Financial Statements & Reporting

 

Financial Statements and Reporting

In an attempt to be as transparent to the public as possible, the Corporate Services department provides multiple reports to keep our ratepayers informed of where their tax dollars are being spent. This includes financial reports such as the County’s annual financial reports, the annual financial statements, and the operating and capital reports.

 

 

Annual Financial Reports:

The Annual Financial Report is a summary of the activities of the County, including details on the County, Elected Officials, Administration, Financial Position & Highlights, Financial Statements, and Statistics. Note that 2015 was the first year that the annual report was generated by Vulcan County, and was submitted to the Government Finance Officers Association for consideration of the Canadian Award for Financial Reporting.


Canadian Award for Financial Reporting:

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Canadian Award for Financial Reporting to Vulcan County for its annual financial report for the fiscal year ended December 31 2015. The Canadian Award for Financial Reporting program was established to encourage municipal governments throughout Canada to publish high quality financial reports and to provide peer recognition and technical guidance for officials preparing these reports.

In order to be awarded a Canadian Award for Financial Reporting, a government unit must publish an easily readable and efficiently organized annual financial report, whose contents conform to program standards. Such reports should go beyond the minimum requirements of generally accepted accounting principles and demonstrate an effort to clearly communicate the municipal government's financial picture, enhance an understanding of financial reporting by municipal governments, and address user needs.


Audited Financial Statements:

Over the last couple years, in accordance with the Municipal Government Act, Section 280, County Council has appointed BDO Canada Ltd. as our independent auditor to report on the annual financial statements of the County. The auditors’ responsibility is to express an opinion on whether or not the financial statements are presented fairly, in all material respects, in accordance with the Canadian Public Sector Accounting Standards.


Other Financial Reporting:

The Other Financial Reporting includes multiple operating and capital reports.  These are supplemental information to provide additional details on the finances of the County.  The Quarterly Operating Reports are to indicate the County’s revenues and expenditure in comparison to budget and forecast.  Note that 2016 is the first year that the 1st quarter reporting was completed (based on interim budget); whereas in prior years, the reporting was based on the final approved budgets.

Vulcan County

Vulcan County, conveniently located in beautiful sunny southern Alberta, is a vibrant and progressive rural community with prime farming, ranching, residential, leisure and recreation opportunities. Strategically situated one hour south of Calgary and one hour north of Lethbridge, we offer a rich quality of life in a rural setting.

General Contact Info

 Box 180, 102 Centre St. Vulcan, AB
 (403) 485-2241
 (403) 485-2920

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