Update on financial doings at the Town

Although I was very disappointed when I was unable to convince Council of the need for a Finance Committee, I'm now quite pleased about some of the things council and staff have been doing lately with the Town's financial procedures and policies.

Purchasing policy:  we reviewed and clarified the policy related to purchasing from councillors, staff members and their immediate families. 

Financial disclosure:  staff are working on a bylaw to require financial disclosure from councillors and staff members.  It has been pointed out to me that this wasn't part of the "job description" when people ran for council or accepted staff positions.  I understand and respect that position, and realize that we may need to bring this in on a volunteer basis for now, with new councillors and staff members bound by the bylaw in future.  But I think full financial disclosure is a long-term goal worth working for.  We'll see how it plays out when the bylaw comes to Council.

Quarterly forecasting:  the town is instituting quarterly financial forecasting, instead of once a year in September, which was the practice in the past.  I'm delighted about this.  I think it will enable us to see and respond to trends as they develop.  You manage what you measure -- measuring our financial performance on a more frequent basis will make us better financial managers.  Reviewing these figures at council will help councillors better understand what things cost and where the money is spent, making us more effective at budget time, and better at evaluating internal controls and financial practices.

Tangible assets policy:  we've had a few discussions at council about how items like furniture or sewer pumps end up in the operational spending rather than in capital.  The town is working on a policy/procedure that will clarify which items go where, and this is a very positive step.

Cheque lists:  the lists of all the cheques the town writes are now automatically distributed to reporters who want them, as well as to a broader list of council members than in the past.  This transparency helps assure accountability for the spending of public money.