Agenda Package - City of Vernon
Agenda Package - City of Vernon
Agenda Package - City of Vernon
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
THE CORPORATION OF THE CITY OF VERNON<br />
2008 Annual Report<br />
FINANCE<br />
The Finance Division is responsible for all matters <strong>of</strong> Financial Administration for the <strong>City</strong> <strong>of</strong> <strong>Vernon</strong>,<br />
specifically:<br />
a<br />
a<br />
a<br />
a<br />
Billing and Revenue Collection <strong>of</strong> <strong>City</strong><br />
services and revenue sources.<br />
Payment for goods and services.<br />
Cemetery administration.<br />
Safekeeping <strong>of</strong> securities.<br />
lnvestments <strong>of</strong> reserved funds.<br />
¡ Purchasing.<br />
¡ Risk management claims administration.<br />
¡ Grant funding<br />
¡ Financial Planning and Reporting.<br />
¡ Debt administration.<br />
2008 was a year marked by a relatively light workforce turnover. ln contrast, the previous year saw turnover<br />
in many finance positions.<br />
Taxation revenue increased through construction growth and an overall increase <strong>of</strong> 3.22% across all<br />
properties, for an overall taxation and grants in lieu <strong>of</strong> taxes total <strong>of</strong> 22.L million dollars. An Additional 29<br />
million dollars was levied and collected on behalf <strong>of</strong> other governmental bodies such as the North Okanagan<br />
Regional District and Provincial SchoolTax.<br />
Overall debt levels funded from taxation remain low.<br />
The <strong>City</strong>'s overall debt at year end declined from 546.8<br />
million dollars in 2O07, to S 43.9 million dollars. The<br />
overall debt amount is made up <strong>of</strong> 19.3 million, carried<br />
by the sewer utility and recovered through user<br />
charges, a further 19.3 million is linked to the BC Gas<br />
Lilo agreement and is funded by ongoing lease<br />
payments. Another 4.1. million is linked to specified<br />
area improvements such as the Anderson Subdivision<br />
and is recovered through charges to the benefiting<br />
properties. The remaining 5 1.2 million is carried by<br />
the general taxpayer .<br />
Reserve balances at the end <strong>of</strong> 2008 were<br />
S 4L.2 million. This amount is comprised <strong>of</strong> statutory<br />
reserves, S Z.f million, deferred Development Cost<br />
Charge funds <strong>of</strong> S fS.f million, other deferred charges <strong>of</strong> S 1.S million, and reserves for future expenditures<br />
and replacements <strong>of</strong> S 22.5 million. Reserve levels are reviewed annually by Council. Long term reserve<br />
targets will be revised with the upcoming changes to our accounting standards.<br />
Economic developments in the last quarter <strong>of</strong> 2008 will have impacts into 2009 and into 2010. This places<br />
pressures on increasing taxation as other non taxation forms <strong>of</strong> revenue diminish. The <strong>City</strong> also to provides<br />
services to residents which themselves have increasing cost factors.<br />
A IOO,YEAR:COMPAñASION'<br />
lTlPage<br />
31
Change language