Vancouver City Council |
ADMINISTRATIVE REPORT
Date: June 13, 2003
Author/Local: Terry Corrigan/
7225
RTS No. 03455
CC File No. 1503
Meeting Date: June 26, 2003
TO:
Standing Committee on City Services and Budgets
FROM:
General Manager of Corporate Services/Director of Finance
SUBJECT:
City of Vancouver 2002 Statement of Financial Information
RECOMMENDATION
THAT Council approve the City of Vancouver 2002 Statement of Financial Information for filing with the Ministry of Community, Aboriginal and Women's Services under the Financial Information Act.
COUNCIL POLICY
The Financial Information Act requires municipalities to prepare a statement of financial information by June 30 each year. The statement of financial information must be filed with the Ministry of Community, Aboriginal and Women's Services.
PURPOSE
The 2002 Statement of Financial Information (limited distribution - on file in the City Clerk's Office) is presented to Council for approval as required under regulations to the Financial Information Act.
DISCUSSION
Financial Information Act (FIA) requires that municipalities prepare a statement of financial information (SOFI) by June 30 each year. The SOFI must be in a form and contain information as prescribed by the Lieutenant Governor in Council. The SOFI must be filed with the Ministry of Community, Aboriginal and Women's Services as well be made available to the public.
Previously, the FIA regulations stipulated that the chief financial officer assigned responsibility for financial administration of the municipality was required to prepare and approve the SOFI. Prior to 2002, the Director of Finance for the City of Vancouver fulfilled the legislative requirements.
Regulations under the FIA were modified in 2002 as follows:
· Disclosure thresholds were increased for employee remuneration from $50,000 to $75,000 and for payments to suppliers from $10,000 to $25,000,
· In addition to the approval of the Director of Finance, the SOFI must also be approved by municipal council, and
· A management report signed by the Director of Finance must accompany the schedules.The 2002 SOFI contains the audited consolidated financial statements that were received and considered by the City Services and Budgets committee at its meeting on April 24, 2003. In addition to the audited consolidated financial statements, the report contains the following schedules:
· Schedules of Debts and Guarantee and Indemnity Agreements
· Schedule of Remuneration and Expenses;
· Schedule of Payments to Suppliers of Goods and ServicesCONCLUSION
The SOFI has been prepared from the financial records of the City in accordance with the FIA and regulations. Approval and filing of the 2002 SOFI will satisfy the City's legislative obligations under the FIA and regulations.
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