TAMRMS#: B06
7.4
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Extension - Financial Statement Reporting Deadline
Presented by: Brenda Barclay, Manager of Financial Operations, Finance and Strategic Services
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RECOMMENDED MOTION(S)
recommendation
That the CAO be authorized to submit a request to Municipal Affairs for an extension to the May 1, 2024 deadline for the submission of the City’s 2023 financial statements and Municipal Financial Information Return.
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PURPOSE OF REPORT
The purpose of this agenda report is to provide background information related to the City of St. Albert’s application to the Minister of Municipal Affairs for an extension to submit the City’s 2023 financial statements and municipal financial information return.
BACKGROUND AND DISCUSSION
The City is required to prepare and submit annual financial statements and a municipal financial information return by May 1 every year for the preceding calendar year, in accordance with sections 276 and 277 of the Municipal Government Act.
The current audit for 2023 will require more time to complete than anticipated. Given this, Administration is in the process of applying to the province for an extension to the May 1 deadline. The deadline extension application process requires a copy of a Council resolution requesting the extension to be submitted.
As a result, Administration is recommending that Council pass the resolution recommended above in order to enable completion of the deadline extension application to the province.
STAKEHOLDER COMMUNICATIONS OR ENGAGEMENT
None at this time.
IMPACTS OF RECOMMENDATION(S)
Financial:
None at this time
Compliance & Legal:
To obtain an extension from Municipal Affairs a resolution approved by the Council requesting the extension is required.
Program or Service:
None at this time
Organizational:
None at this time
Risks
If the recommended resolution is not passed, the City will be unable to obtain an extension from Municipal Affairs.
ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
N/A
ALIGNMENT TO LEVELS OF SERVICE DELIVERY
Public Communication and Corporate Reporting to Community:
The annual report provides progress updates on Council’s Strategic Plan, financials and key performance indicators to support transparency to the community through regular reporting of the City's achievements. The report is prepared annually to provide update on progress toward achieving established goals and to report on City’s financial position, in accordance with the below service level:
Community, Business, and Financial Reporting
H.1.2a City's Annual Report: Audited Financial Statements are provided annual by an external auditor. The City's Annual Report is published in June each year.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
As per section 276 of the MGA, a municipality must prepare annual financial statements for the immediately preceding year. Once approved the municipality must make its financial statements and the auditors report available to the public by May 1 of the current year.
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Report Date: April 2, 2024
Author(s): Brenda Barclay
Department: Financial and Strategic Services
Department Director: Anne Victoor
Managing Director: Diane McMordie
Chief Administrative Officer: Bill Fletcher