The Finance department is responsible for the overall financial management of the FVRD. In this role, the Finance department provides financial reporting and controls, upholds the fiduciary responsibility to manage the assets of the regional district, and provides guidance for overall financial stability.
The FVRD provides in excess of 100 separate services, each requiring a separate financial plan. Funds cannot be transferred between these services. Funding for these services is mainly derived from grants, user fees/sale of services, surplus monies from previous years and requisitions. The Financial Plan Bylaw, which must be adopted by March 31 of each year, contains plans for a five-year period for each service.
The Finance department is also responsible for the safeguarding of the financial and physical assets of the FVRD through various policies, procedures, risk transfer and insurance policies. At present, the FVRD insures property valued in excess of $30,000,000.