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A peak into the vault: Annual state of City finances to be delivered

Timothy Schafer
By Timothy Schafer
September 18th, 2011

The annual report on the state of the City of Nelson will be delivered Monday night to the public as the City’s new chief financial officer offers up insight on the City’s cash concerns.

Colin McClure will be meeting with City council in an open committee of the whole meeting (7 p.m.) to present the 2010 annual report, giving “clear understanding of the financial position and financial activities of the City.”

It is a requirement of the Community Charter that council provide and approve the annual report. The report contains three sections:

  1. Introductory section: providing an overview of the City, including the organizational structure, and the nature and scope of the services provided;
  2. Financial section: presenting the 2010 audited financial statements, notes, supplementary schedules, and the independent auditors’ report;
  3. Statistical section: presenting a variety of statistical and financial information, mostly on a five-year comparative basis.

The report was produced by the Finance department with contributions from all the other City departments and related organizations. The annual report was made available to the public, posted on the city website and advertised.

Nelson Urban Trappers

On behalf of the Nelson Urban Trappers, Mike Roch and Justin Willans, have requested an audience with council to provide an overview of their services assisting residents with problem skunks and raccoons.

A description of the present pest populations in Nelson will be provided along with recommendations for the future.

Nelson Public Library update

June Stockdale, chief librarian and Dianne Harke, Library board chair, have requested an audience with council to provide a year-to-date update of the participation of the regional district, the new strategic plan and new logo.

BC Transit

BC Transit’s Kevin Schubert, regional transit manager, and Rodi De Vuono, fleet/transit manager, have requested an audience with council to provide a Transit Service Update.

Special meeting after the COW meeting

Three items are on the list for the special meeting:

  1. Transit – Adoption
  2. 2010 Financial Reports – Adoption
  3. 2010 SOFI Report – Adoption

Annually, all local governments must prepare a Statement of Financial Information (SOFI) in accordance with the Financial Information Act Legislation.

The SOFI Report is to be presented to council for acceptance and approval before the report is submitted to the Ministry of Community, Sport and Cultural Development.

The information contained in the SOFI is required under the Financial Information Act and has been prepared by management in accordance with generally accepted accounting principles.

Management is responsible for all the statements and schedules and for ensuring that this information is consistent, where appropriate, with the information contained in the financial statements

By legislation the SOFI must include:

  • Statement of Financial information Approval
  • Management Report
  • Financial Statements
  • Schedule of Debts
  • Schedule of Guarantees and Indemnities Agreements
  • Council Remuneration
  • Staff Remuneration (detail for those employees who earn over $75K)
  • Statement of Severance Agreements
  • Schedule of Payments made for the Provision of Goods or Service

The Consolidated Financial Statements, which are included in the SOFI, were presented to Council for approval as part of the 2010 Annual Report on September 19, 2011.

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