2018 Annual Financial Report

CITY OF SURREY OVERVIEWS FINANCE DEPARTMENT

The Finance Department provides financial expertise, risk management, internal audit services and guidance to support all City operations. In addition to leading process improvements, it sets and maintains financial practises, policies and standards. The Department’s core services include:

BUDGET Prepares the City’s budgets and various financial reports for the Senior Management Team and Council. This section also monitors and analyzes expenditure and revenue trends throughout the fiscal year. FINANCIAL REPORTING & COMPLIANCE Financial Reporting includes long-term financial planning, accounting and statutory financial reporting; responsible for presenting an annual five-year financial plan. The Financial Reporting section also keeps management and Council informed about the City’s financial performance on a quarterly basis, ensuring the City meets its annual budget and targeted savings. PROPERTY & PAYMENT SERVICES Property & Payment Services is responsible for billing and collection of annual and metered utilities, district energy, dog license fees, false alarm fees, secondary suite fees, parking tickets, property taxes, home owner grants, and tax certificates.

PROCUREMENT SERVICES & CONTRACT MANAGEMENT Procurement Services coordinates the procurement of high quality, cost-effective goods and services, while ensuring all polices are followed. They follow applicable legislation and ensures appropriate public and competitive processes are applied. Contract Management provides guidance for the management of all contracts and supplier performance tracking. RISK MANAGEMENT SERVICES Risk Management provides service and expertise in risk identification and treatment, insurance, claims, litigation and loss control. By incorporating effective Risk Management practices, the City is able to identify, manage and reduce the overall cost of risk. TREASURY OPERATIONS Treasury Operations includes Accounts Payable, Tangible Capital Assets, Accounts Receivable, Investments, Letters of Credit and Banking and Payment processing. This group nurtures the City’s relationship with its financial institution and credit/debit card payment processor and also assists City departments in obtaining securities by way of Letters of Credit. Treasury Operations oversees the City’s vast inventory of capital assets and consolidates accounting for the City’s subsidiaries.

2 0 1 8 A C C O M P L I S H M E N T S • Completed two External Business Community Outreach Workshops: Surrey Board of Trade and Fraser Valley Local Business Information Expo.

• Provided risk management advice to the Coastal Flood Adaptation Strategy as a member of the advisory committee. • Provided a risk based framework and reporting structure for the Climate Adaptation Strategy. • Transitioned majority of contract suppliers from cheque to electronic fund transfer payments. • On average, 20% of Financial Management System accounts receivable invoice payments now received through MySurrey portal since introduction of the online payment portal one year ago. • Moved 80% of payments from printed cheques to EFT payments. • Implemented an in-depth training program with a customer service focus with a goal to minimize escalations to management. • Implemented dog license e-billing.

• Updated the file format of the BCA Data Advice and created a new file processor. • Developed the Financial System by upgrading the processes, adding increased functionality, and continuing with overall process efficiencies. • Completed evaluation to ensure that all systems, controls and processes in place continue to function at optimal levels in calculating and applying taxes, levies and charges correctly. • Standardized the process of salaries budget preparation and will further work on improving the budget template in 2019. • Completed evaluation process to comply with Trade Agreement obligations. • Streamlined the quarterly reports to Council by making them more informative and focused the economic section information on Surrey and BC rather than national and global.

• Worked with Corporate Security in conducting threat analysis for facilities, staff and events.

• Reviewed and actioned any threat analysis information provided by the RCMP.

• Continued to utilize a collection agency to ensure efficient revenue collection and the reduction of bad debts.

• Tracked accounts receivable key performance indicators to better focus collection efforts.

• Completed the Request for Proposal process for banking services and awarded a contract to the City’s lead financial institution. • Successfully defended the City at the Court of Appeal against a catastrophic brain injury claim.

11