The Finance Department is responsible for handling all of the financial affairs of the municipality. These responsibilities include: tax collection, accounts receivable and accounts payable, customer service, financial reporting to municipal departments and Council, and payroll. The Finance Department is also responsible for maintenance of accurate records and accounts of the financial affairs of the municipality, compliance with provincial reporting requirements, and ensuring investments of the municipality are made in accordance with provincial regulations.
Each year the District and Council create a balanced budget for the upcoming fiscal year. The budget is known as the Annual Financial Plan and is approved by Council in the forms of a Financial Bylaw. The Planning period for the Financial Plan must include the current fiscal year and the next four fiscal years (five-year plan). In addition to the financial information, the plan must include objectives and policies for the fiscal year regarding distribution of the funding sources, the distribution of property taxes amongst the various property classes, and the use of any Permissive Tax Exemptions.
Once the Financial Bylaw or budget is approved, Council sets the Tax Rate Bylaw for the year to collect the funds necessary to operate the budget. Approval of a budget is important as it helps cover the cost of operating and maintain our great indoor and outdoor recreation services and facilities, snow clearing, garbage collection and other public works services, and protection services such as our local fire department.
ANNUAL FINANCIAL REPORTS
The District of Hudson’s Hope produces a variety of Annual Reports . These reports highlight accomplishments from the previous year, and plans for the upcoming year. These reports also provide the audited financial statements of the previous year. Community members are invited to comment on the annual report prior to Council adopting the plan each year.