City of Surrey's 2024-2028 Financial Plan

DEPARTMENTAL OVERVIEW FINANCE

MISSION STATEMENT To provide expert advice, services and innovative solutions in the areas of Financial Management and Reporting, Taxation, Procurement, and Internal Audit Services with a focus on the City’s values to provide “An Innovative Team Serving the Community with Integrity”. KEY PROGRAMS AND SERVICES The Finance Departments provides financial expertise, advice, guidance and internal audit services to support all City operations. It delivers responsive services and innovative solutions to streamline processes and internal controls to facilitate City wide gains in efficiencies. In addition to leading process improvements, it sets and maintains practices, policies and standards. The Department’s core services include:

withholdings or deductions on behalf of employees to the appropriate authorities. INTERNAL AUDIT AND COMPLIANCE Responsible for examination and evaluation of financial and non-financial processes and programs across all City departments with the purpose of providing an independent and objective opinion on processes and the control environment (comprising governance, risk management, and internal control) by evaluating their effectiveness in achieving City objectives. REVENUE SERVICES Responsible for the billing and collection of property taxes, annual utilities, metered utilities, and district energy utility charges and levies.This section also collects fees for dog licenses, false alarms, secondary suites, and parking tickets. In addition, Revenue Services is responsible for Accounts Payable, which processes supplier invoices and timely payments, ensures supplier information is up to date, and reconciles supplier transactions.

FINANCIAL SERVICES, INCLUDING BUDGET AND ANALYSIS Prepares the City’s operating and capital budgets and quarterly financial reports. It reviews various corporate reports for the Senior Management Team and Council. It also monitors and analyzes expenditures and revenue trends throughout the fiscal year and provides long-term financial planning. In addition, it provides assistance to other departments in achieving their financial targets by providing periodic variance analysis reports, thereby ensuring the City meets its annual budget. FINANCIAL REPORTING Responsible for preparation of annual audited financial statements and statutory financial reporting. This division is also responsible for presenting an annual Five-Year Financial Plan which establishes financial and programming priorities. PAYROLL Ensures that City employees receive their wages accurately and on time, and with the correct deductions and necessary withholdings. Payroll is also responsible for remitting any

City of Surrey | 2024—2028 Financial Plan | General Operating Fund | Finance

181