Coquitlam Current

Jun 06, 2014 Return to Headlines

The Financial Cycle

by GS GS |

The City of Coquitlam, like other municipalities – and perhaps like you or your family – takes different steps throughout the year to plan and manage its budget. Unlike personal budgets, however, the City is subject to legislated processes and reporting rules to ensure the accuracy and transparency of our financial planning.

Each year in the late spring, we are required to publish an Annual Report for the previous year. This report contains important information related to City operations including a financial overview, highlights and accomplishments.

Importantly, the Annual Report also includes the Consolidated Financial Statements and Auditors’ Report, which verify whether the statements fairly present the financial position of the City and the results of its operations.

From a practical perspective, our Annual Report reflects upon the previous year and evaluates whether we successfully accomplished the goals and strategic direction set out in our integrated planning framework.  This process is comprised of three separate but complementary planning processes:

  • strategic planning - the highest level statement of the City’s aspirations for the future developed with a long timeframe in mind
  • business planning - translates the high level strategic goals into priorities and associated work items established annually by Council
  • financial planning - provides the resourcing strategy to support the strategic and business plans and includes both operating and capital components

How does this help Council, City staff and residents? It is a tool and guide that ensures the City’s activities and spending are in line with its strategic vision. The Annual Report tells us how we’re doing.

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