President’s Message

in this issue

President’s Message 2

Executive Director’s Message 4

Membership Renewal 5

Program Overview 6

GFOABC Online Forum 7

The Way You Purchase Group Benefits Influences How Much Your Plan Costs 9

CRD Budget 12

The Long-Term Economic Sustainability of Your Municipality Will Benefit from a Climate-Risk Strategy 13

How a Court Extended the Right of an Owner to Challenge a Tax Sale 14

Inflation and Interest Rate Outlook 16

Perspectives on PS 3280 Asset Retirement Obligations 17

Member Spotlight 18

Collectors’ Corner 19

Quarterly Question Results 20

Quarterly Question 20

Thank You Exhibitors 21

Thank You Sponsors 22

president’s message

The role of the Finance Officer is always changing, introducing new challenges that we address by adopting new practices, strategies and plans. As 2022 ends, I reflect on the opportunities and challenges we encountered as finance professionals in 2022 and what rests ahead for us, in 2023.

Finance Officers are preparing for implementation of the new Asset Retirement Obligation standard. To prepare our members, GFOABC held multiple interactive ARO workshops. These sessions were well attended and offered us the tools required to adopt the necessary policies, procedures and workplans for successful implementation.

The global pandemic officially ended, and we entered a new phase of managing its impacts. In 2022, we encountered challenges with retaining and recruiting staff which impacted workplans and projects across our municipalities. We continue to see economic uncertainty in the market which is impacting project budgets and timelines. As finance professionals we are being forced to find innovative ways and strategies to lead our organizations through this economic reality. Many municipalities are grappling with the aftermath of devasting fires and floods that have changed the landscape of communities and the lives of their residents. Finance officers continue to work with higher levels of government and locally to rebuild and address these unsurmountable events going forward. To do this effectively it takes strong collaboration within our local governments.

GFOABC’s Strategic Financial Leadership program is set to be released after significant consultation with our members. This program could not come at a better time and will provide our members with the tools required to offer strategic leadership to their organizations during a time of such uncertainty. This 10-month, cohort-based program, is a blend of in-person workshops, virtual meetings, one-on-one executive coaching, self-guided learning, and cohort collaboration. The program will help participants develop

leadership competencies, build relationships, and make a bigger impact on their organizations and their communities.

With the knowledge our members have gained through experience working in communities, GFOABC is confident that participants will leave the program with the necessary skills to meet today’s challenges. The board values the contributions from our membership and sponsors to help us ensure that the curriculum is relevant and appropriate for financial leaders. GFOABC is currently accepting expressions of interest for this program.

I wish you all the very best this holiday (and budget and audit) season and look forward to seeing you all in 2023..

Nyla Attiana, GFOABC President

Board of Directors

President, Nyla Attiana Vice President, Rianna Lachance Secretary-Treasurer, Talitha Soldera Past President, Lorraine Coughlin

Directors at Large

Julia Aspinall, City of Vancouver Shelley Hah, MFABC Kathy Humphrey, City of Kamloops Elio Iorio, District of North Vancouver Lenora Lee, KPMG

Staff

Kala Harris, Executive Director Jason Tollman, Manager, Member Services & Communications Stephanie Kast, Manager, Professional Development & Education Gerilee McBride, Graphic Design