Thunder Bay earns national award again for financial reporting excellence

THUNDER BAY – NEWS – The City of Thunder Bay has received a national award for financial reporting for the second straight year, earning recognition for the quality and clarity of its 2024 Annual Financial Report.

The honour was awarded by the Government Finance Officers Association of the United States and Canada, which recognizes municipal governments that produce annual financial reports that are clear, well-organized and useful to readers.

Recognition focuses on clarity and accountability

The Canadian Award for Financial Reporting is not based on a municipality’s financial results themselves. Instead, it recognizes how effectively a city presents its financial information to the public.

According to the award criteria, winning reports must be readable, efficiently organized and go beyond the minimum requirements of generally accepted accounting principles. The program is intended to encourage high-quality municipal financial reporting and to help improve public understanding of local government finances.

For Thunder Bay residents, that matters because annual reports are one of the main ways the public can see how municipal finances are being managed, how money is being allocated and how the city presents its overall financial position.

City says award reflects year-round work

Keri Greaves, commissioner of corporate services and city treasurer, said the award reflects the work of staff across the organization.

“This achievement is a testament to the incredible work that happens throughout the year across our teams,” Greaves said. “While this award is not about the financial results themselves, it is an important recognition that we are communicating our financial information clearly, accurately, and in line with industry best practices and standards.”

Second straight year of recognition

The 2026 award recognizes the City’s Annual Financial Report for the fiscal year ending Dec. 31, 2024.

Receiving the honour for a second consecutive year gives Thunder Bay another mark of recognition for how it communicates financial information at a time when municipal budgets, infrastructure pressures and service costs remain front-of-mind for many residents.

The City says the 2024 annual report and more information about municipal financial reporting are available through its annual reports page online.