Monthly Updates on the Current Financial Issues and Economic Trends

Template for the Monthly Reports

Recommendation:
That the February 6, 2009, Deputy City Manager’s Office report 2009DCMO10 be received for information.

Report Summary

This report provides a template and sample content for a monthly economic and financial update to be provided to Executive Committee in 2009.

Previous Council/Committee Action

At the January 28, 2009, Executive Committee meeting, the following motions were passed:

That monthly updates be provided to Executive Committee with regards to the current financial issues with respect to the 2009 Budget.

That Administration prepare a template for the next Executive Committee meeting that would provide for a consistent format for these monthly reports.

Report

  • Attachments 1, 2 and 3, contain a sample of the report that will be provided to Executive Committee on a monthly basis, outlining relevant economic and financial indicators and their implications for the City of Edmonton. Attachment 1 of the report will provide a narrative summary to interpret the indicators for Executive Committee. The focus will be on summarizing and interpreting the current results, including any emerging trends, risks or opportunities. Items that will be monitored (e.g. upcoming reports) for the next or future reporting periods will also be identified.
  • Attachment 2 of the report includes the specific indicators that will be reported. A 13 month rolling snapshot will be provided to allow year over year comparisons for the leading month. The prior three year annual results will also be provided for longer term comparisons. Most of the indicators chosen are available on a monthly basis; however some are only available on a quarterly or annual basis. There are also some lags in the availability of the data. The reporting frequency is indicated in the second column of the table.
  • Attachment 3 of the report contains definitions and rationale for each of the measures included in the table.
  • In order for the reported results to be as current as possible, Administration will release the report at the Executive Committee meeting. This will also allow the results, the interpretation and City implications to be presented to Executive Committee for a more complete understanding and full discussion. The reporting dates are shown in Attachment 4.
  • This reporting concept came about during a discussion with Executive Committee on the 2009 Budget process. While the reports will provide an opportunity for Executive Committee to receive a “heads up” or “early indication” of potential financial issues for the City, it is not intended to replace other financial reporting or decision making processes (e.g. 2010 Budget, performance reporting, investment decisions), but to provide context.

Attachments

  1. Monthly Economic and Financial Indicators - Narrative Summary February 2009
  2. Monthly Economic and Financial Indicators - Specific Summary February 2009
  3. Glossaryof Terms
  4. 2009 Reporting Dates to Executive Committee

Others Reviewing this Report

  • C.Warnock, Chief Financial Officer and Treasurer

Page 1of2Report: 2009DCMO10 Attachment 1