Financial Services
The Financial Services department is involved in almost every aspect of the District’s activities. As a result, Financial Services is not only a busy department, but a complex one as well. Customer service plays a key role, as does strategic planning.
The Financial Services department provides various other departments and Council with day-to-day financial advice on all matters involving the expenditure of funds and/or generation of revenue on a policy and ad-hoc basis. The Department develops and implements long-range plans which meet the capital and operating needs of the community within the guidelines established by Council.
The primary responsibilities of the Financial Services department include:
Advice and guidance to Council and Administration
Financial planning, reporting, and analysis
Receiving all monies paid to the municipality
Ensuring the keeping of all funds and securities of the municipality
Investing municipal funds in authorized investments
Expending municipal monies in the manner authorized by Council
Ensuring that accurate records and full accounts of the financial affairs of the municipality are prepared, maintained, and kept safe
Exercising control and supervision all financial affairs of the municipality
Financial Statements
In accordance with Section 167 of the Community Charter, the District must prepare its financial statements for the prior year ended December 31st in accordance with Canadian Public Sector Accounting Standards. These financial statements are audited by the District’s auditors, who express their opinion of whether the statements present fairly, in all material aspects, the financial position of the District as of the date of the report. These audited financial statements must be approved by Council and submitted to the Inspector of Municipalities by May 15th of the following year.
Statement of Financial
Information (“SOFI”)
In accordance with Section 2 of the Financial Information Act, public bodies must prepare the Statement of Financial Information (SOFI) within six months of the corporation’s year end. SOFI reports are presented for approval by Council each year before they are submitted to the Ministry of Community, Sport and Cultural Development. This report consists of the audited financial statements, a schedule showing the remuneration and expenses paid to (or on behalf of) employees, a schedule of the District’s payments to suppliers, and a statement of severance agreements.
Annual Municipal Report
In accordance with the Community Charter, an annual report must be prepared and made available to the public before June 30 each year. The report provides the public with the audited financial statements of the District for the previous year as well as a list of permissive tax exemptions. In addition, the report must include an overview of municipal services and operations and must report on the District’s progress on the strategic goals of Council for the prior year and must outline the priorities for the current year.
Financial Plan (Budget)
In accordance with Section 165 of the Community Charter, a municipality must have a five-year financial plan that is adopted annually before the tax rates bylaw and before May 15th of each year. The planning period for the financial plan is five years; the year in which the plan is to come into force and the following four years. The financial plan deliberation process which precedes the adoption of the financial plan and tax rate bylaws involves a series of open meetings as well as a public consultation and is the mechanism for determining the revenue requirements and resource allocations for the District.