in this issue

President’s Message 2 Executive Director’s Message 3 Membership Survey 4 Conference Update 5 Asset Retirement Obligations 6 MFA’s Corner 8

What is Fiscal First Aid? 10

Economic Update Q1 11 Navigating PSAB 14 Rethinking the Budget Process in Uncertain Times 15

PSAB Conceptual Framework and Reporting Model Exposure Drafts 16

Budget Insurance for Natural Disasters 19

Becoming a Smart Community 20 What is a Certificate of Insurance and Why is it Important? 22

Collectors’ Corner 23

Quarterly Question 24

Thank You Exhibitors 25

Thank You Sponsors 26

president’s message

Thank you to those who served on the Board and committees over this past year. Your commitment to our Association has allowed us to achieve many of our strategic goals and work towards our vision to be the leading source for knowledge sharing that empowers BC local government financial excellence.

If you are interested in serving the membership by becoming a GFOABC Board or committee member please reach out to President Trevor Thompson at tthompson@mapleridge.ca.

Committee Members-at-Large

Julia Aspinall, City of Vancouver Komal Basatia, City of Abbotsford Kathy Humphrey, City of Kamloops Elio Iorio, District of North Vancouver Mario Piroddi, BDO.