2022 Statement of Financial Information (SOFI)

2022 Statement of Financial Information (SOFI)

Staff Report to Council

t 250.478.7882
e administration@langford.ca
2nd Floor, 877 Goldstream Avenue
Langford, BC V9B 2X8

DATE: Monday, June 19, 2023
DEPARTMENT: Finance
SUBJECT: 2022 Statement of Financial Information (SOFI)

BACKGROUND: Annually, the City must prepare a Statement of Financial Information (SOFI) in accordance with the Financial Information Act. The SOFI must include the following schedules:

• Schedule of Guarantee and Indemnity Agreements
• Schedule of Remuneration and Expenses – including Mayor and Council and employees.
• Schedule of Severance Agreements
• Schedule of Payments to Suppliers of Goods and Services

The SOFI also satisfies Section 168 of the Community Charter, which requires Council renumeration and expenses to be reported annually. The Act requires that the SOFI be prepared by June 30th each year and approved by Council and the City’s Statutory Financial Officer. The Draft 2022 Statement of Financial Information meet the requirements of the Financial Information Act and the Community Charter and is recommended for approval.

It is not a requirement of the Act that this report be audited and as such this report has not been audited. The City’s annual Financial Statements themselves have been audited and were approved by Council in May.

It is also worth noting that the requirements of the legislation outline that any employee with remuneration above $75,000 be included on the report. Staff would note that, remuneration includes all forms of salary, wages, and taxable benefits paid to an employee during the year. Remuneration can differ from total salary because while an employee may earn wages, those wages may not be paid until a different financial period. Employee expenses defined in the Financial Information Regulation includes travel expenses, memberships, tuition, relocation, vehicle leases, extraordinary hiring expenses, and registration fees and similar amounts which has not been included in the definition of remuneration.

The remuneration schedule is prepared on a cash paid basis for employee related compensation; the Financial Statements are prepared on an accrual accounting basis and include employer related costs for employment agreements and payroll related obligations.

Also of note, related to the Schedule of Payments to Suppliers for the Provision of Goods and Services has been prepared on a cash basis whereas the financial statements have been prepared on an accrual accounting basis, therefore no reconciliation of this schedule with the financial statements has been prepared. Included in the above payments are taxes collected for and paid to other governments and agencies, refunds of deposits and payroll and other statutory obligations.

OPTIONS: Option 1
THAT Council approve the 2022 Statement of Financial Information.

OR Option 2
THAT Council not approve the 2022 Statement of Financial Information.

SUBMITTED BY: Michael Dillabaugh, CPA, CA, Director of Finance

Concurrence:
Donna Petrie, Senior Manager of Business Development and Events
Concurrence:
Yari Nielsen, Director of Parks, Recreation and Facilities
Concurrence:
Matthew Baldwin, MCIP, RPP, Director of Planning and Subdivision
Concurrence:
Katelyn Balzer, P.Eng., Director of Engineering and Public Works
Concurrence:
Marie Watmough, Deputy Director of Corporate Services
Concurrence: Braden Hutchins, Director of Corporate Services
Concurrence:
Darren Kiedyk, Chief Administrative Officer