City of Powell River’s finances are on track according to the city’s second quarter financial report.
New city chief financial officer (CFO) Kathleen Day presented a report on the city’s quarterly financial activity to the financial committee Thursday, July 28.
Quarterly financial reporting fits with council’s corporate strategic goals, she said.
“There is no legislative requirement to provide these reports,” said Day. “However, best practices for financial management and citizen engagement support this process.”
The reports, initiated in January by Day’s predecessor, interim CFO Corien Becker, have been well received by council.
“The quarterly reports are extremely helpful for council to stay informed on the ongoing financial management for the city,” said councillor Russell Brewer, financial committee chair. “Even more importantly, I’m hopeful they help us keep the public engaged and informed on financial matters outside the regular budget deliberation cycle.”
According to Day’s report, city revenue and spending are in line with projected budgeting.
Municipal property taxes were due July 4 and the city has collected 95.8 per cent of expected property tax revenue, which totals $15,593,319.
Spending on general government operations, transportation, environment and public health, and parks, recreation and culture are on budget, according to the report.
Spending on the city’s utility operations, water and sewer were slightly lower, but Day indicated some maintenance projects have yet to be started.
Spending for protective services was lower than budgeted, but the report indicated it was due to the timing of RCMP invoicing. The last payment was made ending March 31.
Day’s report also included updated information on capital and operational projects the city is currently undertaking.
Brewer said he finds the capital and operational projects status portion of the reports “very informative” and hopes they help “provide the community with an appreciation for the extent of projects planned and ongoing through the year using their taxation monies.”
