Page 35 - Annual Report - Final - Spread - June 2019

YOUR

FINANCE DEPARTMENT

The Finance Department maintains the City’s high standard of financial management by
providing citizens, elected officials, staff, and vendors with professional service through
the collection and disbursement of funds, financial reporting, and management of assets.
The department also oversees the City’s expenditures through the annual budget process
and expenditure policies.

FUNDING THE FUTURE
In 2018, a $550,000 grant was awarded from the
General Strategic Priorities Fund for the design
and implementation of a Strategic Asset Management
Plan. The ‘Plan’ will outline why new assets, or
upgrades to existing assets, are required, provide
detail on how the City intends on continuing to
deliver services by relying on safe and reliable
assets, and outline how the required investments
will be funded so as to remain financially sustainable.

NURTURING
SMART, SECURE INVESTMENTS

In 2018, the department revised its Investment
Policy to expand reserve fund investments so as to OUR ASSETS
include fully insured credit unions. This approach
allows the City to take advantage of attractive
rates of return without increasing risk to capital. 2018 was a year of change for the Finance department. There were two key retirements,
Revenue gained through this smart investment Deputy Director of Finance and the Purchasing Clerk, followed by the hiring of a new Deputy
strategy is rolled back into the Reserve Fund - Director of Finance and shuffling of positions within the department. These and other
which houses 11 key reserves - and held for future changes have helped create efficiency with the City and improved customer service
projects and initiatives. delivery for the citizens of Port Alberni.
In 2019, the department will lokk to continue its work revising and enhancing the Five-
Year Financial Plan reporting process to further encourage transparency and build
understanding among citizens. They will also work to improve and promote the City’s
online service software making financial exchanges between the City and its citizens
less cumbersome and continue with the sustainability billing model for water and sewer.
BRINGING THE CITY HOME
The department will also lead implementation of the new Strategic Asset Management Plan.
The Finance Department in coordination with IT
continues to enhance customer service with The ‘Plan’ will align with the organizational objectives set in the Strategic Plan and be con-
upgrades to the City’s online services. Providing sistent with the condition, performance and capability of both the asset portfolio (the city-
customers with the ability to claim home owner owned infrastructure) and the systems by which the City manages the portfolio.
grants, apply for business licences, pay for tick-
ets, sign-up for electronic billing or review their INTERESTING FACT. DID YOU KNOW?
accounts from the comfort of their own home.
The City’s Finance Department has won the The City is required by the Province to collect
Canadian Award for Financial Reporting for 25 taxes on behalf of other taxing authorities.
consecutive years!

34 ANNUAL REPORT - 2018/2019 ANNUAL REPORT - 2018/2019 35