Financial Services Department
General Manager, Corporate Services/Chief Financial Officer - Tina Perreault
Manager, Financial Services - Vacant
Financial Services provides financial reporting and internal controls, manages the assets of the Sunshine Coast Regional District (SCRD) and provides guidance for overall financial sustainabiity of the Regional District. The department is also responsible for:
- The budgeting process
- The 5-Year Financial Plan
- Accounts Payable
- Revenue and Accounts Receivable
- Financial Reporting and Statements
- Purchasing / Contracts
Financial Services facilitates / manages corporate-wide administrative services.
Financial Sustainability in the Strategic Plan
"Financial Sustainability is the degree to which a government is capable of funding the service needs of its community, including the management and maintenance of assets; ability to cope with contingencies that arise, without making radical changes to spending, or revenue raising; ability to effectively manage risks; and avoid financially disadvantaging future generations."
Values: "Use tax dollars prudently, supporting services that benefit residents of the region, and maintain transparency in financial reporting."
Goal: "To provide leadership in financial sustainability so residents and businesses can continue to receive high quality responsive service and to provide a legacy for future generations."
The Local Government Act states that "a regional district must have a financial plan that is adopted annually, by bylaw, by March 31. The planning period for a financial plan is 5 years, that period being the year in which the plan is specified to come into force and the following 4 years." The financial plan bylaw consists of an operating plan and a capital plan.
Financial Reporting is divided into external and internal requirements. The external reporting follows the requirements of public entities such as the federal or provincial governments and the Public Sector Accounting Board of the Canadian Institute of Chartererd Accountants. Grants are applied for by applicable departments, Financial Services tracks the funds as they are awarded and holds the funds in reserves until they are required by the applicable department. Rural Areas Grants-in-Aid is provided to non-profit societies / organizations which benefit the community.
- Statement of Financial Information (SOFI) which includes financial statements, and reports on vendors, salaries, expenses, severance, and contractural obligations
- Annual Report
- Local Government Data Entry (LGDE) to collect annual financial statements and statistical data
- GST and PST remittances and reports
- Public Sector Accounting Board (PSAB) requiring the use of Generally Accepted Accounting Principles (GAAP) for local governments
- Asset Accounting (Tangible Capital Assets (TCA) according to PSAB)
- Statistics Canada
- Union of British Columbia Municipalities (UBCM) for grants reporting.
- Revenue and Expenditure (R&E) statements
- Aged trial balances of customer accounts receivable
- Project costs
- Equipment costs
- Schedules of debt outstanding
- Account reconciliation
- Internal allocations (e.g. standard journal entries, internal interest, etc.)
- Ad hoc reports for committees / commissions.