Annual Financial Report 2020

CITY OF SURREY OVERVIEWS FINANCE DEPARTMENT

The Finance Department provides financial expertise, risk management, internal audit services and guidance to support all City operations. It delivers responsive services and innovative solutions to streamline processes and facilitate citywide gains in efficiencies. In addition to leading process improvements, it sets and maintains financial practices, policies, and standards. The Department’s core services include:

BUDGET This section prepares the City’s budgets and various financial reports for the Senior Management Team and Council to demonstrate public accountability. This group also monitors and analyzes expenditure and revenue trends throughout the fiscal year and assists other departments in achieving their financial targets. FINANCIAL REPORTING & COMPLIANCE Financial Reporting includes long-term financial planning, accounting and statutory financial reporting. This section is responsible for presenting an annual five-year financial plan which establishes financial and programming priorities. This group 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. REVENUE SERVICES The Revenue Services section is responsible for the billing and collection of property taxes and billing for annual, metered and district energy utility clients. Revenue Services administers property tax deferment programs and home owner grant applications in coordination with the Provincial Property Taxation branch. This section provides services at City Hall and is also responsible for collecting fees for dog licenses, false alarms, secondary suite fees and parking tickets. Revenue Services oversees Accounts Payable and Contract Administration; their responsibilities include prompt supplier payments and providing oversight for the administration of contract payments.

PROCUREMENT SERVICES Procurement Services coordinates the procurement of high-quality, cost- effective goods and services while ensuring all policies are followed and best practices implemented. The Procurement Services section follows applicable legislation and ensures appropriate public and competitive processes are applied. RISK MANAGEMENT SERVICES Risk Management provides consulting services to City departments on how to identify, plan for, and manage risks in their daily business.  This section provides service and expertise in the areas of 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 Payroll, Tangible Capital Assets, Accounts Receivable, Investments, Letters of Credit and Banking and Payment processing. Staff monitor cash flow and invest funds for maximum return while minimizing risk and adhering to the City’s Investment Policy. They ensure that staff are paid accurately and oversee billing and prompt collection of receivables. This group is responsible for the City’s relationship with its financial institution and credit/debit card payment processor. Treasury Operations oversees the recording and financial reporting for the City’s vast inventory of capital assets and is responsible for consolidation accounting for the City’s subsidiaries.

2 0 2 0 A C C O M P L I S H M E N T S • Revised taxation and utility collection timelines to accommodate financial needs of the community in response to COVID-19. • Introduced online remote payment options to reduce in person traffic to City Hall during the COVID-19 pandemic. • Initiated a review of Enterprise Risk Management (“ERM”) best practices to explore opportunities to improve how the City is proactively managing its portfolio of risks.

• Started a review of the City’s Cash Handling Policy, including the guidelines for handling cardholder data and the cardholder data protection policy to ensure compliance with current best practices. • Reviewed property and liability insurance contracts with insurance providers to obtain competitive rates and coverages. • Continued to track accounts receivable key performance indicators to better focus collection efforts. • Initiated corporate training sessions on best practices related to the purchasing card (P-Cards) documentation process.

• Implemented the Fixed Asset Module in our Financial Management System to replace the existing system and improve efficiencies and reporting. • Integrated the City’s capital budget management and reporting with the City’s financial management system. • Developed a financial forecasting model and tools to report timely information in order to ensure financial stability during the impacts of the COVID-19 public heath orders, including managing cashflow and liquidity requirements as well as providing support to the Emergency Operations Centre (EOC).

• Provided a risk-based framework and reporting structure for the Climate Adaptation Strategy. • Implemented an online application portal for residents seeking to differ their property taxes.

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