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Finance Section Overview

Finance Section Overview. Village Orientation September 24, 2010. Tara Manuel, CMA Manager, Municipal Finance Ph 424-0072 Email: manueltl@gov.ns.ca. Director, Policy and Finance Jeff Shute. A/Clerk 4, Admin. Support Susan Beckerson. Manager, Municipal Tax Policy

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Finance Section Overview

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  1. Finance Section Overview Village Orientation September 24, 2010 Tara Manuel, CMA Manager, Municipal Finance Ph 424-0072 Email: manueltl@gov.ns.ca

  2. Director, Policy and Finance Jeff Shute A/Clerk 4, Admin. Support Susan Beckerson Manager, Municipal Tax Policy Lynn Bowen Avery Senior Policy Analyst Lan Liu Manager, Municipal Finance Tara Manuel Senior Policy Analyst Shannon Bennett Research and Statistics Officer Bongsun Cho-MacDonald Senior Policy Analyst Melissa Williment Term Student Vacant Senior Policy Analyst Nancy Bray

  3. Municipalities and Villages - Financial Responsibilities: • MU’s and Villages responsible for: • Preparing an annual budget • Setting tax rates • Collecting taxes • Allocation of spending FRAM is legislation for MU’s and Villages to submit detailed financial and non-financial information to SNSMR

  4. Our Responsibilities - Municipalities • Collection of data from Municipal Units for Financial Reporting • Statement of Estimates (SOE) • budget information • Financial Information Return (FIR) • actual year end financial information • Audited Financial Statements

  5. Our Responsibilities - Villages • Village Financial Statements submitted • Information entered into database by us • Reported on Annual Municipal Statistics

  6. Key Points for Villages • Villages are to appoint an auditor (must be on municipal auditor list) • Financial Statements submitted by September 30 • Who submits Financial Statements

  7. Summary Financial Information

  8. Tangible Capital Assets • Financial Reporting follows PSAB Standards • Standards changed in 2006 • In previous years, assets expensed • Change requires assets to be capitalized

  9. TCA: What this means for you? • Recognize asset purchases – I.e. Buildings/Vehicles • Reviewing historical capital data for items to be capitalized

  10. TCA: Benefits? • Will bring financial reporting more in line with • Canadian senior level government • US municipal reporting • Private sector reporting • Visibility • Provides better financial insight into capital item requirements

  11. TCA: Implementation • TCA Implementation Guide - online • Guide distributed February 2008 (by Paul Wills) • Auditors able to provide information

  12. TCA Implementation: High-level Overview: • Determine what village owns • Historical Cost / Determine Value • Amortize to present date

  13. Finance Overview: • Questions/Comments?

  14. Contact Information • Tara Manuel manueltl@gov.ns.ca 424-0072 • Bongsun Cho-MacDonald chomacb@gov.ns.ca 424-1747

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