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RFD- 3067 Administrative Updates   Item #   8. a.    
Regular Council Meeting Agenda
Meeting Date: 09/11/2017  
Title:    2017 Second 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 second 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 June 30, 2017, as well as the results of its financial operations, changes in net financial assets, and changes in cash flows for the six months ended June 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 making the accuracy of the year-to-date budgets as good as the annual budget.

Year-to-date operations are generally within budget:
  • The City moved from a net debt to a net financial asset position at the end of June, primarily the result of property taxes received / receivable.
  • 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.
  • 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 6 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.
June 30, 2017 Financial Statements

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