PERIOD REPORT
DATE: September 23, 2024 Report No. FIN-24-015
TO: Dan Horan, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services & IT
SUBJECT:TITLE Financial Services and IT Departments - 2024 Second Period Report
Body
The following is a report on the activities pertaining to the Financial Services and IT Departments from May 1, 2024 to August 31, 2024.
I. DIVISION ACHIEVEMENTS AND ACTIVITIES
1. Budgeting, Accounting and Financial Operations
• The 2023 financial statements were approved by Council in May. The Township’s auditors, KPMG, addressed Council regarding the statements and outlined the basis for their clean audit opinion.
• The Township's 2023 Statement of Financial Information (SOFI) was approved by Council in June and was forwarded to the provincial government in advance of the annual statutory reporting deadline.
• The following property tax statistics are analysed each year and the 2024 results remain consistent with the previous two years.
• Property tax folios fully collected as of July 2 - 67.3%; August 31 - 93.8%.
• Total deferments - 545, including 488 renewals, totalling $2,673,725.
• Home owner grants claimed as of August 31 - 3,884.
• During the period of July 3 and September 3 there were 231 regular and 166 additional home owner grants claimed. In these instances, the associated 10% penalty was reversed in accordance with the Township’s alternate tax collection scheme bylaw. The total amount reversed as a result was $27,194 which represents a slight increase from the $25,620 that was reversed last year.
• For the second year, property owners were able to remit their property tax payments using a credit card. As of the end of August, a total of 211 payments totalling $516,594 were made through a third party provider. This represents a 45% increase in the number of payments and a 52% increase in the total amount taxation revenue collected.
• Properties with delinquent property taxes were identified for potential inclusion in the 2024 tax sale. As of August 31, five properties have delinquent taxes outstanding with the Township. If these amounts are not collected prior to October 7, a tax sale will be held by the Township to recover unpaid taxes.
• An amount of $20,660,961 was received from Public Works Goods and Services Canada for payment in lieu of taxes. This amount, which consists of the municipal amount as well as those collected on behalf of third parties, is approximately $45,000 less than the amount applied for by the Township. The reduced amount pertains to assessment value differences for potential property dispositions which were not recognized by BC Assessment. The Township does not anticipate receiving any additional payments during the year and due to the circumstances and potential costs, it is unlikely that a 2024 appeal will be filed.
• During the period, the department experienced challenges due to staffing levels but remained responsive to internal and external customer service demands. As we start the third period, the department is almost back to its full complement, with the hiring of a new payroll administrator, a second senior accountant and a new finance manager.
2. Information Technology
• The Township has switched alarm monitoring service provider for the Municipal Hall Monitoring. The new, cost-effective service allows staff to remotely arm and disarm the system, check the alarm status, and will facilitate the use of alarm buttons to improve staff safety.
• The department initiated the identification and retirement of phone lines, fax numbers and alarm numbers that are no longer being used. Fifteen instances were identified and cancelled which will result in $500 in monthly savings.
• A new staff member was added to the team with a focus on increasing the department’s ability to provide improved daily support to all Township staff.
II. COMMITTEES
There were no committee meetings held during the second period of the year.