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 ...
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