Financial Management

There is a comprehensive system in place that governs the financial process and ties it to the goals and objectives of Council, as well as translating the financial plan into a functional operational plan. Council has a strategic plan that identifies is strategic goals and objectives. This is reviewed annually and tied to a comprehensive service level review document. Council meets annually with senior administration to review the service levels and identify changes that will further the strategic plan and meet the needs of the community The budget document is then prepared and includes any changes identified in the service level review. This includes a current operating budget and four-year forecast and a current capital budget along with a five-year capital plan.

A key component of the budget is a review and balancing of the financing required for the operating capital plans for five-year period to ensure that the plans are viable and sustainable. This is very important because it considers the grants available, projected taxation and any increases being considered as well as what debt servicing is needed to meet these objectives. This helps create priority driven capital development by identifying the funds available over the longer term and making sure that community property taxes are reasonable and can accommodate future financing requirements.

The entire process becomes a blend of balancing requests for services with the ability to finance them and the reasonability of tax rates. The ultimate goal of Council is providing a community with a blend of services that cover the range of safety, functionality, recreational and future planning.

Performance against these three documents is monitored and reported to Council throughout the year to ensure there is progress and determine if any adjustments or corrections are required. This includes quarterly financial reporting and variance analysis and updates on actions identified during the service level review.

This culminates in the annual year end audit which reviews municipal financial activity and produces the audited financial statements. The role of the external auditor and managements responsibilities are outlined in detail in the independent auditors' report which forms part of the audited financial statements.

Financial information is critical in providing insight to all stakeholders to determine if the original goals and objectives of the strategic plan have been achieved.