Statement of Financial Information 2023

Staff Report to Council

DATE: Monday, June 17, 2024
DEPARTMENT: Finance
SUBJECT: 2023 Statement of Financial Information (SOFI)

EXECUTIVE SUMMARY:

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, 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 2023 Statement of Financial Information meets the requirements of the Financial Information Act and the Community Charter and is recommended for approval.

COMMENTARY:

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 include the provision that any employee with remuneration above $75,000 be included on the report. Staff 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, registration fees, and similar amounts which has not been included in the definition of remuneration.

OPTIONS:

Option 1
THAT Council approve the 2023 Statement of Financial Information.

OR Option 2
THAT Council not approve the 2023 Statement of Financial Information.

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

Concurrence:
Donna Petrie, Senior Manager of Communications & Economic Development
Concurrence:
Yari Nielsen, Director of Parks, Recreation and Facilities
Concurrence:
Matthew Baldwin, RPP, MCIP, Director of Development Services
Concurrence:
Leah Stohmann, RPP, MCIP, Director of Community Planning and Climate Change
Concurrence:
Katelyn Balzer, P.Eng., Director of Engineering and Public Works
Concurrence:
Marie Watmough, Director of Legislative & Protective Services
Concurrence: Braden Hutchins, Deputy Chief Administrative Officer
Concurrence:
Darren Kiedyk, Chief Administrative Officer

Attachment:
2023 SOFI Package

City of Langford

Statement of Financial Information (Pursuant to the Financial Information Act)
City of Langford, British Columbia, Canada
2023

Table of Contents

1. Statement of Financial Information Approval
2. Schedule of Debts
   Unaudited Schedules

• Schedule of Guarantee and Indemnity Agreements
• Schedule of Grants or Contributions
• Schedule of Council Remuneration and Expenses
• Schedule of Employee Remuneration and Expenses (5 - 7)
• Statement of Severance Agreements (8)
• Schedule of Payments to Suppliers for Provision of Goods and Services (9 - 14)
• Audited Financial Statements (Includes Financial Reporting Responsibility)

Statement of Financial Information Approval

Michael Dillabaugh, CPA, CA
Director of Finance

Scott Goodmanson
Mayor

The undersigned, as authorized by the Financial Information Regulation, Schedule 1, Subsection 9(2), approves all the statements and schedules included in this Statement of Financial Information, produced under the Financial Information Act.

Schedule of Debts

Information on all long term debts for this organization is included in Note 4 to the 2023 Audited Financial Statements.

Schedule of Guarantee and Indemnity Agreements

There are no Financial Guarantee and Indemnity Agreements in place which required government approval prior to being given under the Financial Administration Act.

Schedule of Grants or Contributions

The City of Langford does not consider grant-in-aid applications.

Schedule of Council Remuneration and Expenses

For the Year Ended December 31, 2023

Schedule of Employee Remuneration and Expenses

For the Year Ended December 31, 2023

Total over $75,000 | | 8,902,425 | 138,961
Total under $75,000 | | 4,162,852 |
Total Remuneration | | $13,065,277 |

Notes to the reader:

Statement of Reconciliation to Financial Statements Disclosure:
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.

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.

Statement of Severance Agreements

For the Year Ended December 31, 2023

There were no severance agreements under which payment commenced between the City of Langford and it's non-unionized employees during the fiscal year 2023.

Schedule of Payments to Suppliers for Provision of Goods and Services

For the Year Ended December 31, 2023

Total over $25,000 132,147,592
Total under $25,000 3,991,814

Total
$136,139,406

Reconciliation of Payments for Goods and Services to Financial Statements:

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.