- Accounts Payable
- Financial Reporting
- Risk Management
- Treasury and Financial Services
- Contacts & Related Topics
The Finance Division is responsible for the financial well-being of the City, through the provision of effective and reliable financial advice, services and information to Council, staff and the public. Over $347 million is collected annually from various sources including property taxes, utility payments, service charges, and senior government grants. The Finance Department oversees the expenditure of these funds through the annual budget process.
In addition to collecting property taxes, which are administered by the City, the Finance Division is also responsible for collecting taxes for other authorities, including school taxes on behalf of the Richmond School District, B.C.Assessment, Municipal Finance Authority, Translink (transit) and Metro Vancouver.
Financial functions also include accounts payable, purchasing goods and services, controlling inventory, payroll, provision of property tax information, treasury services, budgeting, financial reporting, insurance, risk management and administrative
Related Topics: About Finance & Taxes
Handles all disbursements/payments on behalf of the City. This would include payment of invoices for goods and services received, prepayments, municipal contributions, contract holdbacks, expense disbursements, transfers, leases and recurring payments and refunds.
This section provides a wide variety of administrative assistance including clerical, specialized and technical support functions to the Director, Managers and staff of the Finance Division, scheduling meetings, workshop and travel arrangements, coordination of reports to Council/Committees, coordination of special projects, maintenance of the department's records management system in accordance with established rules, regulations and policies and responding to inquiries from the staff and public.
Budgets & Accounting
The Budgets & Accounting Sectionis responsible for the preparation, implementation and monitoring of the City's Operating, Utility and Capital budgets. The Section's focus is to administer these processes to meet the needs of the community, City Council and other City departments.
This section is also responsible for financial reporting to both internal and external customers that include City's financial statements and Annual Report.
In addition, the Budgets and Accounting Section is responsible for designing and implementing adequate financial controls for the City's accounting functions, thereby ensuring the integrity of all financial transactions. The Section, as part of its fiscal responsibilities, also produces the City's financial statements and Annual Report.
The Financial Reporting section are responsible for preparation of the City’s annual financial statements, schedules and notes and managing the year-end audit. The section is responsible for overseeing the City’s adherence with generally accepted accounting principles, maintenance of the general ledger, chart of accounts, tax regulations, and all accounting research work
The Payroll Section administers the pay function for City and Library employees in accordance with various collective agreements and policies which are in effect. As at March 1, 2013 there are currently 1,972 employees on the payroll system, divided into the above groups.
- CUPE Local 718 (City Inside employees) ... 1058
- CUPE Local 394 (City Outside employees) ... 412
- IAFF Local 1286 (Fire Fighters) ... 214
- CUPE Local 3966 (Library employees) ... 123
- Exempt employees ... 151
- Elected Members of Council (indemnities) ... 9
- Library exempt employees......5
The Purchasing Section purchases and secures materials, supplies, equipment and services required by the City including contracts for all non-inventory items, construction contracts and consulting services.
Related Topics: Tenders, Quotations and Proposals
The Risk Management section supports the organizations identification, managing, controlling or transferring of risks associated to the City's assets, programs and operations and ensures that accidental losses are effectively managed and funded.
The Stores section purchases and maintains all inventory requirements and associated products for Public Works operations including automotive and garage-related supplies.The City's central stores is located at 5599 Lynas Lane
The Tax Section is responsible for administering the collection of City revenues, including property taxes; annual residential utility (water, sewer, garbage/recycling) charges and metered utility billings; grants-in-lieu of taxes; provincial homeowner grants; local improvement charges; and the payment of taxes collected for other taxing authorities.
This Section provides information to the public regarding property assessments, property taxes, utility charges, account balances and property tax deferment.
Related Topics: Homeowner Property Information
Treasury and Financial Services
The City has established guidelines and procedures within the framework of the Community Charter for the placement of City funds. Council has endorsed an investment policy which identifies the advancement of fiscal strategies, policies and procedures related to investments which enhance the professional management of the City's financial resources.
The Treasury Services Section effectively manages highly cyclical cash flows ensuring adequate funds are available to fulfill the strategic plans and initiatives undertaken by the City. Additionally, all sources and inflows of revenues are identified and allocated to key capital projects. Technological efficiencies introduced over the last few years have enabled the Treasury Services Section to streamline procedures and offer value added services to customers.
The role of Treasury Services is to ensure that the City enjoys a competitive rate of return on investments. This rate of return is compared on a regular basis to other municipal and industry benchmarks. The Treasury Services Section works in collaboration with other service Sections within the Business & Financial Services Department to ensure the fiscal responsibility and stewardship of the City's assets.
- About Finance & Taxes
- Tenders, Quotations and Proposals
- Homeowner Property Information
- Annual Reports