City of Surrey's 2024 Annual Financial Report

CITY OF SURREY OVERVIEWS FINANCE DEPARTMENT

To provide expert advice, services and innovative solutions in the areas of Financial Management and Reporting, Taxation, Procurement, and Internal Audit Services with a focus on the City’s values to provide “An Innovative Team Serving the Community with Integrity”.

FINANCIAL PLANNING AND ANALYSIS Prepares the City’s operating and capital budgets and quarterly financial reports. It reviews various corporate reports for the Senior Management Team and Council. It also monitors and analyzes expenditures and revenue trends throughout the fiscal year and provides long-term financial planning. In addition, it provides assistance to other departments in achieving their financial targets by providing periodic variance analysis reports, thereby ensuring the City meets its annual budget. FINANCIAL REPORTING Responsible for preparation of annual audited financial statements and statutory financial reporting. This division is also responsible for presenting an annual Five-Year Financial Plan which establishes financial and programming priorities. PAYROLL Responsible for ensuring that City employees receive their wages accurately and on time, and with the correct deductions and necessary withholdings. Payroll is also responsible for remitting any withholdings or deductions on behalf of employees to the appropriate authorities. INTERNAL AUDIT AND COMPLIANCE Responsible for examination and evaluation of financial and non financial processes and programs across all City departments with the purpose of providing an independent and objective opinion on processes and the control environment (comprising governance, risk management, and internal control) by evaluating their effectiveness in achieving City objectives.

PROPERTY & PAYMENT SERVICES Responsible for the billing and collection of the City’s property taxes and related charges, annual utilities, metered utilities, and district energy utility charges. They also process and collect fees for dog licenses and secondary suites. In addition, Property and Payment Services is responsible for staffing the City Hall’s welcome desk and front counter payment services, including at the City’s main works yard building. PROCUREMENT SERVICES & ACCOUNTS PAYABLES Coordinates the procurement of high quality, cost-effective goods and services, while ensuring all City polices are followed and best practices implemented. This section follows applicable legislation and ensures appropriate public and competitive processes are applied to achieve optimum value. It provides professional expertise in the areas of Purchasing, Supply Chain Management and Contract Administration. TREASURY SERVICES Responsible for treasury functions including investments, accounts receivable, banking and electronic payment processing, bank reconciliations, and letters of credit management. This section monitors and forecasts cashflows and invests funds in a prudent manner, providing investment returns and long-term security while meeting daily operational liquidity needs. This section is responsible for the City’s relationship with its financial institution, credit/debit card payment processor and collection agency. FINANCIAL SYSTEMS Responsible for maintaining, troubleshooting, and optimizing financial systems to support accounting, reporting, and transaction processing. Key duties include user support, system configuration, data integrity monitoring, and resolving integration issues. This section also coordinates with internal departments and vendors for system updates and enhancements. This section is essential in ensuring financial processes run efficiently, comply with organizational policies and industry regulations, and support overall business operations.

2024 ACCOMPLISHMENTS

• Continued to reduce the number of paper cheques issued by the City through increased enrollment for electronic fund transfers, reducing paper waste and the carbon impacts of mail delivery • Increased submission of digital invoices to the accounts payable section by 14.3% from 2023 to 2024, reducing paper usage and the need for physical storage, saving both trees and energy

• Completed the implementation of a debt and reserve forecasting software application which will provide a tool to guide decision making on the usage and management of reserves and debt to fund City programs • Continued to develop a capital funding strategy to delivery community infrastructure while managing borrowing requirements

• Implemented Public Sector Accounting Board ("PSAB") accounting standards PS3400 (Revenue) and PS3160 (Public Private Partnership) to improve transparency and disclosure in the financial statements

• Continued to develop the Financial Management System by upgrading

processes, adding increased functionality, and continuing with efficiency-enhancing initiatives

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