2010 Annual Report - City of Vernon

PAGE 31CITY OF VERNON 2010 ANNUAL REPORFINANCIAL SERVICESOUTLOOK FOR 2011A major focus for the finance division for2011 remains the redevelopment of ourchart of accounts. This project will be amajor step forward in reporting ability, andmanagerial information retrieval. Thecurrent system is based on public reportingstandards in place since the 1970’s.PURPOSEThe Finance Division is responsible for all matters of financial administration for theCity of Vernon, specifically:• Billing and revenue collection of City services and revenue sources• Payment for goods and services• Cemetery administration• Safekeeping of securities• Investments of reserved funds• Purchasing• Risk management claims administration• Grant funding• Financial planning and reporting• Debt administrationDevelopment work on our Annual Reportand Financial Plan documents will continuethrough 2011, with the benefits of the newchart of accounts commencing in 2012.• Implementation of a new electronic billingreview system to ensure consistent utilitybillings.• A review of our sanitary sewer ratestructure for 2012 implementation.HIGHLIGHTS OF 2010The effects of general declines in economic conditions in the region continued to be felt by the City in terms of low interest ratesthroughout the year and reduced service fee revenue. Partially offsetting the prevailing economic conditions was continuedgrowth in taxation from non market changes such as new construction.• A reorganization of duties, of revenue staff and accounts payable unionized staff, to obtain increased efficiency was completed..• The Finance Division continued to build on the efficiency, and detail, gained in making the transition to electronic budgeting software.Further gains in efficiency and reporting will be linked to the launch of a new chart of accounts.• 2010 saw the launch of an online customer portal, MY City, which allows customers to perform detailed inquiries on property tax,utility, and business license accounts through a secured sign-on. This is an expansion of our online services which previously allowedpayment of parking tickets, business licenses and lawyer tax searches.• 2010 built on the implementation of an electronic purchase order system in 2009, allowing for better control, and reportingfunctionality, by launching document scanning late in 2010. Document scanning will be fully operational under an accounting systemupgrade, planned for second quarter 2011, and replaces a paper based purchase order system.• The redevelopment of our chart of accounts planned for late 2010 was not possible due to external factors. Further developmentwork and refinement continues, on the new chart of accounts, with a revised launch targeted for the 2012 fiscal year.• The budget process for the financial plan continues its journey of refinement to attain the right balance of information for informeddecision making. Public participation was once again a central focus of the process with public input called for at each budget session.• The Finance division has received the Canadian Award for Financial Reporting for our 2009 Annual Report. We are very pleased withthis award and the reflection this award holds for our annual reports. Every effort has been made to ensure that the quality of ourannual reports continues to uphold the principles of the program and our goal of increasing the quality of public disclosuredocuments.