qathet Regional District’s (qRD) finance committee is recommending that the regional board approve the 2019 statement of financial information (SOFI).
At the July 15 finance committee meeting, directors forwarded the report to the board without discussion.
According to a staff report, to comply with the Financial Information Act, local governments must submit specific financial information to the Ministry of Municipal Affairs and Housing in a document entitled statement of financial information. The report states that SOFI consists of the core financial statements and schedules for employee remuneration and payments to suppliers for goods and services provided to the regional district. The board’s approval of the statement is required.
Typically, SOFI is due annually by June 30 but the deadline for the report has been extended to August 31 due to the COVID-19 pandemic.
In the 2019 schedule of remuneration and expenses, qathet Regional District listed 10 staff members with salaries in excess of $75,000, with remuneration including the sum of gross salary plus the value of the taxable benefits. Total remuneration for the 10 staff members came to $1,032,300.49. The consolidated total of other employees with remuneration of $75,000 or less was $1,153.548.12, for a total employee remuneration of $2,185,849.37.
Expenses for the 10 staff earning more than $75,000 came to $49,669.42. Expenses for the remainder of the staff came to $105,116.16, for a total of $154,785.59. Expenses include costs such as mileage to meetings, conferences, professional accreditation and membership fees.
The schedule for payments made for the provision of goods and services came to $6,175.935.12. Those were for 45 suppliers who received aggregate payments exceeding $25,000. The consolidated total paid to suppliers who received aggregate payments of $25,000 or less came to $1,687,440.32.
There were two grant recipients exceeding $25,000, for a total of $100,732. There were six contribution recipients that received a total of $718,890.06.
The SOFI report also contains the independent auditor’s report and financial statements outlining the financial position of the regional district, including the revenues and expenses for the qRD.
