Policy statement
The Financial Operations department is responsible for developing, monitoring and ensuring adherence to financial controls. This ensures integrity and timeliness of data and systems within the centralized processing of corporate financial transactions affecting all assets, liabilities, expenses and revenues of the Town of Oakville (town).
Purpose
This policy sets out the basic principles to ensure compliance and accountability to financial by-laws and procedures and to provide guidelines for departments, staff and local boards with respect to financial operational control.
Scope
This policy applies to Members of Council, town employees, departments and local boards in recognition that the town has responsibility with respect to operational financial control. The Financial Operations department ensures that the Town is in compliance with all applicable financial legislation, by-laws, regulations and Generally Accepted Accounting Principles (GAAP) as established by the Public Sector Accounting Board (PSAB).
In order to achieve compliance with this policy, the Financial Operations department shall review any new or amended financial processes or procedures developed pursuant to this policy.
References and Related Documents
The Financial Operations department shall provide guidance, interpretations, and input to other departments, Council and local boards relating to financial processes that are governed by the following legislation and regulations:
- GAAP and PSAB requirements
- Municipal Act
- Assessment Act
- Ministry of Municipal Affairs reporting requirements
- Federal and Provincial tax legislation and requirements
- Employment Standards Act
- Applicable financial by-laws
- Town policies and related procedures
- OMERS regulations
- Payment Card Industry Data Security Standard (PCI DSS)
- Retention by-law
- Halton Region tax policy by-laws
- Income Tax Act
- Public Libraries Act
The Financial Operations department may use the following resources to assist in the interpretation of the above:
- Canadian Payroll Association
- Chartered Professional Accountants of Canada
- Canada Revenue Agency interpretations and guidelines
- Established municipal associations
- Benefit providers’ administrative policies
- Collective agreements
- External and internal auditor findings and recommendations