Budget - Financial Services

The Financial Services division fulfills the statutory duties of the Treasurer; provides financial advice to Council and other Departments; provides accounting, payroll, accounts payable, accounts receivable and collections services for all Departments; administers the property taxation revenue function; coordinates and prepares the Corporation’s operating and capital budget and manages the annual financial audit with external auditors and the preparation of the annual financial statements; completes the annual financial reporting with the province.

The Corporate Sponsorship program works to leverage investments in services and assets to generate alternative sources of revenue for the City, where there is a good fit for the City and its partners.

Highlights

Financial Services

The 2026 budget includes increased salary and benefits costs as well as training and professional membership fees required for staff integrated into the division with the transition from the Peterborough Utilities Commission (PUC). Costs related to staff from PUC are funded with water revenues.

Corporate Sponsorship

Corporate Sponsorship revenues are plateauing in the traditional sponsorship areas which include transit, and arenas. This is common and can be attributed to achieving max sales capacity. The areas of Transit and Arenas account for approximately 60+% of the current annual sponsorship revenues. The City's Recreation, Parks and Cultural Services Division is currently generating maximum naming rights revenues from 6 of 6 ice/floor pads and 2 of 2 available community arena buildings. Collectively, these naming right revenues account for $170,000 annually to the City. Other arena assets, such as rink boards account for approximately $100,000 in revenues, and transit advertising averages approximately $275,000 annually.

In 2026 and beyond, opportunities to grow Sponsorship revenues, are most likely to exist in the areas of events, tourism marketing, Arts and Culture, outdoor recreational facilities, and other capital development projects. Opportunities also exist to build donation revenues and major gifts to support key budget priorities. Broader economic influences, such as trade tariffs or recessionary impacts may have negative impacts on Sponsorship revenues and short-term growth.