The Statement of Financial Position is a financial statement presenting a municipality's financial assets, liabilities, non-financial assets, and accumulated surplus at a specific point in time—essentially a public sector balance sheet. Financial assets include cash, receivables, and investments that could be used to pay liabilities. Liabilities include accounts payable, deferred revenue, employee benefit obligations, and debt. Non-financial assets include tangible capital assets like infrastructure, buildings, and equipment. Accumulated surplus represents the cumulative excess of revenues over expenses throughout the municipality's history. This statement provides a snapshot of financial position, showing what resources the municipality has and what it owes, informing assessments of fiscal health and capacity.