Financial Services

The Finance Department is responsible for the overall management of municipality financial affairs.

The Budgeting and Accounting Division provides accounting and audit services for over $89 million in annual expenses and revenues. These services also extend to include:

  • Cash management and of over $125 million in investments to maximize the returns and provide additional income to both operating and reserve funds
  • Accounts payable, processing over 7,000 invoices annually
  • Coordination of the production of 3 different payroll groups, paid bi-weekly
  • Manage benefits records maintenance for over 200 staff
  • Support departments with their financial analysis, coordinating the annual budgeting process, and financial policy development
  • Prepare financial statements, which are audited by an independent accounting firm, as well as various other statutory reports

The Purchasing Section will provide a complete range of purchasing services to all departments including preparing quotations, tenders, and requests for proposals. This position is new and has yet to be filled.

The Revenue Collection Division processes all revenues including property taxes, utility bills, parking tickets, and parking decals and permits. The division is also responsible for:

  • Re-caption
  • Mail processing for the City
  • Administration of Council grants in aid program
  • Permissive tax exemptions
  • Miscellaneous accounts receivable
  • Provides support to the budget and accounting division through account reconciliations

With over 18,000 utility bills and 9,000 tax notices produced annually, this section processes around 7,000 ticket payments and generates approximately 8,600 ticket warnings and reminders. This section also manages a pre-approved instalment tax payment and utility auto-debit system, and a web based online payment system.

Fiscal Services

The Fiscal Services section summarizes all the corporate investment, reserves, grants, and other revenue transfers.

Revenues


Investment Income: This is generated through investment of the City’s funds in accordance with the Community Charter Act and the City investment policy.

Community Amenity Charges: These are collected through the development approvals process and transferred to a capital reserve for future use when community amenities are constructed. No funds are expected in 2022.

Recovery of Costs: This is an internal cost transfer account used to allocate labour costs to different departments when a position works in more than one division, and where corporate support is provided from; Corporate Administration, Finance, Human Resources, and Information technology. It also includes small external cost recoveries.

Operating Reserves: These reserves are used to support operations from year-to-year, including specific funding for one-time projects or to provide temporary staff capacity that can be funded from previous annual operations.

Grants: Includes funds received from Provincial Community Works Fund from year-to-year. These funds are transferred to a capital reserves and held for future use, primarily road reconstruction.


Expenses


Interest Transferred to Reserves: Some investment income is transferred to reserve each year. This is trending down as investment returns are reduced, compared to previous years.

Operating Reserves: Funds are transferred to operating reserves to set aside funds for one-time future costs.

Capital Reserves: Funds are transferred to Capital Reserves to fund future infrastructure replacement costs. This is discussed in the Asset Improvement section of the budget.

Community Amenity Reserves: Involves the transfer of funds collected through the development approval process.


Contact: finance@whiterockcity.ca