City of Powell River Council has approved the 2023 statement of financial information for submission to BC Ministry of Municipal Affairs.
At the June 20 city council meeting, Ryan Youngman, manager of financial services, said the Financial Information Act requires municipalities in BC to prepare a statement of financial information (SOFI), which is commonly referred to as the SOFI report, to be filed with the ministry by June 30 of each year. He said the requirements for the SOFI report are set out in financial information regulation, which are enacted pursuant to the Financial Information Act.
The report must be approved by the chief financial officer and city council before being submitted to the ministry.
“The SOFI report contains information such as the 2023 consolidated financial statements, the schedule of remuneration and expenses, which lists all of council’s remuneration and expenses, as well as staff that earn $75,000 or more during the year,” said Youngman. “The employee expenses include items such as professional dues and training.
“The schedule of suppliers and goods and services lists suppliers who have been paid $25,000 or more during the year.”
Council carried a motion to approve the SOFI report for submission to the ministry and authorized mayor Ron Woznow and chief financial officer Mallory Denniston to sign the SOFI approval form.
According to the SOFI report, mayor and council’s remuneration was $251,400, with expenses of $60,842.
There were 78 city employees who earned more than $75,000 in 2023. Their cumulative remuneration totalled $8,129,100, with expenses of $148,684. The consolidated total of other employees with remuneration of $75,000 or less was $8,080,278, with expenses of $158,864.
The total remuneration for all employees was $16,209,378, with expenses of $397,548. Total remuneration for elected officials and employees was $16,460,778.
There was $4,197,313 in employer-paid benefits, excluding taxable benefits, and $330,513 in change in remuneration and benefits accrual, for a total of $20,988.604.
In terms of suppliers of goods and services that were paid more than $25,000 in 2023, there were 116 suppliers, totalling $39,734,722.
The 2023 SOFI report has not yet been posted to the city’s website, but when it is, it can be found by writing SOFI in the powellriver.ca website search engine. Past year’s SOFI reports are also listed at this web page.
Join the Peak’s email list for the top headlines right in your inbox Monday to Friday.
