City of Saskatoon releases 2021 Annual Report
The City of Saskatoon has released its 2021 Annual Report to the public having received the opinion of the external auditor. Per The Cities Act, the 2021 Audited Financial Statements and Reports were presented to City Council for information on Monday, August 29, 2022. The Annual Report containing the consolidated financial statements is the legally required public report of the City's finances.
“The 2021 Annual Report highlights the City’s progress on major projects and initiatives by business line, 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 2021,” says Clae Hack, Chief Financial Officer.
“Against the ongoing challenges and the uncertainty of COVID-19 in 2021, we continued to find creative ways to be resilient and responsive in the delivery of our key civic services to the community,” says Hack. “We remain committed to ensuring residents receive value from the services and programs provided by local government, and from the investments made through their tax dollars.”
Financial highlights from 2021 show the City had:
- consolidated operating revenues of $1.08 billion and operating expenses of $892.3 million resulting in a net surplus of $186.7 million
- a strengthened accumulated surplus from $4.6 billion to $4.8 billion, an increase of 4.0% over 2020’s figures
- a 2.95% increase in overall Reserves from $208.7 million to $270.4 million
- a year-end deficit for tax-based operations before the transfer from the fiscal stabilization Reserve of $1.1 million, the same operating deficit that was reported to City Council at its meeting on April 25, 2022
Award-Winning Financial Reporting
For the 14th consecutive year, the City of Saskatoon received the Government Finance Officers Association (GFOA) Canadian Award for Financial Reporting (2020). The 2021 Annual Report will be submitted to the GFOA for consideration for this year's award.
The City also had its S & P Global ‘AAA/ Stable’ credit rating reconfirmed for 2021 (and again in January for 2022 ), supported by the City’s cautious financial decision-making and willingness to explore innovative and alternative ways to fund, finance, deliver and make progress on important infrastructure projects.
Intending to be one of the best-managed cities in Canada, the 2021 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 2021 Annual Report. Citizens may request an individually printed copy by emailing finance@saskatoon.ca.