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Richmond receives honours for financial reporting

The City of Richmond came out on top in a recent ranking of financial reports from 32 Canadian cities
The City of Richmond has been recognized for its financial reporting.

The City of Richmond recently received several honours in acknowledgment of its 2021 and 2022 financial reports.

Out of 32 major Canadian cities considered by the C.D. Howe Institute's annual report on fiscal accountability, Richmond ranked first with an A grade for  "clarity, completeness and promptness" in its 2021 financial statement and 2022 budget. 

The city had presented its budget and released financial statements "on a timely basis," along with other merits such as presenting its headline figures up-front. The city has ranked consistently in the A-range over the years.

Markham, Surrey, Vancouver and Quebec City each got A-, and Halifax came in last with a D- for factors such as late submissions of budget and financial statements, unexplained variances from the budget, as well as below-the-line adjustments in financial statements.

"The City of Richmond is known for its sound financial management and strong fiscal responsibility,” said Mayor Malcolm Brodie.

“The city strives for clarity, completeness and timeliness not only in our financial reporting, but in everything we do and the services we provide. Budget transparency fosters citizen engagement and supports informed decision making at all levels.”

The City of Richmond also received awards from the Government Finance Officers Association (GFOA) of the United States and Canada.

Richmond's Comprehensive 2021 Annual Report got the Canadian Award for Financial Reporting for the 20th consecutive year, and its Annual Report Highlights was recognized for outstanding achievement in popular financial reporting for the 13th year.

The city's 2021 financial reports are available online or from City Hall upon request.