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The Annual Financial Report is part of The City’s commitment to provide effective governance, increased accountability, transparency, and a well-run City. It provides a comprehensive view of the consolidated financial statements in accordance with Canadian generally accepted accounting principles established by the Public Sector Accounting Board published by the Chartered Professional Accountants Canada.

2023 Annual Financial Report


In 2023, The City continued to strive to enhance financial sustainability, drive innovation, and modernize service delivery. Demand for The City’s services remain high, the population continues to grow, and inflation remains a concern for households and businesses alike. The City continues to manage these factors while working hard to support Calgarians and businesses in a fiscally sustainable manner.

The 2023 year was the first year in the four-year business plan and budget cycle (2023-2026), also known as the 2023-2026 Service Plans and Budgets. The budget reflects and addresses the ongoing economic challenges The City is facing while continuing to advance the Council priorities laid out in the roadmap for advancing Resilient Calgary: Council’s Strategic Direction 2023-2026, keeping the ongoing expenses in line with inflation and population growth.

We continue to have one of the best municipal credit ratings in Canada. Our strong fiscal management is confirmed by The City’s AA+ and AA (high) credit ratings by S&P Global Ratings and DBRS Morningstar respectively. Calgarian’s quality life is confirmed by Calgary being ranked seventh in the Economist Intelligence Unit’s (EIU) annual list of the world’s most livable cities in 2023.

Previous annual financial reports


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