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.

AWARDS:

Canadian Award for Financial Reporting Program (CAnFR Program):

The Government Finance Officers Association (GFOA) established the Canadian Award for Excellence in Financial Reporting Program (CAnFR Program) in 1986 to encourage and assist Canadian local governments to go beyond the minimum requirements of generally accepted accounting principles, as set by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants, to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.

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.

Reports submitted to the CAnFR program are reviewed by selected members of the GFOA professional staff and a review committee, which comprises individuals with expertise in Canadian public-sector financial reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals.

With Vulcan County Council’s approval, along with the full support of CAO Nels Peterson, the Corporate Services Department submitted the 2016 Annual Financial Report to the GFOA for their consideration. We are pleased to announce that for the second year in a row, the Government Finance Officers Association of the United States and Canada awarded the Canadian Award for Financial Reporting to Vulcan County.

Distinguished Budget Presentation Award Program:

The Government Finance Officers Association (GFOA) established the Distinguished Budget Presentation Awards Program (Budget Awards Program) in 1984 to encourage and assist state and local governments to prepare budget documents of the very highest quality that reflect both the guidelines established by the National Advisory Council on State and Local Budgeting and the GFOA’s best practices on budgeting and then to recognize individual governments that succeed in achieving that goal.

Documents submitted to the Budget Awards Program are reviewed by selected members of the GFOA professional staff and by outside reviewers with experience in public-sector budgeting.

Each reviewer rates a given budget document as being either not proficient, proficient, or outstanding in regard to 27 specific criteria, grouped into four basic categories. The reviewer also provides an overall rating for each of the basic categories. To receive the award, a budget document must be rated either proficient or outstanding by at least two of the three reviewers for all four basic categories, as well as for 14 of the 27 specific criteria identified as mandatory.

With Vulcan County Council’s approval, along with the support of CAO Nels Petersen, the Corporate Services Department submitted the 2017 Annual Budget Report to the GFOA. We are extremely proud to announce that Vulcan County is one of eleven municipalities in Alberta to receive the Government Finance Officers Association’s “Distinguished Budget Presentation Award”.

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 1^st quarter reporting was completed (based on interim budget); whereas in prior years, the reporting was based on the final approved budgets.