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:

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CHIEF FINANCIAL OFFICER

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CITY MANAGER