TOWNSHIP OF ESQUIMALT MEMORANDUM
MEETING DATE: October 7, 2024 Report No. FIN-24-017
TO: Council
FROM: Ian Irvine, Director of Financial Services
SUBJECT: Financial Reporting and Analysis
INFORMATION:
The purpose of this report is to provide Council with interim financial information and variance analysis for the seven month period ended July 31, 2024.
Monthly financial reports are provided to the various internal departments to facilitate their review and analysis based on the approved budget and the knowledge of their operations. While some operations are cyclical in nature and some transactions occur later in the year, these reports provide valuable information for departments to identify any variances or coding errors and allow them to forecast for the remainder of the fiscal year.
During periods that align with the period reports, departments are required to provide their comments and updates regarding their financial operations as well as the status of their supplemental operating and capital items. Based on these departmental submissions, consolidated financial information and variances are summarized in the documents attached to this memorandum.
REVIEWED BY:
1. Deb Hopkins, Director of Corporate Services, Reviewed
2. Dan Horan, Chief Administrative Officer, Concurrence
LIST OF ATTACHMENTS:
1. Variance Analysis Summary
2. Operating Budget Variance Report
3. Operational Project Variance Report
4. Capital Project Variance Report.