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About the CRD

Main office address:
625 Fisgard Street
Victoria, British Columbia
Canada V8W 1R7
tel: 250.360.3000

Financial Services

Overview

Financial ServicesFinancial Services provides financial reporting and internal controls, manages the assets of the CRD, and provides guidance for the overall financial stability of the District.  This division is also in charge of:

  • The budgeting process
  • The five year financial plan
  • Banking
  • Accounts payable
  • Revenue
  • Payroll
  • Financial reporting and statements
  • Contracts
  • Treasury

Financial Services facilitates/manages corporate-wide administrative services such as printing and internal interoffice mail as well.

Financial Planning

The Local Government Act states that "a regional district must have a financial plan that is adopted annually, by bylaw, by March 31. The planning period for a financial plan is 5 years, that period being the year in which the plan is specified to come into force and the following 4 years." The financial plan bylaw consists of an operating plan and a capital plan. Read more >

For each CRD service the operating plan contains the proposed expenditures, funding sources and transfers between funds. The capital plan must set out the amount required for capital purposes and the sources of funding.

Financial Reporting

Financial reporting is divided into external and internal requirements. The external reporting follows the requirements of public entities such as the federal or provincial governments and the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants.

External Reporting

  • Statement of Financial Information (SOFI) which includes financial statements, and reports on vendors, salaries, expenses, severance, and contractual obligations
  • Local Government Data Entry (LGDE) to collect annual financial statements and statistical data
  • GST and PST remittances and reports
  • Public Sector Accounting Board (PSAB) requiring the use of Generally Accepted Accounting Principles (GAAP) for local governments
  • Asset Accounting (Tangible Capital Assets according to PSAB)
  • Statistics Canada
  • Union of British Columbia Municipalities (UBCM) for grants reporting

Internal Reporting

  • Revenue & Expenditure (R&E) statements by CRD service
  • Aged trial balances of customer Accounts Receivable
  • Project costs
  • Equipment costs
  • Schedules of debt outstanding
  • Account reconciliation
  • Internal allocations (e.g. standard journal entries, internal interest)
  • Ad hoc reports for committees/commissions (e.g. SSI Transit)

General Ledger

Financial Services maintains the accounting structure by managing the financial operations of the CRD. These operations include:

  • General ledger accounts
  • Cost centre hierarchy
  • Project accounting
  • Cross Application Time Sheets (CATS)
  • Debt management processes
  • Equipment costs
  • CRD Equipment Replacement Fund

Grants

Financial Services maintains a Grants Management Program (GMP) to support all service areas of the CRD. The GMP also provides grant applications support, assistance working with external granting agencies, and reports on the status of grants in process.

Taxes

Financial Services administers the PST and GST environment, which includes developing appropriate policies and procedures, periodic remittances, and reporting.

Audit

Financial Services maintains the environment of internal controls over all financial transactions and assets. The division also facilitates the engagement of external auditors and the annual review of CRD financial operations and reporting.

Banking Services

The CRD meets the needs of various customers by employing the use of activities such as:

  • Cheque clearing
  • Remote site deposits
  • Bank transfers
  • Imprest accounts
  • Short term borrowing
  • Change floats/advances
  • Online account payment clearing

Accounts Payable

The CRD pays vendors’ invoices twice a week.  Electronic funds transfers (EFT) are used in reimbursing employee expense claims, remitting payroll taxes, and paying large vendors.  Accounts Payable also manages the dispensation of purchasing cards to facilitate the purchasing process.

Revenue & Accounts Receivable

Revenue processing occurs when selling goods and services, or creating invoices for Hartland Landfill drop-offs, utility user charges, requisitions to the municipalities, and parcel taxes from the Surveyor of Taxes. Revenue is also collected from permits, rentals, licenses, grants, and payments in lieu of taxes.

Financial Systems Integrity

The Accounting Services routinely test to ensure that the financial systems are functioning as designed and that integrity of financial transactions is upheld. This includes the integration and integrity of data from remote third party financial systems such as Active Communities Recreation Management Software, IBM Maximo Asset Management, and the Hartland landfill scale.

Treasury & Investments

The CRD is mandated to borrow any monies for a period of 5 years or longer through the Municipal Finance Authority (MFA). MFA borrowings occur once each spring and fall. Treasury prepares required documentation to borrow monies when a loan authorization bylaw is adopted by the CRD board and monies are required to start a capital project. The CRD also facilitates MFA borrowings for other local governments.

The CRD has, on an ongoing basis, monies that are not immediately required for expenditures. Treasury invests those monies and the interest earned is credited directly to each Fund or Service.

Bylaw Preparation

Financial Services prepare bylaws for certain financial activities that require board approval. The most common of these bylaws are:

  • Loan Authorization
  • Security Issuing
  • Capital Reserve Funds
  • Five Year Financial Plan

© Image courtesy of Steve Raeburn