Staff Report: Statement of Financial Information & Annual Report for Year Ended December 31, 2013

TOWN OF VIEW ROYAL COUNCIL REPORT

TO: Council
DATE: July 9, 2014
FROM: Jennifer Cochrane, Executive Assistant
Jeannie Beauchamp, Director of Finance
MEETING DATE: July 15, 2014

STATEMENT OF FINANCIAL INFORMATION & ANNUAL REPORT FOR YEAR ENDED DECEMBER 31, 2013

RECOMMENDATION:

THAT the Statement of Financial Information for Year Ended December 31, 2013 be approved;

AND THAT the Annual Report for Year Ended December 31, 2013 be adopted.

CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:

I concur with the recommendation.

DIRECTOR OF FINANCE’S COMMENTS:

I concur with the recommendation.

PURPOSE OF REPORT:

To present the Statement of Financial Information (SOFI) as well as the Annual Report for Year Ended December 31, 2013 for final approval and adoption.

BACKGROUND DISCUSSION:

The Financial Information Act requires every local government in British Columbia to submit a Statement of Financial Information to the Ministry of Community, Sport and Cultural Development each year.

The Community Charter requires municipalities to prepare annual reports each year.

The Annual Report contains both an “Administrative” portion that outlines the Town’s highlights and major projects for 2013, shows the progress on our 2013 municipal goals and objectives and gives insight into plans for 2014; and a “Financial” portion which contains the SOFI report and financial statements for 2013.

The SOFI and Annual reports were received by Council at the meeting on July 2, 2014. Since then, the combined draft Annual Report has been advertised and made available to the public for review and comment. Based on feedback, minor changes have been made and are reflected in this final version of the Annual Report. Council is now in a position to officially approve the SOFI and Annual reports.