City of Powell River Council will consider adopting the 2020 statement of financial information report (SOFI).
At the June 15 committee of the whole meeting, councillors received a report on SOFI from manager of accounting services Mallory Denniston. The report outlined that the Financial Information Act requires every local government in BC to submit a SOFI to the Ministry of Municipal Affairs and Housing by June 30 of each year.
This year’s SOFI includes a management report, and a schedule of remuneration and expenses. Denniston said remuneration is gross salary, and taxable benefits and expenses are defined by items such as memberships, education and those sorts of items.
“We are required in this report to outline the remuneration and expenses for all employees who have earned more than $75,000 in the year,” said Denniston. “We are also required to detail council’s and mayor’s remuneration and expenditures. We also provide the consolidated total of all employees’ remuneration and expenses, including those below the $75,000 threshold.”
The SOFI report also has a schedule of suppliers of goods or services and the City of Powell River 2020 audited consolidated financial statements.
The SOFI report indicates for the mayor and six councillors, remuneration of $208,300 was paid in 2020, with expenses of $1,329.
In terms of city employees earning more than $75,000, there were 57 such employees, whose consolidated remuneration added up to $6,039,204, with expenses of $54,425. The consolidated total of other employees with remuneration of $75,000 or less was $7,188,452, with expenses of $135,474.
The total for employees is $13,227,656, with expenses of $189,900.
The SOFI report also lists a schedule of suppliers of goods and services of more than $25,000 for the year ending December 31, 2020.
The 2020 draft SOFI report can be found by following this link: powellriver.civicweb.net/FileStorage/B1800039258B45FAA01A8E909E5A82CF-Appendix%20A%20-%20SOFI%202020%20DRAFT.pdf.
Councillor Maggie Hathaway asked where the SOFI report is published. Denniston said the city offers hard copies for a cost of $5 and it is posted on the website as well. Former adopted copies of SOFI reports can be found at: https://powellriver.civicweb.net/filepro/documents/280
The SOFI report will be sent to the June 17 council meeting for formal adoption to meet with legislative requirements.
