The municipality's financial statements include a balance sheet, income statement, cash flow statement and appended notes, as well as a review of budget implementation and annual report. The city of Oulu with its subsidiaries forms a local authority corporation, and therefore prepares and includes consolidated financial statements in its financial statements. The financial statements and annual report must give a correct and sufficient picture of the municipality's income, financial position, financing and activities.
The accounting period for municipalities is the calendar year. The city board prepares financial statements for the accounting period by the end of March of the following year. After the audit, the financial statements will be submitted to the council. According to the Local Government Act, the council must consider the financial statements by the end of June. The city's financial statements are signed by the members of the city board and the Mayor.