City of Saskatoon 2020 Annual Report and Financial Statement Report now online

The City’s 2020 Annual Report which includes the Audited Consolidated Financial Statements is now available online at: saskatoon.ca/annualreport. New this year is a condensed 2020 Financial Statement Report prepared to underscore the City’s goal to make financial records easier to access and review.   

Having received the opinion of external auditor, Deloitte LLP, Chartered Professional Accountants, the 2020 Annual Report reflects the City’s ongoing commitment to continuous improvement, accountability, transparency and clarity in financial reporting.  

“In an unprecedented year, the City continued to make responsible financial decisions to reduce our overall spending approach and make up shortfalls by using the Fiscal Stabilization Reserve,” says Kerry Tarasoff, Chief Financial Officer. “Our work with other orders of government on solutions and financial assistance greatly helped address funding needs to minimize our operating revenue challenges and deficit.

“The 2020 Annual Report highlights the progress we made on our investment activities, projects, and service delivery, and details what we planned and accomplished as set out in our Multi-Year Business Plan and Budget, adds Tarasoff. Our prudent financial planning and decision-making in 2020 helped to keep us financially responsible even in these uncertain times.”

The City continued to maintain its S & P Global ‘AAA/ Stable’ credit rating in 2020, supported by the City’s cautious financial decision-making and willingness to explore innovative and alternative ways to fund, finance, deliver and make progress on important infrastructure projects.

Included within the full 2020 Annual Report is a summary of achievements and highlights of several major projects and initiatives according to business line.  

“Throughout a very challenging year, we committed to careful and stringent financial management to plan for financial recovery and to build a vibrant future for the people of Saskatoon,” says Jeff Jorgenson, City Manager. “With our strong financial management practices and the hard work of every part of our organization pulling together, the City was able to balance the budget while protecting our strategic priorities, our critical assets, and our commitments to Saskatoon citizens and our employees.”

Even with the challenges of the pandemic, the City continued to value citizen input by providing numerous public engagement opportunities through online surveys and online public meetings. To provide business continuity, several City services were fast-tracked to be available online.

With a goal of being one of the best-managed cities in Canada, the City of Saskatoon remains dedicated to ensuring residents receive value from the investments made through their tax dollars and managing both risk and debt appropriately.

In keeping with the City’s digital-first strategy to capture cost savings and environmental responsibility, the 2020 Annual Report and 2020 Financial Statement Report are made available online and will not be printed. Citizens may request an individual printed copy by contacting finance@saskatoon.ca.

The 2020 Financial Statements were presented to City Council on July 26, 2021.

Visit saskatoon.ca/annualreport for additional financial reports and information.