What are Financial Statements?
Financial statements give a clear picture of Cardston County’s financial health. They outline the County’s assets and liabilities, net debt, accumulated surplus (or deficit), and tangible capital assets.
These statements also summarize:
- How the County’s financial resources were obtained, allocated, and spent.
- How the County’s activities impacted its financial position.
- How municipal operations were funded.
- How cash needs were managed throughout the year.
Preparation and Oversight
Cardston County’s consolidated financial statements are prepared annually by the County’s appointed auditing firm, KPMG International, in accordance with Canadian Public Sector Accounting Standards.
These consolidated financial statements reflect the County’s:
✔️ Assets and liabilities
✔️ Revenues and expenses
✔️ Changes in net financial assets (net debt)
Current Audited Financials
📄 2024 Cardston County Audited Financial Statements
Understanding the Financial Statements
Here’s a quick guide to the key sections you’ll find in the audited financial statements:
Statement of Financial Position
This statement reports on the County’s assets, liabilities, and accumulated surplus. It’s important to view this information with a long-term perspective, not just as a snapshot of cash in the bank.
Statement of Operations
This statement details the County’s revenues, expenses, and overall financial results for the year. It highlights the key transactions that changed the accumulated surplus from the start to the end of the year.
Statement of Change in Net Financial Assets (Debt)
This section explains the difference between the annual surplus (or deficit) and the actual change in net financial assets (debt). It also tracks how much the County invested in tangible capital assets and essential inventory, like supplies and equipment.
Statement of Cash Flow
This statement shows how much cash the County brought in, spent, and how its cash position changed compared to the previous year.