REQUEST FOR DECISION
DATE: June 23, 2021 Report No. FIN-21-013
TO: Laurie Hurst, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:
Title
2020 Statement of Financial Information
End
RECOMMENDATION:
Recommendation
That Council receive and approve the 2020 Statement of Financial Information as attached to Staff Report FIN-21-013.
Body
RELEVANT POLICY:
Financial Information Act
STRATEGIC RELEVANCE:
This decision does not directly relate to any specific strategic priority or objective.
BACKGROUND:
Under the provisions of the Financial Information Act, the Township is required to prepare a Statement of Financial Information (“SOFI”) within six months of
the fiscal year end and make it available to the public. The Statement must contain, either through reference to the audited financial statements or through a separate schedule, the following information:
- remuneration and expenses for each elected member of Council;
- each employee with remuneration exceeding $75,000, plus expenses as well as a consolidated total for all employees below the $75,000 threshold;
- long term debt held by the Township;
- any severance agreements entered into during the year;
- payment of grants or contributions by the Township;
- suppliers receiving aggregated payments exceeding $25,000 as well as a consolidated total of all payments of $25,000 or less; and
- guarantee or indemnity agreements in place.
ISSUES:
1. Rationale for Selected Option
The Financial Information Act specifies the form and content of the Statement of Financial Information document. It also requires that it be approved annually by Council and the officer assigned responsibility for financial administration under the Local Government Act.
2. Organizational Implications
There are no organizational implications of this decision.
3. Financial Implications
There are no financial implications of this decision.
4. Sustainability & Environmental Implications
There are no sustainability or environmental implications of this decision.
5. Communication & Engagement
Once approved, the signed 2020 Statement of Financial Information will be added to the Township’s website for those wishing to view the final document. As well, the approved document will be submitted to the Province as required under the Financial Information Act.
ALTERNATIVES:
1. That Council receive and approve the 2020 Statement of Financial Information as attached to Staff Report FIN-21-013
2. That Council does not approve the 2020 Statement of Financial Information and request additional information from staff