City of Saskatoon 2023 Annual Report now available online
The City of Saskatoon has released its 2023 Annual Report to the public having received the opinion of the external auditor. Per The Cities Act, the 2023 Audited Financial Statements and Financial Reports were presented to City Council for information on Wednesday, August 28, 2024. The Annual Report contains the year-end consolidated financial statements and is the legally required public report on the City's finances.
“The 2023 Annual Report highlights the City’s progress on major projects and initiatives across our 13 Business Lines, our achievements and ongoing priorities as set out in the Multi-Year Business Plan and Budget, and the City's financial position at the end of 2023,” says Clae Hack, Chief Financial Officer.
Financial highlights from 2023 show the City had:
- consolidated operating revenues of $1.13 billion and operating expenses of $988.6 million resulting in a net surplus of $146.1 million.
- a strengthened accumulated surplus from $5.0 billion to $5.2 billion, an increase of 2.9% over 2022’s figures.
- an 8.2% increase in overall Reserves from $278.2 million to $301.1 million.
- a year-end surplus for tax-based operations before the transfer to the Fiscal Stabilization Reserve of $4.2 million, the same operating surplus that was reported to City Council at its meeting on March 27, 2024.
Award-winning financial reporting and top tier credit status
For the 16th consecutive year, the City of Saskatoon received the Government Finance Officers Association (GFOA) Canadian Award for Financial Reporting for its 2022 Annual Report. The 2023 Annual Report will again be submitted to the GFOA for consideration for this year's award.
In 2024, S&P Global Ratings (S&P) reaffirmed the City of Saskatoon’s credit rating with the highest rating possible, a ‘AAA’ credit rating with a “Stable” outlook. The City has maintained the ‘AAA’/Stable credit rating for 22 years since S&P first began affirming the City’s credit rating in 2002.
The City of Saskatoon is committed to delivering strong financial performance, keeping our debt load manageable, full transparency, and accountability in delivering core civic services and amenities for all residents who call Saskatoon home.
The 2023 Annual Report reflects the City’s ongoing dedication to continuous improvement, accountability to the public we serve, transparency and clarity in financial reporting.
Visit saskatoon.ca/finance to view the 2023 Annual Report.