City of Surrey 2020-2024 Financial Plan

FINANCE

• Conducted a detailed Insurance Reserve Analysis to identify ways to achieve optimum reserve balance; • Performed a detailed review of Engineering utility reserves and identify ways to achieve optimum reserve fund balances; Prepared and posted a Request for Proposal for purchase card services;

• Continued to utilize a collection agency to ensure efficient revenue collection and the reduction of bad debts; • Continued to track accounts receivable key performance indicators to better focus collection efforts; and • Amalgamated procurement agreements to gain efficiencies.

EDUCATION & CULTURE

• Continued training key staff on the financial system offering various sessions throughout the year, focusing on different areas of the system; • Completed a customer service training program with the goal of minimizing escalations to management; • Initiated corporate training sessions on best practices related to the purchasing card (P-Cards) documentation process; • Provided training sessions to internal staff on City procurement; and • Implemented a training and education initiative to increase collaboration and knowledge sharing between departments.

INFRASTRUCTURE

• Continued to implement the Fixed Asset Module in our Financial Management System to replace the

• Continued to develop the Financial System by upgrading the processes, adding increased functionality, and continuing with overall process efficiencies.

existing system and improve efficiencies and reporting; and

CORPORATE SUSTAINABILITY

Reporting Award for the 2018 Annual Financial Report Highlights; • Completed system evaluation to ensure that all controls and processes

Received the Canadian Award for Financial Reporting for the 2018 Annual Financial Report;

•

• Received the Distinguished Budget Presentation Award for the 2019-2023 Financial Plan; • Received the Popular Annual Financial

in place continue to function at optimal levels in calculating and applying taxes, levies and charges correctly;

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