REQUEST FOR DECISION
DATE: June 19, 2023 Report No. FIN-23-009
TO: Dan Horan, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:
Title
2023 First Period Financial Reporting
End
RECOMMENDATION:
Recommendation
That Council receive the 2023 First Period Financial Report as attached to Staff Report FIN-23-009.
Body
RELEVANT POLICY:
Financial Accountability and Sustainability
STRATEGIC RELEVANCE:
Good Governance
BACKGROUND:
Each municipal department is responsible for reviewing their financial results each month and communicating any concerns or coding errors. Three times per year, senior management is required to provide explanations for significant or unusual variances and these details were previously compiled and reported to Council.
This report, and the attached documents, represent a shift in that process. While the reporting frequency and the need for senior management review will remain unchanged, reporting templates have been developed to better illustrate the status of the various operating and capital projects as well as the overall operational results as compared to the approved budget.
Attached to this staff report are the following documents with results as of May 31, 2023:
- Operational Budget Variance Report
- Operational Project Variance Report
- Capital Project Variance Report
ISSUES:
Discussion:
Operational Budget Variances
Overall, operating financial results for the year are within expectations, with revenues and expenditures following general annual trends. It is important to note that not all revenues and expenditures occur evenly throughout the year and caution should be taken when interpreting the percentage of budget remaining columns in the attached documents which are provided only as a preliminary indicator of results to date.
Revenue
Tax Levies and Grants in Lieu
- Property taxes were levied late in May and the PILT application was submitted to the Federal Government...
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