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Demonstrating accountability and transparency to citizens, the Town of New Sampleford's 2009 annual financial statements fulfill legislated requirements and aid in effective long-term planning. The statements reflect changes in accounting standards for local governments, including the recording of tangible capital assets and a shift to a net financial assets (debt) model. Key financial statements include the Statement of Financial Position, Statement of Operations, Statement of Change in Net Financial Assets (Debt), and Statement of Cash Flow. Supplementary schedules provide additional information, including the Schedule of Tangible Capital Assets, Schedule of Property and Other Taxes, Schedule of Government Transfers, and Schedule of Consolidated Expenses by Object. The annual statements also include important note disclosures about accounting policies, cash and investments, deferred revenue, employee benefit obligations, debt limits, and tangible capital assets.
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Municipal Financial Reporting Town of New Sampleford 2009 Annual Results
Municipal financial statements Demonstrate accountability and transparency to citizens Fulfill legislated requirements Aid in effective long-term planning Provide a snapshot in time Why are the financialstatements important?
What has changed? New accounting standards for local governments take effect Required for 2009 reporting Consistent across Canada Tangible capital assets to be recorded Statements now based on the net financial assets (debt) model
What are the key financial statements? • Statement of Financial Position • Reports on assets, liabilities, accumulated surplus • Statement of Operations • Reports on revenues, expenses, results • Statement of Change in Net Financial Assets (Debt) • Reports on surplus (deficit), tangible capital asset acquisitions • Statement of Cash Flow • Identifies cash sources and use
Components of the annual statements that provide additional information Included to assist the reader of the statements to understand the financial condition of the municipality Can vary in detail and form Should be consistent with individual municipality’s reporting format and content Supplementary Schedules
Schedule of Tangible Capital Assets Compares net book value of TCAs to previous year Schedule of Property and Other Taxes Reports on taxation, Alberta School Foundation Fund Schedule of Government Transfers Transfers from federal, provincial and other local governments Schedule of Consolidated Expenses by Object Includes amortization expense for TCAs Typical Supplementary Schedules
Notes contain important detail and explanations of the financial statement information Some note disclosure required by legislation Debt limits Salary Disclosure Notes to the Financial Statements
Notes to the financial statements disclose information about: Accounting policies Cash and investments Deferred revenue Employee benefit obligations Debt and debt limits Tangible capital assets Accumulated surplus Typical Note Disclosure
Current YearPrevious Year Total Financial Assets $ (insert amount) $ (insert amount) Total Liabilities $ (insert amount) $ (insert amount) Long Term Debt $ (insert amount) $ (insert amount) Net Financial Assets (Debt) $ (insert amount) $ (insert amount) Non Financial Assets $ (insert amount) $ (insert amount) Accumulated Surplus $ (insert amount) $ (insert amount) Town of New Sampleford 2009 Statement of Financial Position
Current YearBudgeted Total Revenue $ (insert amount) $ (insert amount) Total Expenses $ (insert amount) $ (insert amount) Excess (Shortfall) of Revenue Over Expenses $ (insert amount) $ (insert amount) Town of New Sampleford 2009 Statement of Operations • Accumulated Surplus (beginning) $ (insert amount) • Accumulated Surplus (ending) $ (insert amount)
Net Financial Assets (Debt) (beginning) $ (insert amount) Net Financial Assets (Debt) (ending) $ (insert amount) Town of New Sampleford 2009 Change in Net Financial Assets (Debt) • Current YearBudgeted • Acquisition of TCAs $ (insert amount) $ (insert amount) • Contributed TCAs $ (insert amount) $ (insert amount) • Increase (Decrease) in Net Debt $ (insert amount) $ (insert amount)
Current YearBudget Cash provided by operating transactions $ (insert amount) $ (insert amount) Cash applied to capital transactions $ (insert amount) $ (insert amount) Cash provided by (applied to) investing $ (insert amount) $ (insert amount) transactions Cash provided by (applied to) financing $ (insert amount) $ (insert amount) transactions Town of New Sampleford 2009 Statement of Cash Flows • Change in cash and equivalents, during the year $ (insert amount) • Cash and cash equivalents, end of year $ (insert amount)
20092008 Cost of Tangible Capital Assets - opening $ (insert amount) $ (insert amount) Additions & Reductions $ (insert amount) $ (insert amount) Amortization & Adjustments $ (insert amount) $ (insert amount) Net Book Value of Tangible Capital Assets $ (insert amount) $ (insert amount) Town of New Sampleford 2009 Schedule 1 - TCAs
(Insert Summary of Notes to Financial Statements) (Add additional slides as necessary) Town of New Sampleford 2009 Notes to Financial Statements
Summary of Audit Report (Insert summary/outcome of annual audit)
