Consolidated Statement of Financial Activities

The statement of financial activities below provides a comparison of the City’s financial performance over the last four years

The method of preparation of the Consolidated Statement of Financial Activities is in accordance with Canadian Public Sector Accounting Standards, and thus requires a number of adjustments such as the elimination of certain accounts (i e transfers to/from reserves) upon consolidation and the recognition of the DCCs utilized in the Capital Plan Given these reporting differences, the budgeted amounts appear to result in a surplus, however in reality this is not the case as the City’s annual budget is in fact balanced

For the past few years, the actual surplus has exceeded the budgeted surplus, mainly due to the Municipal Land Sales and Developer Contributions As this revenue is unpredictable and can vary significantly from year to year, a conservative amount has been budgeted

1Fees, rates and service charges include receipts such as Density Bonus and Community Amenity Contributions where the funds are transferred to a reserve for future use. (For more information on the City Reserves, please refer to Chapter 7)

2Developer contributed assets are Capital Assets that were built by developers at no cost to the City. These assets are now owned and maintained by the City. The City started to record these assets in 2008 in order to conform with PSAB 3150 and PSAB 1200.

3 Other contributions relate to cash contributions for community amenities.

*Unaudited