R. M. of Sherwood Annual Budget
The Municipalities Act requires Rural Municipalities to prepare and adopt a budget on an annual basis.
The budget process has two components. One involves the routine maintenance and operations of the municipality (the operating budget) and the other deals with capital planning (the capital budget).
Development of a budget is beneficial because:
- A budget identifies priorities as determined by council;
- A budget is a tool to communicate those priorities to the public and to staff; and,
- A budget assists with determining whether existing financial resources are sufficient to meet municipal spending needs.
R. M. of Sherwood Annual Financial Statements
The financial statements reflect how well the municipality carried out its financial plan and covers the calendar year.
The R. M. of Sherwood’s financial statements, as per The Municipalities Act, are audited by a professionally certified, independent auditor each year. Municipal financial statement information provides audited information in a manner that is compliant with the rules set out by the Public Sector Accounting Board (PSAB).
Please click the links below to view the R. M. of Sherwood’s most recent audited financial statements.
R. M. of Sherwood Annual Financial Statement Synopsis
As per The Municipalities Act, a municipality shall publicize its financial statements, or a summary of them, and the auditor’s report of the financial statements, in the manner the council considers appropriate by September 1 of the year following the financial year for which the financial statements and report have been prepared.”
Council of the R.M. of Sherwood No. 159 approved a new policy at the August 8, 2018 Council Meeting, to publicize the Annual Financial Statement Synopsis for the previous fiscal year signed by the Auditor, Reeve, and Chief Administrative Officer on the municipal website by no later than September 1st each year.