City of Saskatoon 2024 Annual Report now available online
The City of Saskatoon has released its 2024 Annual Report to the public having received the opinion of the external auditor. Per The Cities Act, the 2024 Audited Financial Statements and Financial Reports were presented to City Council for information on Wednesday, August 27, 2025.
“The 2024 Annual Report highlights the City’s progress on major projects and initiatives across our 13 Business Lines, our achievements and ongoing priorities as set out in the Multi-Year Business Plan and Budget, and the City's financial position at the end of 2024,” says Clae Hack, Chief Financial Officer.
The City had a positive financial year in 2024 due to several contributing factors:
- A higher interest rate environment brought better than expected investment returns.
- Operating revenues from Saskatoon Transit user fees continued to exceed budgeted revenue.
- Savings in software licenses and insurance costs also contributed to the overall surplus.
The City’s Financial Position remained in a healthy position at 2024 year-end with the balance of all reserves at $359.4 million.
Highlights of the Consolidated Financial Statements are included in the Summary of Consolidated Financial Statements (Appendix 2).
Award-winning financial reporting and top tier credit status continued in 2024
The City of Saskatoon received the Government Finance Officers Association (GFOA) Canadian Award for Financial Reporting for its 2023 Annual Report, marking the 17th time the City has received this prestigious honor. The 2024 Annual Report will once again be submitted to GFOA to determine its eligibility for another award.
S&P Global Ratings (S&P) reaffirmed the City of Saskatoon credit rating with the highest rating possible, a ‘AAA’ credit rating with a “Stable” outlook. The City has maintained the ‘AAA’/Stable credit rating for 23 years since S&P first began affirming the City’s credit rating in 2002.
The 2024 Annual Report reflects the City’s ongoing dedication to continuous improvement, accountability to the public we serve, transparency, and clarity in financial reporting.
Visit saskatoon.ca/finance to view the 2024 Annual Report.