Finance Department
Financial Overview
The Municipality’s annual operating budget is normally $11,000,000.00 to $12,000,000.00 per year. The capital budget varies widely but again typically runs in the several millions of dollars per year. There are a little over 5,400 residential dwellings in the Municipality and we process 9,000 tax bills each year for residential, resource and commercial accounts.
The Municipality’s annual operating budget is normally $11,000,000.00 to $12,000,000.00 per year. The capital budget varies widely but again typically runs in the several millions of dollars per year. There are a little over 5,400 residential dwellings in the Municipality and we process 9,000 tax bills each year for residential, resource and commercial accounts.
The finances and financial matters of the Municipality are organized into four distinct and reportable funds; the General Operating Fund, wherein we record and account for all of our day to day business of the Municipality, the Capital Reserve Fund, which contains special restrictions and from which we account for the financial components of our capital acquisition and disposal transactions, the General Capital Fund, this is where we keep track of all of our tangible capital assets (TCA’s) such as sewer systems, sidewalks, buildings, equipment, recreational assets, and more, and finally, the Operating Reserve Fund, this is another distinct fund, permitted by the MGA, for holding financial reserves that can be used for special purposes such as loans to volunteer fire departments and as a store of equity as a hedge for difficult times.
The Finance Department reports our financial and operational results quarterly to Council, and more often as required on specific transactions and initiatives, and generally on an as needed basis in between the quarterly standard. We prepare our operating and capital budgets annually, with a high level of detailed input from the respective department heads and then in working sessions with Council. The budget is normally finalized and approved by Council in May of each year.
Mission and Mandate
Mission and Mandate
The Mission of the Finance department is to steward the management, record keeping and reporting of the financial affairs of the Municipality in a way that is comprehensive, accurate, minimizes risk, searches for best value and is as transparent as can reasonably be while protecting the financial interests of the municipal taxpayer.
Financial strength and sustainability for the long term, in the face of increasing demands for the delivery of services and infra-structure investment on behalf of our residents, is the fundamental under-pinning of all of our decisions and actions when it comes to financial matters.
Our mandate is broad and extensive but is essentially outlined, in detail, in the Municipal Government Act (MGA). We are charged with all manner of accounting for, conducting and reporting on the financial business of the Municipality; including the operating and capital budget processes, executing the day to day business of accepting receipts and paying for our obligations, working with the auditors and the Audit Committee, tax sale matters, analyzing and advising on revenue and expenditures matters, reporting through prescribed forms to the Province of Nova Scotia, working with our municipal counterparts on shared services and jointly owned agencies, managing financial risk, seeking out other funding opportunities and much more.