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Financial Services Department
Overview
The Financial Services Department provides financial and purchasing services for Regional Municipality of Wood Buffalo departments. It develops corporate financial processes, policies and procedures, and develops financial management standards. The Department seeks to reduce financial risks to the Municipality by complying with legislated requirements such as the Municipal Government Act, Canada Revenue Agency, and the Agreement on Internal Trade while adhering to generally accepted accounting principles.
Responsibilities include:
- Developing and implementing long-term financial plans to achieve higher levels of financial sustainability;
- Establishing and monitoring effective internal controls to safeguard municipal assets;
- Coordinating and reporting annual budgets and financial plans;
- Reporting variance and forecasting reports to Senior Management and Regional Council;
- Preparing financial reports and analysis to support effective decision making;
- Processing payroll, payments, receipts, mail, and invoices;
- Monitoring cash and investments; and,
- Assisting municipal departments in purchasing, receiving, and delivering goods and services.
Branches
Financial Accounting
The Financial Accounting Branch oversees the transactional processing of accounts receivable, utility billing, collections, cash management, and payroll. Other areas managed by this branch include:
- The recording and reporting of capital asset information;
- The debenture system;
- Year-end corporate activity and reporting;
- The external audit process, legislated by the Municipal Government Act; and,
- Strategic planning, implementation and maintenance of financial systems and sub-systems as well as business process development and internal controls.
Financial Planning
The Financial Planning Branch is responsible for the establishment, implementation, and administration of all municipal budgets. The branch also establishes, maintains, and monitors the Municipality’s investment policy, governed by the Municipal Government Act. In a collaborative approach with all departments, the branch facilitates an annual process of prioritization of the municipal infrastructure and operating requirements. This process results in:- A three-year operating budget/financial plan; and,
- A five-year capital budget/financial plan.
Procurement Services
All goods, services and contracts required for the Municipality are the responsibility of the Procurement Services Branch from purchasing through to payment. Utilizing the Alberta Purchasing Connection and the Agreement on Internal Trade ensures a fair and transparent process. The branch helps to reduce risk to the Municipality by:- Providing a standard review process that is consistent and thorough;
- Ensuring process compliance;
- Supporting and assisting departments with the tendering and the competitive bidding process; and
- Providing information to suppliers and contractors about compliance and standards.
Contact
5th Floor, Jubilee Centre
9909 Franklin Avenue
Fort McMurray, Alberta T9H 2K4
Telephone: (780) 743-7014
Fax number: (780) 743-7999
