2016-2020_Financial_Plan_Web

Finance &Technology

FUTURE INITIATIVES

ECONOMIC  Develop an analysis tool that measures “triple bottom line” accountability;  Perform annual review of current policies;  Continue to manage debt;  Ensure sufficient reserves for equipment replacement costs;  Maintain sound purchasing practices and finalize the revamped Purchasing and Process Manual and roll it out corporately with related training sessions;  Maximize return on investment portfolio while adhering to all governing policies and legislation;  Broaden operating revenue sources to provide for growth–related needs;  Assist other departments in obtaining government grants; ENVIRONMENTAL  Continue to reduce departmental energy consumption and waste;  Continue to promote Financial E- Services such as e-billing, invoice submission, electronic fund transfers;  Encourage staff to make one sustainable process improvement each year;  Implement a paperless claim system;  Educate staff about environmental issues;  Implement an electronic content management system;  Encourage vendors to submit invoices and make bid submissions via email in order to minimize paper usage;

 Continue to promote auto debit as a payment method for metered utility clients and explore other electronic payment options;  Prepare and publish financial statements garnering an unqualified audit opinion and address all audit findings;  Continue with releasing the Annual Corporate Audit Plan;  Conduct special audits as directed by the Senior Management Team, Audit Committee, and City Manager;  Review select financial streams to assess controls and provide recommendations for improvement;  Provide expert internal audit services to other Municipalities; and  Take proactive measures to ensure  Include an appropriate sustainability criteria into our solicitations to facilitate and promote corporate sustainability with our external stakeholders;  Minimize the number of hardcopies printed for various financial documents, including the Annual Financial Plan and Financial Statements;  Represent Finance in working with the Sustainability office to update the Sustainability Charter; and  Explore the use of digital signatures for City contracts and amending agreements. City systems have accurate and complete financial information.

2016-2020 FINANCIAL PLAN

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