Corporation of the Town of Deep River

STATEMENT OF POLICY

(Schedule 'A' to By-law No. 6-88)

Title:	Financial Reporting	Page 1 of 2

Number:	F10-1

Effective Date:	January 24, 2007	By-law Number 4-2007

Application:	This policy applies to all operations of the municipality including water and sewer financial reports.

1.	General Policy

Comprehensive, accurate and current information on the state of municipal finances is necessary for proper decision-making and for the exercise of stewardship over public funds. It is the purpose of this policy to provide for a financial reporting system which will ensure such information is provided in a timely way to Council and municipal management.

2.	Financial Reporting Frequency and Format

2.1	The Treasurer will provide Council, the CAO/Clerk and the Town Superintendent with a summarized financial statement and written analysis on a monthly basis. (Formats attached)

2.2	The Treasurer, in consultation with the CAO/Clerk and Town Superintendent, will report the following to Council at the end of May and October respectively:

2.2.1	Identification of any activities which are significantly (ie. ±15%) over- or under-spent at this point in the year, with an indication of the amount involved, and an explanation why the situation exists.

2.2.2	Identification of any activities which are projected to be significantly (ie. ±15%) over- or under-spent at the end of the year, with an indication of the amount involved, and an explanation why the situation exists.

2.2.3	A recommendation for any adjustments required as a result of the above, in accordance with the Town's budget adjustment policy.

2.2.4	A progress report on capital acquisitions and activities approved for the year.

2.3	The Treasurer shall make recommendations in accordance with the Town's budget adjustment policy, to be presented at the first Council meetings in July and December.