Tag Archives: MOECC

City to report financial liability for environmental remediation annually

New public sector accounting standard prompts greater financial transparency Guelph, Ont., November 3, 2015 – The City is updating its accounting practices to reflect the financial liability associated with  its properties that may require remediation, to meet a new requirement of the Public Sector Accounting Standards (PSAS). “The new accounting standard ensures Guelph is identifying, assessing, and reporting on financial liabilities that exist when an area of land exceeds environmental quality standards and requires some degree of remediation,” said Janice Sheehy, the City’s general manager of finance. The cost to maintain, mitigate, or remediate City-owned contaminated sites that meet the criteria defined in the PSAS is estimated to be $30 million. “The extent of remediation needed is site-specific and this work is subject to the… Continue reading City to report financial liability for environmental remediation annually