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Finance & Corporate Services

Finance

The Finance Department 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. Revenues exceed $575 million 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 Department is also responsible for collecting taxes for other authorities, including School Taxes, 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, financial planning and analysis, financial reporting and administrative services.

Related Topics: About Finance & Taxes

Accounts Payable
The Accounts Payable Section is responsible for making payments on behalf of the City. Accounts Payable include all amounts due and owing by the City, except payroll expenses. All City accounts shall be paid by the negotiated due date, after the proper invoice has been submitted and receipt of acceptable materials or services has been verified.

Administration
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 Department, 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.

Financial Planning and Analysis
The Financial Planning and Analysis section is responsible for the preparation of the five-year financial plan. This plan consolidates the City's Operating, Utility and Capital budgets. The section's focus is to monitor the budgets and administer processes to meet the needs of the community, City Council and other City divisions.

Financial Reporting
The Financial Reporting section is responsible for preparation of quarterly reports, year-end reports, financial statements and annual reports. This section also provides analysis and support to co-ordinate corporate-wide initiatives such as business planning and other strategic initiatives.  

Related Topics: Annual Reports

Financial Systems
The Financial Systems Section focuses on increasing operational efficiencies and improving internal financial controls. The Section streamlines the way staff uses the organization's automated financial systems by finding solutions to business process issues. Financial Systems contributes change management and project management expertise to process improvement initiatives and system implementations.

Payroll
The Payroll Section is responsible for the accurate and timely preparation of employee pay in accordance with Federal and Provincial legislation, WCB and various collective agreements and City of Richmond policies. The section is also responsible for the remittance and reporting of statutory deductions, preparation of T4's and Record of Employment, as well as remittance and reporting of other non-statutory deductions including pension and union dues.

Purchasing
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

Stores
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.

Tangible Capital Assets
The Tangible Capital Assets section is responsible for the preparation and the administration of the annual capital budget and the capital budget amendment process. This section maintains the asset sub ledger with a net book value of over $2.5 billion and prepares the quarterly capital project report for Council.

Taxes
The Tax section is responsible for administering the collection of City revenues, including property taxes, flat rate and metered utility (water, sewer, garbage/recycling) charges; grants-in-lieu of taxes; local improvement charges; and the payment of taxes collected for other taxing authorities. This section also prepares and conducts the annual tax sale auction to recover unpaid taxes and 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 Treasury Services Section effectively manages highly cyclical cash flows ensuring adequate funds are available to fulfil the strategic plans and initiatives undertaken by the City. Additionally, all sources and inflows of revenues are identified and allocated to key capital projects.

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 Finance and Corporate Services Division to ensure the fiscal responsibility and stewardship of the City's assets.

Contacts and Related Topics 

Contacts: Finance

 

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