City considering three, not four, financial reports annually
City Hall may begin releasing its quarterly financial reports three times each year.
Finance department officials told the council’s audit committee last Monday that considering the general lack of information at the March 31 reporting period, and the considerable resources used to produce it, a six-month update would suffice this year.
The third-quarter and yearend would be released as usual this year, but in 2018 updates would be rolled out in fourmonth blocks.
“The first part of the year is mostly quiet and most of the budget’s capital spending is aligned with the (summer) construction season,” said corporate services commissioner Brian Mastel.
Most invoices don’t arrive until the fall, the city’s tax revenue is collected in late June, and forecasts for power sales in most affected in the summer months.
Committee member, Coun. Jamie McIntosh, said the late winter update it typically a cursory look at the year ahead.
“The numbers are so vastly underspent that they don’t paint much of a picture,” he said.
Committee Chair Coun. Bill Cocks also wondered about its value considering that fiscal managers are updated monthly.
If approved by council, the department would skip the first-quarter report this year as it is currently working to finalize a software upgrades for the entire corporation.
A six-month report would detail results and forecasts at June 30 (comprising six months), then quarterly reports would follow after Sept. 31, and Dec. 31.
Next year, cutoffs would be at the ends of April, August and December.
The 2016 whole-year financials, for the year ending Dec. 31, will be presented at council’s upcoming meeting on April 17.
A schedule of reporting dates in other municipalities show that Calgary, Edmonton, Lethbridge and Red Deer provide their first update in late May or June.
“The first part of the year is mostly quiet and most of the budget’s capital spending is aligned with the (summer) construction season.” – Brian Mastel,corporate
services commissioner