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City of Powell River releases statement of financial information (SOFI) report

CFO discloses a number of requirements to meet provincial requirements
PROVIDES OUTLINE: City of Powell River chief financial officer Mallory Denniston highlighted for the city’s committee of the whole the annual statement of financial information, which is required by the provincial ministry of municipal affairs and housing to encapsulate the city’s financial position.

City of Powell River’s 2021 statement of financial information (SOFI) report has been issued, detailing the city’s financial position for the provincial government.

At the June 14 committee of the whole meeting, chief financial officer Mallory Denniston outlined the SOFI report, recommended that the city’s 2021 statement of financial information be approved for submission to BC Ministry of Municipal Affairs and Housing, and that the mayor and chief financial officer be authorized to sign the statement of financial information approval form.

“The Financial Information Act requires every local government in British Columbia to submit a statement of financial information to the ministry of municipal affairs and housing by June 30 of each year,” said Denniston. “This would need to go to council this Thursday.”

Denniston said the first component was the approval report, which is required to be signed by her and the mayor.

There is also a management report, which explains the roles and responsibilities of management, council and the external auditors regarding the preparation and approval of the SOFI report, added Denniston.

The 2021 audited consolidated financial statements is required for various information, including statement of assets and liabilities, an operational statement, and notes to the statements, according to Denniston

There is a schedule of debts, which lists all long-term debts and related information, such as maturity dates and interest rates.

The next is a schedule of remuneration and expenses, which lists separately, by name, the amount of remuneration and the total amount of expenses paid to or on behalf of each elected official, said Denniston. The schedule lists in alphabetical order, the name and total amount of remuneration paid for each employee that exceeds $75,000, and the total amount of expenses paid in the year reported. Also shown is the consolidated total of remuneration that was paid to employees when the amount paid was $75,000 or less.

“Examples of remuneration are things like salaries, wages, overtime paid, retroactive pay and taxable benefits,” said Denniston. “Staff expenses could include travel expenses for training, membership fees, professional dues and registration fees.”

Finally, there is a schedule of suppliers of goods or services, which lists the total amount paid to each supplier of goods and services in 2021 in excess of $25,000, plus the consolidated total of all payments made to suppliers for goods and services less than $25,000 during the year. Also listed is a total of grants in excess of $25,000 that were paid in 2021.

In terms of City of Powell River long-term debt, there is $9,965,185 in principal outstanding for non-sewer fund expenses and $24,753,501 in the sewer fund, for a total of $24,718,686.

The city has $236,378,588 in tangible capital assets, including land, buildings and infrastructure.

In terms of elected officials, the mayor and six councillors’ remuneration for 2021 amounted to $221,400. Expenses totalled $10,910.

For the 66 employees who earned more than $75,000 in 2021, the total was $6,870,458, with expenses of $115,569. The consolidated total of other employees with remuneration of less than $75,000 was $7,870,808, with expenses of $137,678.

Total remuneration for the city’s employees was $14,741,266, with expenses of $253,247. This is the biggest share of the city’s budget.