Finance

$64,057,832

General Revenue Fund - Operating

Carol Teschner, MANAGER

What We Do…

Finance Staff perform all accounting and treasury functions and alsoprovide the day to day customer service operations of cash payments, invoice and utility bill payments and liaison with customers and suppliers.

Staff also contract financial and administrative services to the Sterile Insect Release Board, and the Okanagan Basin Water Board.

2017 Highlights

¢ Audited Financial Statements for RDCO, Central Okanagan Regional Hospital District, SIR, and OBWB completed on time with clean audit reports. Internally created year end financial statement using Caseware, resulted in reduced audit fees and increased efficiencies .

¢ 2017-2021 Financial Plan completed for Regional District Central Okanagan ($64 million), Central Okanagan Regional Hospital District ($22 million), and the Sterile Insect Release Board.

¢ 2019 Okanagan Basin Water Board Financial Plan also completed.

¢ Continued to facilitate the option to receive utility bills via e-mail to reduce mail costs and reduce paper waste.

¢ Worked with other Departments to streamline processes such as:

- Dog Licensing payments, and renewals of licenses via the new Dog Control App.

- Making Alarm Control Fees payments and Renewals easier and more user-friendly.

¢ Met all deadlines for Government and Gas Tax Reporting.

¢ Staffed the Emergency Operations Centre and provided financial reporting during freshet and several wildfires. Processed multiple EMBC Claims ensuring monies were reimbursed to the Regional District as quickly as possible.

$15,968,838

$4,629,004

$1,550,078

All Capital Funds

Sewer Revenue Fund - Operating Water Revenue Fund - Operating

¢ Preparing for 2018 Budget process. This process includes beginning further work on Asset Management analysis relating to reserve levels.

¢ Migrated to hosting online payments.

¢ Use of Electronic Funds Transfer (EFT) payments increased to reduce accounts payable costs, and paper cheque printing, and to improve service

¢ Continued improvement of internal controls and cross training to reduce risks and vulnerability.

2018 Initiatives

¢ Continue to support organization accountability for staff and management via the budget and financial reporting process.

¢ Incorporate strategic plan into the Five Year Financial Plan and reporting and work toward better understanding and improvement of:

- Corporate accountability

- Individual accountability

¢ Continue review of Internal Controls and policies

¢ Migrating to a paperless filing system.

¢ Continue working with Departments to develop Asset Management Program to review and refine current asset maintenance and replacement plans to reduce future funding requirement impacts on taxpayers.

¢ Review financial applications with the current computer system and implement improvements to ensure best utilization of resources so that future needs will be met.

¢ Continue to streamline processing, allowing staff to handle increased volumes with existing staff resources