The Town of Okotoks Annual Report provides an overview of the Town’s financial position and financial activities for 2019 as well as highlighting many accomplishments from the strategic priorities established through the 2018-2021 Strategic Plan.
This is the first time the Town has modeled the report based on the Canadian Award for Financial Reporting Program (CANFR) offered through the Government Finance Officers Association (GFOA). Because of these new reporting standards, the 2019 Annual Report will include the complete audited financial statements rather than being published separately.The digital copy will be the main resource for the community, with a limited amount of printed copies available at the Municipal Centre and Okotoks Library by Thursday, September 17.
The Town of Okotoks’ annual financial report for the year ended December 31, 2019 was awarded the Canadian Award for Financial Reporting by Government Finance Officers Association of the United States and Canada (GFOA). The Canadian Award for Financial Reporting program was established to encourage municipal governments throughout Canada to publish high quality financial reports and to provide peer recognition and technical guidance for officials preparing these reports.
In order to be awarded a Canadian Award for Financial Reporting, a government unit must publish an easily readable and efficiently organized annual financial report, whose contents conform to program standards. Such reports should go beyond the minimum requirements of generally accepted accounting principles and demonstrate an effort to clearly communicate the municipal government’s financial picture, enhance an understanding of financial reporting by municipal governments, and address user needs.
A Canadian Award for Financial Reporting is valid for a period of one year only. We believe our 2020 reporting continues to conform to the Canadian Award for Financial Reporting program requirements, and we will be submitting it to GFOA to determine its eligibility for another award.