PERIOD REPORT
DATE: January 27, 2025 Report No. FIN-25-002
TO: Dan Horan, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:TITLE Financial Services and IT Departments - 2025 Third Period Report
Body
The following is a report on the activities pertaining to the Financial Services and Information Technology Departments from September 1, 2024 to December 31, 2024.
I. DIVISION ACHIEVEMENTS AND ACTIVITIES
1. Budgeting Accounting and Financial Reporting
* In preparation for the 2025-2029 Financial Plan, capital and operating budget information was submitted by each department. Financial information was reviewed and consolidated in preparation for presentation to Council during the first period of 2025.
* Interim audit work by the Township's auditors was completed during November. The year end requirements, reconciliations and analyses are being completed in preparation for the annual financial statement audit scheduled for March and April 2025.
* The ability to remit amounts to suppliers and other payees via electronic fund transfer was implemented. The timing of this initiative was accelerated due to the postal strike and the impact that had on the receipt of vendor invoices and the issuance of cheque payments. To date, approximately 40% of payees have been set up and this number will increase as future invoices are received.
2. Property Taxation
* As of December 31, 2024, more than 96% of all folios were paid in full and almost 92% of the total tax levy was collected. These numbers were slightly lower than previous years due to the postal strike and the inability to send reminder notices to all property owners with outstanding taxes.
* The total 2024 amount received from Public Works and Government Services Canada (PWGSC) for Property in Lieu of Taxes (PILT) was $31,604 more than the budgeted amount. This is impacted by the federal leases on the PILT properties that were not previously included in the 2024 applic...
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