About Financial Services
The General Manager of the Financial Services Group is responsible for a wide range of financial services and support to Council, citizens, affiliated organizations and other City service groups. The GM deals with outside organizations such as credit rating agencies and debenture syndicate. The GM also fulfills the statutory role of Director of Finance as required by the Vancouver Charter. Services provided within Financial Services Group include financial policy & projects, treasury, budget, supply management, payroll, revenue billing and collection, general accounting, SAP, risk management, insurance programs, claims handling, and consulting services. These services are carried out by seven departments reporting to the General Manager.
Budget Services
The Corporate Budget Services Department is responsible for the coordination, preparation, management, and reporting of the annual Operating, Capital and Utility budgets. It reviews Council and Administrative authorities and other financial policies that impact the budget or related financial matters internal to the City. It evaluates the impact of any Provincial Government, GVRD, other associated groups budgets, as well as the impact of external economic events on City finances in relation to the annual budget.
Corporate Budget Services also provides consultative service to the various service groups and oversees corporate financial stewardship. Consultative services involve participation key strategic projects as well as focus on the sources and uses of funds, particularly where restructuring or more creative, non-traditional solutions are required. The corporate financial stewardship role ensures that budgeted funds are used for the authorized purpose in accordance with the provisions of the Vancouver Charter as well as policies established by the City.
Financial Policy & Project
The Financial Policy & Project Department is responsible for the development and maintenance of financial policies; development, analysis and maintenance of property taxation policies and modeling; development of capital plan financial limits and debt strategies, and management of the City's debenture program; provision of financial analysis and planning on funds and reserves relating to civic operations to support corporate strategic direction and business objectives; and liaison with external agencies such as BC Assessment Authority, business community, debenture syndicate, and credit rating agencies.
Financial Services
The Financial Services Department is responsible for financial reporting, general accounting & payroll, and revenue services (tax and utility billing and collection and by-law fines collection and cashiering).
The Department is also responsible for establishing corporate accounting and reporting policies as well as corporate procedures common across all organizations within the City. It maintains and develops the major corporate financial systems and is the main liaison with the external auditors.
Risk Management
The Risk Management Department provides advice and assistance to City staff, Boards and elected officials on risk related matters arising out of the provision of City services or its contractual relationships with others in order to minimize the potential for loss or injury to the public or financial exposure to the City.
The Department manages the City’s extensive insurance portfolio and self-insurance programs, handles all third party liability claims against the City, collections claims for damage to City property, and are the City’s liaison with our vehicle insurance carrier with respect to insurance and claims for licensed City vehicles.
SAP
The SAP Business Support Department manages and provides ongoing support for the SAP application at the City. The team has the responsibility for working with the various service groups in reviewing key business processes and maximizing the benefits of the system. In addition, the team provides ongoing support to City departments who want to examine the expansion of SAP at the City and implement new SAP business solutions.
Supply Management
The Supply Management Department manages the procurement of goods and services for the City. Working with various user departments as well as Risk Management and Legal, Supply Management issues and manages Request for Quotes and Request for Proposals to the supplier community and ensures transparency and ethical conduct in procurement. Supply Management also manages the inventory and distribution of goods from the Manitoba Yards facility and provides guidance on warehouse practices to Library, Parks, VFRS and VPD.
Treasury
The Treasury Department is responsible for the management of cash, and short-term investments. The department provides support for the collection and distribution processes as payments enter into or leave the City systems. It also manages the City's relationships with the banking community and provides custodial service for the City's financial instruments such as letters of credit, City debentures, and bid or performance bonds.
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