Finance

Finance Department Functions

The Finance Department is responsible for the financial well-being of our City, through the provision of effective and reliable financial advice, services and information to Council, staff and the public. Over $30 million is collected annually from various sources including property taxes, utility payments, service charges, and senior government grants. The Finance Department oversees the expenditure of these funds through the annual budget process.

Financial functions also include accounts payable, purchasing goods and services, controlling inventory, payroll, the provision of property tax information, treasury services, insurance, and risk management.

Accounts Payable

Handles all disbursements/payments on behalf of the City. This would include payment of invoices for goods and services received, prepayments, municipal contributions, deposits on accounts, petty cash, transfers, leases and recurring payments and refunds.

Budgets & Accounting

Finance is responsible for the preparation, implementation and monitoring of the City's Operating, Utility and Capital budgets. The focus is to administer these processes to meet the needs of the community, City Council and other City departments.

In addition, Budgets and Accounting are responsible for designing and implementing adequate financial controls for the City's accounting functions, thereby ensuring the integrity of all financial transactions. The Section, as part of its fiscal responsibilities, also produces the City's financial statements and Annual Report.

Payroll and Benefits

· CUPE Local 118
· IAFF Local 1667 (Fire Fighters)
· Exempt employees
· Elected Members of Council (indemnities)
· Payroll and Benefits administers the pay and benefit function for City employees, in accordance with various collective agreements and policies which are in effect.

Purchasing and Risk Management

Purchasing purchases and secures materials, supplies, equipment and services required by the City including contracts for all non-inventory items, construction contracts and consulting services.

Stores

The City's central stores is maintained at 4150 6th Ave . Stores maintains all inventory requirements and associated products, including automotive and garage-related supplies.

Taxes and Utilities

Taxes and utilities are responsible for administering the collection of City revenues, including property taxes; annual residential utility (water, sewer, garbage/recycling) charges and metered utility billings; grants-in-lieu of taxes; provincial homeowner grants; local improvement charges; and the payment of taxes collected for other taxing authorities.

This Section provides information to the public regarding property assessments, property taxes, utility charges and account balances.

Treasury Services

The City has established guidelines and procedures within the framework of the Local Government Act for the placement of City funds.

The Treasury Services Section effectively manages highly cyclical cash flows ensuring adequate funds are available to fulfill the strategic plans and initiatives undertaken by the City. Additionally, all sources and inflows of revenues are identified and allocated to key capital projects. All work and services rendered by the City are billed by Accounts Receivable. Technological efficiencies introduced over the last few years have enabled the Treasury Services Section to streamline procedures and offer value added services to customers.

The role of the Manager of Treasury Services is to ensure that the City enjoys a competitive rate of return on investments. This rate of return is compared on a regular basis to other municipal and industry benchmarks. The Treasury Services Section works in collaboration with other service Sections within the Finance and Corporate Services Division to ensure the fiscal responsibility and stewardship of the City's assets.

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