Financial Services manages the capital budget for Finance & Treasury Services, which includes the Office of the Chief Financial Officer & Treasurer and Office of the Controller.

Financial Services manages financial systems and technology for enterprise-wide financial processes to provide timely, accurate and efficient services to Divisions, Agencies, City Council and the public.

The capital budget provides funding to maintain and upgrade the City’s financial systems. In addition, service improvement projects focus on the enterprise-wide modernization of systems and transformation of business processes that improve service delivery. The Service Improvement projects are focused on enhancing the City’s capability to provide real-time financial and management information. This will enable the City to make better informed, transparent and strategic decisions through business intelligence, analytics and reporting.

Download the detailed Budget Analyst Notes for Financial Services. You can also review budget highlights below.

 

Capital Budget and Plan

The 10-year Capital Plan is $8.8 million. It is critical for the upgrade and replacement of the information systems to improve accuracy and timeliness of information, standardize reporting processes and financial planning and management for processes and practices across the City and facilitate enhanced information to support efficient and effective Programs, Committees and Council decision-making.

Highlights – 1 Year

  • $4.864M Continue the Supply Chain Management Transformation project.
  • $1.747M Continue the Integrated Asset Planning and Management project to establish City framework and policy, in accordance with Provincial legislation for Council approval by July 2019. This forms the basis for a common, integrated, strategic asset management process across the City.
  • $1.347M Continue with Phase 2 of the Finance Accounting Systems Transformation (FAST) project for scoping and identifying best practice opportunities for transforming the finance processes and report capabilities.
  • $0.750M Continue the Employee Service Centre Project to implement integrated and employee-centric services and processes and self-service functionality.

Highlights – 10 Years

  • $5.364M Continue the Supply Chain Management Transformation.
  • $2.720M Continue the Finance Accounting Systems Information (FAST) projects for scoping and identification of best practice opportunities for transforming the finance processes and report capabilities.
  • $4.000M SAP System Upgrade that includes improvements to the planning and resource allocation system and continue to implement its corporate management framework.
  • $8.834M Continue the Tax and Utility Modernization projects.
  • $7.950M Lifecycle replacement of the Tax and Utility Billing Systems.
  • $2.059M Continue scoping and planning the Integrated Asset Planning and Management project, to provide integrated policy processes and standard strategic lifecycle asset management.

Key Challenges

  • Financial Services’ capital projects are complex, transformative and have Citywide implications requiring an extensive consultation process, collaboration and partnerships with key divisions and internal and external expertise.
  • Competing demands for limited IT and other divisional internal staff resources.
  • Complex and highly legislated environment, including Provincial Asset Management Legislation.

Priority Actions

  • The Supply Chain Transformation Program modernizes the end-to-end supply chain experience, from strategically managing our spend and suppliers to leveraging automation in purchasing and invoicing.
  • Modernize and streamline the City’s accounting and finance functions.
  • Develop an integrated asset management framework to enable the City to make better informed, strategic decisions and set priorities for capital infrastructure investments.
  • Technology and software version upgrades to ensure sustainability of financial, payroll, property tax, parking ticket and utility billing systems.

Find more information on specific City issues, opportunities and challenges in the briefing notes and reports prepared by City staff. Documents will be posted as they become available.

Presentations made to committee and City Council provide an overview of the 2019 City budget. Documents will be posted as they become available.