The Financial Information Act requires municipalities and other Government organizations to prepare annual financial information and make it available to the public within six months of their fiscal year end. This is known as a Statement of Financial Information (SOFI)

The information required by the Act for a municipality encompasses audited financial statements and schedules disclosing debt, guarantee and indemnity agreements, employee remuneration, and amounts paid to suppliers for the provision of goods and services.

Past Statements of Financial Information

Review the past financial statements for the City of Port Moody:

Understanding the SOFI

The Port Moody Statement of Financial Information includes the following information:

Schedule of Debts

The Schedule of Debts includes a list all of the organization's long-term debts, including the amount outstanding, the interest rate, maturity date for each debt, and identifies those debts covered by sinking funds or reserves and the amounts that have accumulated in those accounts.

Schedule of Guarantee and Indemnity Agreements

The Schedule of Guarantee and Indemnity Agreements includes a list of financial guarantees and indemnity agreements in place as of December 31. The list includes the names of the entities and the amount of money involved.

Schedule of Council Remuneration and Expenses

The Schedule of Council Remuneration and Expenses includes an alphabetical list of each member of Council, the total amount of remuneration paid and the total amount of expenses paid to or on behalf of that Council Member throughout the year. The total amount of expenses recorded includes only expenses reimbursed with City funds. Expenses reimbursed by other organizations are excluded.

Schedule of Employee Remuneration and Expenses

The Schedule of Employee Remuneration and Expenses includes an alphabetical list of each employee earning in excess of $75,000, the total amount of remuneration paid and the total amount of expenses paid to or on behalf of that employee during the year. The total amount of expenses recorded includes only expenses reimbursed with City funds. Expenses reimbursed by other organizations are excluded.

Statement of Severance Agreements

The Statement of Severance Agreements includes a statement of the number of severance agreements made during the year by the City in respect of non-union employees and the number of equivalent months' gross salaries represented by these agreements.

Schedule of Payments for Provision of Goods and Services

The Schedule of Payments for the Provision of Goods or Services includes an alphabetical list of the individuals or corporations where the total amount paid during the year exceeds $25,000. In addition, the schedule includes a total of all amounts paid to all other suppliers during the year where the amounts paid are less than the $25,000 threshold.