Finance
The financial affairs of the CSRD are handled by the Finance Department, which is under the direction of the Manager, Finance & Information Technology, who exercises statutory responsibilities as Chief Financial Officer to the Board of Directors. In this role, the Finance Department provides financial reporting and controls, upholds the fiduciary responsibility to manage the assets of the Regional District and provides guidance for the overall financial stability of the Regional District. The Finance Department is in charge of budgeting, accounts payable, payroll, accounts receivable and financial reporting, contracts and financial statements, development and maintenance of financial systems, investing and safeguarding financial assets, insurance and risk management, and information systems including GIS.
The operating budget of the CSRD is paid for by four main sources - other government grants (mainly provincial), user fees / sale of services, surplus monies from previous years and requisitions.
Requisitions are the amount of money that the CSRD requires as tax revenue each year. This money is part of our property taxes and is used to provide services that are essential to us all - services such as fire protection, emergency 911, water distribution systems, street lights, parks and recreation, milfoil control, solid waste management, recycling. airports and many more. Paying for these services works by the principle of "forming partnerships and only paying for what you get". This means that the cost of a given service is shared, by an agreed upon formula, between municipalities and or electoral areas (these areas are called the participants) actually receiving the service. Revenue derived from a service is part of the budget for that service.
The CSRD has over 116 totally separate budgets paid for by a multiple of different formulas. Each service has a separate budget and funds cannot be transferred between services, so separate 'books' are kept for each and every service.
The annual budget must be adopted by the CSRD Board, on or before March 31st in each year. An expenditure not provided for in the annual budget is unlawful. Regional Districts are required to operate with balanced budgets (all 116 of them) and any deficit must be repaid immediately in the following year by the effected service.
The CSRD, together with the other Regional Districts in B.C., owns the Municipal Finance Authority (MFA). All long-term borrowing of the individual municipalities within the boundaries of the CSRD are consolidated at the CSRD, guaranteed by the CSRD, included in the CSRD budget, and forwarded to the MFA for actual borrowing. The joint and several guarantees of the municipalities and regional districts, and our conservative financial practices, have resulted in our long-term debt bond ratings being Moody's AAA and DBR's and Standard & Poor's AA+.
More Information?
Rates & Fees
Regional Hospital Districts
Account Inquiries
Financial Statements
For more information on Finance , please contact:
Peter Jarman, Manager Finance
Direct Line: (250) 833-5908
Fax: (250) 832-3375
Email: pjarman@csrd.bc.ca
or
Jodi Kooistra, Deputy Treasurer
Direct Line: (250) 833-5907
Email: jkooistra@csrd.bc.ca |
