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The Municipal Money Mystery: Fiscal Accountability in Canada's Cities, 2023

Commentary - C.D. Howe Institute, 2024-04 (657), p.0_1-30

Copyright C.D. Howe Institute Apr 2024 ;ISSN: 0824-8001 ;EISSN: 1703-0765

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  • Title:
    The Municipal Money Mystery: Fiscal Accountability in Canada's Cities, 2023
  • Author: Robson, William B R ; Dahir, Nicholas
  • Subjects: Accountability ; Accounting ; Annual reports ; Audited financial statements ; Budgets ; Charitable foundations ; Cities ; Fiscal years ; Government ; Infrastructure ; Legislators ; Municipalities ; Public sector ; Taxes ; Transparency
  • Is Part Of: Commentary - C.D. Howe Institute, 2024-04 (657), p.0_1-30
  • Description: Daniel Schwanen Vice President, Research The Municipal Money Mystery: Fiscal Accountability in Canada's Cities, 2023 by William B.P. Robson and Nicholas Dahir * The budgets municipal governments present around the beginning of their fiscal years, and the audited financial statements they publish after year-end, arc crucial for decision-making and accountability A review of the budgets and audited financial statements of 32 major Canadian municipalities reveals a troublingly mixed picture. * The fiscal accountability grades in our 2023 report card ranged from A to F. Quebec City and Richmond earned As for the clarity, completeness and timeliness of their presentations. [...]many municipal budgets provided no PSAS-consistent numbers and presented fragmented information, separating operating and cash-based capital budgets, and tax- and rate-supported activities. * Too many budgets were late, with councillors approving operating and capital budgets after the start of the fiscal year, when money was already committed or spent. * Confusing and late budgets discourage engagement and informed input. Municipalities should use the same PSAS-consistent presentations in their budgets that they do in their financial statements, using accrual accounting for capital and showing their full activities and claims on citizens'resources. The timeliness of the issuance of audited financial statements also matters, partly because councillors can address any problems the statements reveal before they become "old news", and partly because speed in collecting and validating information helps provide estimates for the year about to end, and hence a more solid baseline for the upcoming year's budget.
  • Publisher: C.D. Howe Institute
  • Language: English
  • Identifier: ISSN: 0824-8001
    EISSN: 1703-0765
  • Source: ProQuest Central
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