Council approves 2025 Financial Report

Summary#

Calgary City Council approved The City of Calgary 2025 Annual Financial Report on April 28, 2026, with a 15–0 vote. The decision approves the report; it does not change City services, taxes, or other rules. City staff say the report’s goal is to support transparency and accountability.

  • The report includes audited consolidated financial statements. Deloitte LLP issued an unmodified opinion, meaning it did not identify changes needed to the statements for them to meet the applicable reporting standards.
  • The report also includes unaudited discussion and analysis, climate-related financial disclosures, and five-year financial and statistical schedules.
  • City staff say approval enables the report to be made public by May 1, as required under the Municipal Government Act.

What it means for you#

  • Calgarians: The City says the approved report will be posted online at calgary.ca/annual-reports. It is intended to show the City’s 2025 financial position and how public funds were managed.
  • The decision does not directly change what residents pay or receive from the City.

Money#

The City reported no anticipated financial impact from approving the report.

  • The materials give no cost estimate for preparing or publishing it.

What is unclear#

  • The supplied materials describe the report but do not include its financial figures or the full report itself, so those details cannot be assessed here.
  • The materials do not explain what assurance, if any, applies to the report’s unaudited sections.

Case for#

  • City staff say the report gives Council and the public an audited view of the City’s 2025 financial results and year-end position.
  • City staff say approval supports the May 1 public-release deadline set out in the Municipal Government Act.

Case against#

  • The report contains unaudited sections, including its climate-related disclosures and financial discussion and analysis. Readers should not treat every section as audited.
  • No councillor voted against approval, and the supplied materials include no opposing submissions or other argument against the decision.

Votes

Calgary City Council, item 11.1 (The City of Calgary 2025 Annual Financial Report, AC2026-0181): That with respect to Report AC2026-0181, the following be adopted: That Council approve The City of Calgary 2025 Annual Financial Report.

For (100%)

Audit Committee, item 7.3 (The City of Calgary 2025 Annual Financial Report, AC2026-0181): That with respect to Report AC2026-0181, the following be approved: That the Audit Committee: - Consider this report in conjunction with report AC2026-0327 External Auditor 2025 Year-End Report; - Recommends Council approval of The City of Calgary 2025 Annual Financial Report; and - Forward this report to the 2026 April 28 Regular Meeting of Council.

For (100%)