Financial Services
Director
Paul Macklem
The Financial Services Department is responsible for:
advice and guidance to Council and City Management through Financial Services Adminstration
- financial planning and budgets through the Financial Planning Division
- financial reporting through the Financial Accounting & Systems Division
- utility billing, corporate payroll and investments through the Payroll and Investments Division
- taxes and collections through the Revenue Division
- buying and inventory control through the Purchasing and Stores Division
- loss control and insurance through the Risk Management Division.
Financial Services provides various 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 Director of Financial Services directs the development and implementation of long-range plans which meet the capital and operating needs of the community within the guidelines of the City's Strategic and Official Community Plans.
The overall goals of the department are:
- Excellence in customer service
- Financial vision and accountability
- Operational efficiency and effectiveness
- Efficient and effective use of technology.
20 Year Servicing Plan
2005 Annual Financial Plan
The Financial Services Department has seven working groups:
- Administration
- Financial Planning
- Financial Accounting and Systems
- Revenue (Taxes and Collections)
- Risk Management
- Purchasing
- Payroll and Investments
Administration
Finance Administration is responsible for providing leadership and direction to Financial Services in the development, coordination and administration of departmental policies and procedures.
Financial Planning
The Financial Planning Division prepares the Corporate Budget; develops reserve projections and administers reserve funding, prepares utility models and long-range financial plans to support corporate and community needs (eg. 20 Year Servicing Plan (DCC's) and 10-Year Capital Plan). The division also records and distributes financial information and maintains the City's data entry function.
Financial Accounting and Systems
The Financial Accounting and Systems Division prepares annual financial statements, administers accounts payable, letters of credit, performance deposits, deferred revenues and manages the City's debt. It also develops and implements financial systems.
Revenue (Taxes and Collections)
The Revenue Division is responsible for the administration of:
- Property taxes
- General accounts receivable
- Cash collections
Utility Billing and Collection services have recently been contracted out to Terasen Utility Services but payments can still be made through City Hall cashiers. Payments can also be mailed using the return envelope enclosed with the bill.
All other payments, whether for taxes, parking and municipal tickets, or invoices generated by other departments, are made through City Hall cashiers. Collection proceedings against customers with outstanding invoices are also the responsibility of the Revenue Section.
Risk Management
The Risk Management Division is responsible for the development, implementation, coordination and administration of the City’s comprehensive risk management program. The program is designed to minimize the City’s loss exposure and manage the claims process.
Purchasing
The Purchasing Division is responsible for acquiring the materials, equipment and services required by all City departments, for disposing of surplus materials and equipment and for controlling and maintaining adequate inventory levels.
Payroll and Investments
Administration of the payroll function, utility billing function and investment of the City's funds are the responsiblity of this division.