City of Powell River Council has adopted the 2019 statement of financial information (SOFI) report.
At council’s August 20 meeting, councillor George Doubt, chair of the city’s finance committee, said the SOFI report is required by the province of BC to report to the public on all of the major financial transactions and expenditures of the city. He said the report contained payments to staff over a certain dollar value and payments to all of the councillors, in terms of wages and expenses. He said it also outlines large contracts given by the city each year.
“It’s a very thorough set of reporting and I know that members of the public have been waiting to see this,” said Doubt. “It’s hotly anticipated each year.”
The annual report lists expenditures such as remuneration of elected officials and employees, suppliers of goods and services, consolidated financial statements and notes and a number of schedules, outlining the city’s financial activities.
At the August 18 committee of the whole meeting, Ryan Youngman, acting manager of accounting services, said the statement of financial information is required by the Financial Information Act. He said it must be approved by the chief financial officer and city council before being submitted to the ministry of municipal affairs and housing.
“The SOFI report contains a lot of good information, such as the scheduled remuneration and expenses, which lists all remuneration by elected officials, and staff who have earned more than $75,000,” said Youngman.
Youngman said employee expenses include items such as training and professional dues. There is also a schedule of suppliers of goods and services to the city who were paid more than $25,000.
According to the 2019 SOFI report, City of Powell River’s mayor and six councillors had remuneration of $189,510, and expenses of $59,426 during 2019.
There were 58 city staff members who made more than $75,000, which amounted to $5,987,984 in remuneration in 2019. Those staff members had $158,731 in expenses.
The consolidated total of other employees with remuneration of $75,000 or less was $7,451,965, with expenses of $178,380. Total for all employees was $13,439,949, with expenses of $337,111.
In terms of expenses, the schedule of suppliers of goods and services over $25,000 reveals an expenditure of $17,453,468, and consolidated payments of $25,000 or less of $2,214,639.
SOFI reports can be found on the city’s website at powellriver.ca by entering financial statements into the search engine.
