Financial Reporting for Municipalities
Pursuant to sections 27 and 28 of the Municipalities Act, all municipalities are responsible for preparing and submitting on an annual basis on or before April 1:
- A Municipal Financial Information Return (MFIR);
- An approved annual budget;
- Complete financial statements; and
- A professional audit (except when dispensed with by resolution at the annual meeting, where budgeted expenditures were less than $50,000, in which case, a review engagement is required for 2017 onward)
Where do I find the Municipal Financial Information Return (MFIR)?
The Municipal Financial Information Return (MFIR) is used to collect financial data from all Island municipalities. Municipal Affairs uses the data to generate municipal statistical reports and to meet reporting requirements of Statistics Canada, which uses the data for national reporting.
There are two versions of the MFIR that have been updated for 2016. The first version is for municipalities that do not operate a utility, while the second is for municipalities that operate their own utility. The two versions, along with a guide for completing the MFIR, are provided below.
- MFIR for municipalities without utilities
- MFIR for municipalities with utilities
- Guide for completing the MFIR
Please send your MFIR electronically to firstname.lastname@example.org or by mail to:
Attention: Municipal Affairs
3 Brighton Road, PO Box 2000
Charlottetown, PE C1A 7N8
Where can I find other municipal financial resources?
Municipal Affairs has compiled a list of municipal financial resources that you may find to be helpful:
- Municipal Financial Reporting and Accounting Manual
- Municipal Tangible Capital Asset Implementation Guide - PEI
- PSAB Presentation to PEI Municipalities
- Public Sector Accounting Board (PSAB) Website
- PSAB - What it is & What it does
- PSAB - Tangible Capital Asset (TCA) Reporting Guide
- PSAB - 20 Questions About the Government Reporting Entity
- IRAC Water and Sewer Utility Accounting Manual
- Depreciation Rates - Sewer
- Depreciation Rates - Water