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Municipal Finance

Many of the resources below are Adobe Acrobat PDF files.

Financial Reporting

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 AGM, where budgeted expenditures were less than $50,000)

Resources

Municipal Loans Program
Since 2003, the Province of Prince Edward Island has made provincial funding available to municipalities through a Loan Program. This program was established as an alternative borrowing opportunity for local governments. Municipalities can submit the required information (see Information Sheet below) to Municipal Affairs and the application will be forwarded to Treasury Board.

NEW Information Sheet - Municipal Loans Program

Municipal Taxation and Budgeting
Municipalities operate on a January to December fiscal year and are responsible for creating and adopting annual budgets, which are submitted to the Municipal Affairs branch along with other financial reporting documents on or before April 1.  In Communities, the estimate for each service proposed in the budget is voted on by residents at the annual meeting in March.

Councils then establish a property tax rate sufficient to meet the projected expenditures for the year, less any grants or other revenue sources. The Province assesses properties and collects property taxes on behalf of the municipalities.  Property taxes do not include water and sewer charges, which are billed separately where services are available.


For information on municipal revenue and expenditures, please refer to the Municipal Statistical Review.
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