of detail by simply clicking on a section of the graph.

Open Books provides two reports:
1. Current Year Results - Monthly captures the City's revenues and expenses for each month, and compares spending to the budget for that particular month. 
2. Historical Results - Annual provides total revenue and expenses for a particular year, and will help users identify trends over time.

Popular reports have been provided to users through saved views, allowing easy access to this information. 

Information will be updated every three months when quarterly financial statements are provided by Council. 

Open Books will be available to the public as of May 29, 2018 at

The Summer 2018 edition of CityPulse provides residents with an introduction to Open Books.
No file(s) attached.

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