The financial activities of the United Counties of Leeds and Grenville are coordinated through the Corporate Services Division. The Accounting Services Department provides accounting and treasury services to all departments. This department is responsible for policy recommendations on finance related issues. Financial activities are handled through Accounting Services such as banking and cash receipting; investments and debt management; accounts payable and accounts receivable.
The Accounting Services Department coordinates the preparation and presentation of the annual current and capital budgets, forecasts and develops recommendations to Council for tax ratio and tax rates, provides reporting on budget versus actuals and performs financial analysis related to various CountiesÂ´ projects. It is also responsible for the CountiesÂ´ accounting activities and systems as well as maintenance of the CountiesÂ´ assets and liabilities.
Annual Financial Statements
By April 30th of each year following a fiscal year, each municipality is required to issue two external reports regarding the operations of the previous year - their Financial Statements and their Financial Information Return (FIR).
The Financial Statements are annually audited statements providing municipal financial information as the basis for council's accountability to the ratepayers and inhabitants of the municipality. The Statements for Leeds Grenville are prepared in accordance with the generally accepted accounting principles for Ontario municipalities. These are derived primarily from three sources including the Municipal Financial Reporting Handbook, (a set of reporting guidelines issued by the Ontario Ministry of Municipal Affairs for application by municipalities and their local boards), the standards issued by the Canadian Institute of Chartered Accountants contained in the CICA Handbook, and the standards set by the Public Sector Accounting Board (PSAB) of the Canadian Institute of Chartered Accountants.
The Counties' external auditor is responsible for the preparation of the Financial Statements, and for the integrity and objectivity of the financial information contained in those statements.
The external auditor also prepares the consolidated financial statements which consolidate the Counties' financial information with the financial information of Lanark Leeds and Grenville Health Unit and the St. Lawrence Lodge Board of Management.
To review the Counties past years Financial Statements click here.
Annual Financial Information Return (FIR) and Municipal Performance Measures Program (MPMP) Schedules
Another external report that a municipality is required to issue by April 30th of the year following a fiscal year is the Annual Financial Information Return (FIR). This report is a more comprehensive set of financial statements. It provides municipal financial information consistent with other municipalities for the determination of the municipalityÂ´s financial activities and for use in the development of provincial policy with respect to local government. The forms required for the FIR are prescribed and provided by the Ministry of Municipal Affairs.
Over the last several years, Ontario municipalities have experienced a shift toward result oriented information as the pressure and effective demand for programs and services, is always greater than the resources available. Greater emphasis has also been placed on economy, efficiency and effectiveness. In 1997, the Provincial Auditor recommended that municipalities report both financial and service level performance information to their ratepayers for financial stewardship of funds and for the achievement of efficiency and effectiveness of municipal services. The Municipal Performance Measures Program (MPMP) was developed and municipalities are required to report performance measures in nine municipal services areas: water, sewage, roads, solid-waste management, fire, police, transportation, local government, land-use planning and social services. Within these service areas, municipalities are required to collect data on 35 efficiency and effectiveness measures, submit their data to the province and report the results to their taxpayers.
The Financial Information Return and the Municipal Performance Measures Program Schedules for the United Counties of Leeds and Grenville are prepared on the prescribed forms from information derived from the CountiesÂ´ financial system and the audited Financial Statements. To review these financial statements click here. To review reports submitted by municipalities go to Ministry of Municipal Affairs & Housing Financial Information Return.
For more information regarding Municipal Performance Measurers Program go to the Ontario government website for Ministry of Municipal Affairs & Housing.
Municipal Property Assessment Corporation (MPAC)
For more information on the Municipal Property Assessment Corporation or for enquiries concerning individual property assessment matters, please contact the MPAC Customer Contact Centre at 1-866-296-MPAC (6722), by email at email@example.com or visit their website.
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