Financial Statements
Municipal financial statement information provides audited
information in a manner that is compliant with the rules set out by the
Public Sector Accounting Board (PSAB). The financial statement reflects how well the municipality carried out its financial plan and covers the calendar year.
Financial statements are to be audited by a professional auditor.
This is a person in good standing of a recognized accounting profession
under The Accounting Profession Act, 2014. The Municipalities Act requires
each municipality to submit a copy of its annual audited financial
statement and auditors report to Government Relations. The Village is required to submit this information by July 1 of each year.
The financial information
in the reports below detail municipal assets, liabilities, revenues and
expenditures, and is to be made available to the public. Once the final statements are received by the Auditor, they are taken to the next scheduled Council meeting to accept and sign. When this is completed they are posted to the public.
Waterworks Financial Information
Section 55 of The Municipalities Act requires the Village to submit its Public Reporting on Municipal Waterworks to the ministry.
The Village's municipal waterworks is owned and operated by the Village. Waterworks are infrastructure used to supply, collect, treat, store, or distribute water intended or used for human consumptive use or hygienic use, whether any other use is or has been made of that water.
Items that are part of the expenses include:
Amortization of assets related to the municipal waterworks.
Interest on any debt associated with the municipal waterworks.
Regular expenses such as wages and supplies associated with the municipal waterworks
Items that are not part of expenses include:
2023 Public Reporting on Municipal
Waterworks:
Total waterworks revenues (R) - $416,156
Total waterworks expenses (E) -
$501,204
Comparison of waterworks revenues to
expenditures plus debt payments, expressed as ratio:
R = ($416,156) =
E = ($501,204)
For 2023, waterworks revenues covered
0.83 % of the waterworks expenditures (not including debt payments) - in 2022 – waterworks revenues covered 0.67% of the waterworks expenditures.
Note that the following information
required pursuant to section 54 of The Municipalities Regulations is
available for inspection at the municipal office during regular office hours:
