The County of Newell prepares various financial reports on an annual basis. In the following section annual reports, financial statements, and budgets are available for reference and explanation of the County’s annual financial ventures.
The Annual Financial Report seeks to expand on and explain information in the financial statements by illustrating and discussing a number of financial indicators. The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Canadian Award for Financial Reporting to the County of Newell for each of its Annual Financial Reports from 2011 to 2020.
The County of Newell prepares its consolidated financial statements in compliance with Canadian Public Sector Accounting Standards. The consolidated financial statements provide a snapshot of the County’s financial position at its fiscal year end (December 31) and the results of its operations, and changes in both cash flow and net assets for the preceding year.
Under the Municipal GovernmentFinancial Statements
The County of Newell budget document presents the annual spending and funding plan for County government. It also provides a means to communicate to taxpayers what they will receive for their investment in County government. An interim budget is typically approved by council in December, with the final budget typically being approved in early April. Under the Municipal Government Act the County is required to have a balanced budget. Expenditures may not exceed the total of revenues, transfers from surplus and proceeds from debt.