City of Surrey's 2021 - 2025 Financial Plan

FINANCE

ECOSYSTEMS

• 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; • Continued to implement digital processes to reduce time and paper in contract payment process; and • Implemented an online application portal for residents seeking to defer their property taxes.

ECONOMIC PROSPERITY & LIVELIHOODS

• Initiated a debt utilization and management guideline as a tool to guide decision making on the usage and management of debt to fund City Programs; • Reviewed property and liability insurance contracts with insurance providers to obtain competitive rates and coverages; • Initiated a review to explore the balance of Residential tax vs. Business tax with a view to determining if the respective ratio is appropriate and/or if it requires changes as per direction from Mayor & Council; • 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; • Conducted research for the Mayor’s Innovative Revenue Generation Task Force with a primary goal of identifying innovative funding sources;

• Introduced data analytics auditing by utilizing a newly acquired auditing tool; • Conducted a detailed Insurance Reserve Analysis to identify ways to achieve optimum reserve balance; • Continued to develop a capital funding • 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 • Worked with Metro Vancouver's Regional Financial Advisory Committee (“RFAC”) to establish a commercial sub-class in the Assessment Act and permit splitting of future development potential from the existing use value. strategy to deliver community infrastructure while managing borrowing requirements;

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

171