THE CORPORATION OF THE CITY OF NELSON REQUEST FOR DECISION

DATE: June 15, 2015 Special TOPIC: 2014 SOFI Report PROPOSAL: Accept 2014 SOFI Report PROPOSED BY: Staff _____________________________________________________________________ ANALYSIS SUMMARY: Annually, all local governments must prepare a Statement of Financial Information (SOFI) in accordance with the Financial Information Act Legislation. The SOFI Report is to be presented to Council for acceptance and approval before the report is submitted to the Ministry of Community, Sport and Cultural Development. BACKGROUND: The information contained in the SOFI is required under the Financial Information Act and has been prepared by management in accordance with generally accepted accounting principles. Management is responsible for all the statements and schedules and for ensuring that this information is consistent, where appropriate, with the information contained in the financial statements By legislation the SOFI must include:

Statement of Financial information Approval Management Report Financial Statements Schedule of Debts Schedule of Guarantees and Indemnities Agreements Council Remuneration Staff Remuneration (detail for those employees who earn over $75K) Statement of Severance Agreements Schedule of Payments made for the Provision of Goods or Service (detail for

those Suppliers over $25K) As per direction given by the Ministry of Community Development, Sport and Cultural Development, Nelson Police employees are not included on the SOFI as they are employed by the Nelson Police Board. By legislation, Municipal police boards are not required to submit a SOFI report. In addition, the Nelson Municipal Library is also required to submit a separate SOFI report and thus they are not included. The Consolidated Financial Statements, which are included in the SOFI, were presented to Council for approval as part of the 2014 Annual Report on June 15, 2015. BENEFITS OR DISADVANTAGES AND NEGATIVE IMPACTS: The information contained in the SOFI report helps ensure that the financial reporting of the municipality is transparent to the public.

LEGISLATIVE IMPACTS, PRECEDENTS, POLICIES: As per the Financial Information Act, Council is required to approve the SOFI under Section 9(2) of the act before submission to the Ministry. COSTS AND BUDGET IMPACT - REVENUE GENERATION: The report was developed in house; costs of printing are part of the anticipated operations and included in the Financial Plan. IMPACT ON SUSTAINABILITY OBJECTIVES AND STAFF RESOURCES: N/A COMMUNICATION: The approved 2014 SOFI Report will be submitted to the Ministry of Community, Sport and Cultural Development. In addition, the SOFI will be available on the City of Nelson website and a hard copy can be obtained by a request to the Finance Department. OPTIONS AND ALTERNATIVES:

1. Accept the 2014 SOFI Report as presented. 2. Refer the matter to staff

ATTACHMENTS:

2014 SOFI Report RECOMMENDATION: That Council passes the following resolution: THAT the 2014 SOFI Report be accepted as presented to Council at the June 15, 2015 Special meeting. AUTHOR: REVIEWED BY:

_______________________________ ____________________________ CHIEF FINANCIAL OFFICER CITY MANAGER

RFD - Approval of 2014 SOFI ReportDraft City of Nelson SOFI REPORT 2014