2024 Budget - Financial Services

Financial Services 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 prepares the Financial Statements for submission to the Province and the City's corporate sponsorship program. 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 2024 increase in budgeted expenditures for Financial Services consists of approved salary and benefit increases, and increased costs for accessibility of budget documents and one new staff position, a Financial & Reporting Analyst. The Financial Services Division has identified the need for additional Financial Analyst positions to meet the demand for financial assistance from all divisions. One position has been included in the draft 2024 budget. This position will be dedicated to the Infrastructure Planning and Growth Management and Municipal Operations departments and will focus on the operating, capital, and reserve transactions of those departments, assisting department/division staff as well as other Financial Services staff for external and internal reporting, reconciliations, and analysis. As the operations of the IPGM and MO departments have grown with more projects, operating facilities and programs, the volume of financial transactions and information has grown exponentially. The current staff complement in Financial Services has reached the point where additional resources are required to provide timely, accurate and complete
financial information and assistance for staff and council.

Corporate Sponsorship

Sponsorship mostly recovered from the COVID-19 pandemic in 2023. Transit and Recreation Division sponsorships continue to lead the recovery and drive revenue growth with full bus wrap contracts and Pad Naming Rights contracts in place for 2024. The City anticipates an additional $110,000 in sponsorship revenues from the Building Naming Rights and two Pad Naming Rights at the Miskin Law Community Complex in 2024. Revenues from Naming Rights contracts at the Peterborough Arena and Aquatics complex are allocated to the project capital budget and will flow over a 10-year term, generating $1 million in total revenues toward construction. The City's Corporate Sponsorship Program expects to achieve a 216% return on the program investment, by generating $650,000 in gross revenues in 2024, before allocations to other City divisions. In total, Corporate Sponsorship forecasts more than $3.9 million in sponsorships under contract in 2024.

Full budget details are available in the Draft 2024 Budget book.