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 p...
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