PERIOD REPORT
DATE: May 27, 2024 Report No. FIN-24-012
TO: Dan Horan, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:TITLE Financial Services and IT Departments - 2024 First Period Report
Body
The following is a report on the activities pertaining to the Financial Services and IT Departments from January 1, 2024 to April 30, 2024.
I. DIVISION ACHIEVEMENTS AND ACTIVITIES
1. Budgeting, Financial Reporting and Accounting
• Executed the various components of the financial plan and tax rate process utilizing an amended timeline and meeting schedule. This involved: (i) the provision of presentations including a budget overview, summary of fiscal challenges and the key components of the policies and objectives document; (ii) drafting the financial plan based on departmental submissions, senior staff discussions, and Council deliberations; and (iii) development of tax rate scenarios and their impact based on the various discussions and Council direction.
• Prepared year end reconciliations and draft financial statements for the Township’s auditors to facilitate their audit review and testing procedures.
• Performed a review of the existing approval of senior management and CAO expenses. Implemented a new review process which includes periodic reporting to Council with summary information and any potential concerns.
• Reviewed financial information and the proposed annual budget related to the library strata building in preparation for the annual general meeting.
• Worked with the property owner and purchaser involved in the 2023 tax sale to facilitate the property redemption. This involved communication with the Land Title office as well as calculating and issuing the required payment amount due to the purchaser.
2. Risk Management
• The Township’s property insurance coverage was renewed for a one-year term with AON. The Township is currently having discussions with the Municipal Insurance Association (MIA) about the possibility of consolidating property insurance with its existing liability coverage. It is expected that a coverage package will be received by the Township, including proposed premiums, and a determination will be made regarding future coverage.
• Attended the annual Municipal Insurance Association conference. In addition to sharing information and experiences with other municipal risk managers, the conference agenda offered various presentations and panel discussions about relevant risk management topics and mitigation strategies.
3. Information Technology
• Fully implemented a Managed Detection and Response (MDR) System which ensures that the Township’s network is now being continuously monitored for any suspicious activities.
• Completed Windows 11 Project which consisted of upgrading all laptops and desktops with the only exception being the mobile data terminals utilized by the fire department.
• Completed the replacement of the uninterruptable power supply at the Recreation Centre. This upgraded infrastructure will improve the connection between the Recreation Center and Municipal Hall.
• Coordinated the completion of a National Institute of Standards and Technology (NIST) by a third party consultant. This project involved the assessment of the Township’s potential cybersecurity risks. A final report was delivered which identified gaps as well as a roadmap of remediation activities and the estimated costs and efforts associated with the work.
• Department staff successfully closed a total of 516 internal staff support calls during the period. While this figure represents a 29% increase over the previous reporting period, a percentage of this increase is the result of the automated onboarding and offboarding system now in place.
II. COMMITTEES
The Local Grant Committee met in February to review the 2024 grant applications. Based on the Committee’s funding recommendations, payments were issued in accordance with the 2024-2028 Financial Plan. Additionally, a report was presented at a Committee of the Whole meeting to facilitate discussion regarding the future of the Township’s local grant program.