Vancouver gets an A+ for budget best practices
We have been recognized as a municipal leader in finance by the CD Howe Institute in its 2018 municipal fiscal accountability report card External website, opens in new tab released today ― achieving an A+ ranking, up from A- in 2017. Vancouver is the top-rated municipality for 2018.
Key items the Institute looks for
Some of the key items that the Institute looks for in a municipality’s financial records include:
- Budgets should match financial statements so readers can easily make the relevant comparisons
- Budgets and financial statements should present the key figures early and prominently
- Budgets and financial statements must be timely enough to give elected representatives meaningful control
GFOA Distinguished Budget Presentation Award
In addition, for the second year in a row, the Government Finance Officers Association (GFOA) named Vancouver as a recipient of the Distinguished Budget Presentation Award, which recognizes organizations whose budget documents explain complex information in a clear and engaging way for its 2019 Budget and Five-Year Financial Plan document.
When creating the 2019 Budget book, our Finance team placed a particular emphasis on:
- Explaining the rationale behind budgetary decisions
- Creating infographics that summarized the data
- Using language that could be better understood by the general public
To receive the award, budget documents must be:
- Rated proficient
- Meet 14 mandatory criteria
- Serve as an effective policy document, financial plan, operations guide, and communications vehicle
About the GFOA program
The GFOA program encourages and assists local governments in Canada and the United States in preparing high-quality budget documents that reflect guidelines established by the GFOA's best practices.
The award recognizes individual governments that succeed in achieving that goal of making budgeting information accessible to residents and businesses.