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FROM: MAY-JUN 2009 ISSUE | BY PEGGY HOMAN, EDITOR
Many Canadian municipalities are now equivalent to large companies, and running those municipalities efficiently is no small feat. Measuring municipal performance presents complex challenges daily, particularly for professional accountants. But the upside is that careers in municipal finance offer interesting, rewarding opportunities.
A primary example of a stellar career at the municipal level is that of Joe Pennachetti, CGA. Mr. Pennachetti is currently the city manager of the City of Toronto, overseeing a workforce of 50,000 and a budget of more than $10 billion. Read his profile to gain some insight on what it takes to keep one of North America’s largest cities running smoothly.
The Business feature examines the role of municipal performance indicators. A number of changes to municipal reporting have come into effect recently, with more on the way this year. Requirements and standards vary across Canada, but an evolution is underway as more and more municipalities move to full accrual accounting.
According to an article in the April 2009 issue of The Bottom Line, “Western municipalities have partially recorded capital assets for years, whereas all municipalities must record them fully beginning with the 2009 financial statements.”
Be sure to browse through this issue’s columns, which cover a range of topics including effective strategies for maximizing effectiveness in our time-starved world, and why investing in training and development is crucial during an economic downturn.
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