The City's financial statements provide audited information in a manner that is compliant with the rules and standards set out by the Public Sector Accounting Board (PSAB).  These are generally accepted accounting principles for public sector bodies, as recommended by the Canadian Institute of Chartered Accountants.

The financial statement reflects how well the City has carried out its financial plan over the calendar year - January 1 to December 31.  The statement must be audited by a professional auditor.