Skip to content

Financial statements

According to the Local Government Act, a municipality’s financial statements shall comprise a balance sheet, income statement and cash flow statement, with appended notes, and a budget review and report on operations. The municipality’s report on operations must give an account of the extent to which the operating and financial targets set by the local council have been achieved in the municipality and the local authority corporation. The report on operations must also provide information on any important matters connected with the finances of the municipality and the local authority corporation that are not evident from their balance sheets, income statements or cash flow statements. Such matters include at least an assessment of the likely future outlook and information on the arrangements for internal control and risk management, and the main conclusions. The municipality’s accounting period is a calendar year. The financial statements for each accounting period must be prepared by the end of March. The City Council will review the financial statements in June at the latest.