City of Surrey's 2021 - 2025 Financial Plan

FINANCE

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 and also assists City departments in obtaining securities by way of Letters of Credit. 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.

2020 ACCOMPLISHMENTS

INCLUSION

• Revised taxation and utility collection timelines to accommodate financial needs of the community in response to COVID-19; and • Introduced online remote payment options to reduce traffic flow to City Hall during the pandemic.

PUBLIC SAFETY

• Implemented a hazard inspection process for public facilities; • 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; and • Conducted 18 facility inspections and briefed Civic Facilities and Operations on results.

City of Surrey | 2021—2025 Financial Plan | General Operating Fund | Finance

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