Burnaby's Financial Stewardship

The City of Burnaby's Finance Department plays a pivotal role in ensuring the municipality's financial health and sustainability. It is responsible for managing the City's financial resources, providing sound financial advice, and ensuring compliance with relevant legislation and accounting standards.

Key Responsibilities

The department's core functions encompass a wide range of areas, including:

• Financial Planning and Budgeting: Crafting and managing the City's annual budget, aligning financial resources with strategic priorities, and conducting long-term financial planning. This involves forecasting revenues and expenditures, analyzing economic trends, and engaging with various city departments and the public to determine budgetary needs. The budget process is transparent and aims to reflect the community's needs and priorities.
• Accounting and Financial Reporting: Maintaining accurate and reliable financial records, preparing financial statements in accordance with Public Sector Accounting Standards (PSAS), and providing timely financial information to stakeholders. This includes managing accounts payable and receivable, general ledger maintenance, and ensuring the integrity of financial data.
• Treasury Management: Managing the City's cash flow, investments, and debt. The department aims to maximize investment returns while minimizing risk, ensuring sufficient funds are available to meet the City's financial obligations. This involves monitoring market conditions, diversifying investments, and adhering to strict investment policies.
• Taxation and Revenue Collection: Administering property taxes, utility fees, and other revenue streams. The department is responsible for assessing property values, collecting taxes in a timely and efficient manner, and ensuring compliance with tax laws. They also handle business licensing and other revenue-generating activities.
• Procurement and Contract Management: Overseeing the City's procurement process, ensuring fair and transparent bidding practices, and managing contracts with vendors and suppliers. This involves developing procurement policies, evaluating bids, and monitoring contract performance to ensure value for money.
• Risk Management: Identifying and mitigating financial risks, including insurance management and internal controls. The department works to protect the City's assets and ensure the integrity of its financial operations.

Commitment to Transparency and Accountability

The Burnaby Finance Department is committed to transparency and accountability in all its operations. Financial information is readily available to the public through the City's website, including budget documents, financial statements, and property tax information. The department also works closely with the City's Audit Committee to ensure independent oversight of its financial practices.

Supporting a Sustainable Future

By effectively managing the City's financial resources, the Finance Department plays a crucial role in supporting a sustainable future for Burnaby. Its careful planning and fiscal responsibility ensures the City can continue to provide essential services and invest in infrastructure improvements that benefit the community for years to come.