PERIOD REPORT
DATE: January 5, 2016 Report No. FIN-16-001
TO: Laurie Hurst, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:TITLE Financial Services and IT - 2015 Third Period ReportBody
The following is a report on the activities pertaining to the Financial Services and IT Departments from September 1, 2015 to December 31, 2015.
I. DIVISION ACHIEVEMENTS AND ACTIVITIES
1. Budgeting, Financial Reporting and Accounting Operations
* In preparation for the 2016-2020 Financial Plan, initial capital and operating budget submissions have been received from all departments and are being consolidated prior to review by Council.
* An upgrade to the Township's existing financial system was completed. This update will allow for improvements to transaction processing, analysis and reporting. As well, it will provide additional functionality for both the Payroll and Human Resource departments.
* Negotiated a new agreement with KPMG as the Township's auditors. This five year agreement will result in approximate total savings of $31,000. The year end requirements, reconciliations and analyses are being completed in preparation for the annual audit scheduled for March 2016. Interim audit work was completed in November.
* Year end physical inventory counts for Public Works and Parks & Recreation Departments have been completed.
* A Request for Proposals has been issued for the acquisition of budgeting software which will replace the existing system and provide improved reporting for the analysis of budget variances throughout the fiscal year.
* Timelines and deadlines for the completion of the 2015 Annual Report have been established.
2. Property Taxes
* Outstanding property tax reminder notices were mailed in November.
* As of December 31, approximately 96% of the property tax levy has been collected.
* All delinquent property taxes were collected prior to the September deadline and therefore no ta...
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