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 COU...
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