Financial Statements

Financial Statements

The City of Thorold's consolidated financial statements reflect the City's balances of assets and liabilities at the end of the fiscal year and the net revenues and expenses for the fiscal year. The consolidated financial statements include; the operations of the City, the City's various committees, the Thorold Public Library and the Thorold BIA.

The preparation of annual financial statements is required by the Municipal Act, 2001, Section 294.1 which states:
“A municipality shall, for each fiscal year, prepare annual financial statements for the municipality in accordance with generally accepted accounting principles for local governments as recommended, from time to time, by the Public Sector Accounting Board of the Chartered Professional Accounts of Canada.”