City of Surrey's 2021 - 2025 Financial Plan

FINANCE

ECONOMIC PROSPERITY & LIVELIHOODS

• Continue to manage the City’s investment portfolio to maximize yield while maintaining safety and liquidity of investments; • Secure the required Provincial approvals and obtain external borrowing through the Municipal Finance Authority of BC (“MFA”) to fund three major projects in the 2021- 2025 Five Year Capital Financial Plan; and • Implement a process of demand planning for Procurement services by collaborating with business leads to forecast goods and services that they expect to procure to prepare for upcoming solicitations.

EDUCATION & CULTURE

• Create a draft framework and decision matrix for corporate and departmental risk tolerance with input from senior managers; • Use survey tools to conduct a survey targeting all internal/external stakeholders that utilize Procurement Services for gauging customer and contractor satisfaction; • Implement Time Entry Enhancements for improved user experience and standardization of rules; • Create a Finance Cost Recovery Guide for emergency event claims;

• Conduct at least 3 training sessions for staff on risk management and claims processes; • Explore D3M capabilities to develop graphical operating and capital budget reports for City departments; and • Conduct a continuous improvement process on Claims Management with the goals to improve efficiency, increase productivity, reduce the time to close files and positively impact the total cost of managing risks.

CORPORATE SUSTAINABILITY

• Publish the 2020 Annual Financial Report meeting all legislated and Public Sector Accounting Board standards and requirements; • Continue to find opportunities for collaborative procurements by simplifying and standardizing similar requirements to achieve value for money for various departments in the City; and • Continue to assist with the transition of Surrey City Development Corporation (“SCDC”) activities and assets to the City and fulfill all regulatory and audit requirements.

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

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