Town Of Oakville Finance Department

The Town of Oakville’s Finance Department plays a critical role in ensuring the financial stability and sustainability of the municipality. Responsible for managing the town’s financial resources, the department oversees a wide range of functions including budgeting, accounting, treasury management, taxation, and procurement. Their work directly impacts the delivery of essential services and the overall quality of life for Oakville residents.

One of the Finance Department’s primary responsibilities is developing and managing the town’s annual budget. This involves a comprehensive process that begins with forecasting revenues and expenditures, incorporating input from various town departments and the public, and presenting a balanced budget to Town Council for approval. The budget outlines the town’s financial priorities and allocates resources to key areas such as infrastructure, parks and recreation, emergency services, and social programs. Strict adherence to the budget is crucial for maintaining fiscal responsibility and ensuring that taxpayer dollars are used effectively.

The department’s accounting division is responsible for maintaining accurate and transparent financial records. This includes processing invoices, managing accounts payable and receivable, and preparing financial statements in accordance with generally accepted accounting principles (GAAP) and public sector accounting standards (PSAS). Regular audits, both internal and external, are conducted to ensure the integrity of the financial data and to identify areas for improvement in internal controls.

Treasury management is another key function of the Finance Department. This involves managing the town’s cash flow, investments, and debt. The department seeks to maximize returns on investments while minimizing risk, and they actively manage the town’s debt portfolio to optimize interest rates and repayment terms. Prudent treasury management is essential for ensuring the town’s long-term financial health and its ability to fund capital projects.

The Property Tax division is responsible for the accurate and timely collection of property taxes, which are a significant source of revenue for the town. They manage property assessments, tax billing, and collection processes, ensuring fairness and efficiency in the administration of the property tax system. They also handle inquiries and appeals from property owners regarding their assessments and tax bills.

The Procurement division oversees the town’s purchasing activities, ensuring that goods and services are acquired in a fair, transparent, and competitive manner. They develop and administer procurement policies and procedures, solicit bids and proposals, and negotiate contracts with vendors. By promoting competition and ensuring value for money, the Procurement division helps the town optimize its spending and achieve its strategic objectives.

In addition to these core functions, the Finance Department provides financial advice and support to other town departments. They analyze financial data, prepare reports, and provide guidance on financial matters to assist departments in making informed decisions. By working collaboratively with other departments, the Finance Department plays a vital role in supporting the efficient and effective delivery of services to the Oakville community. The Finance Department is headed by the Treasurer, who is a statutory officer of the Town. The Treasurer is responsible for the overall financial management of the municipality and reports directly to the Chief Administrative Officer (CAO) and Town Council.