Financial Management Profile

A business support service that ensures that the City of Hamilton’s finances are managed in accordance with legislative and contractual requirements, and provides advice to Council, Committee and management.  This service includes:

  • PeopleSoft Application Support - A business support service provided to the Corporation supporting transactional processing and development/enhancements of the Financial System allowing access to accurate financial data.
  • Non-Tax Revenue Collection - Provides billings and collections for non-tax revenues. Provides payments for goods and services and employee expense reimbursements.
  • Accounting Services - Prepares the annual consolidated financial statements, and coordinates the external audit of financial data.
  • Property Tax Billing and Collections - Property tax billing and collection is a regulated process to bill and collect property tax revenue that is the major source of funding for City operations.
  • Procurement - Ensures the Procurement Policy and overall procurement function of the City meets the current and future needs of the corporation.
  • Payroll and Pensions - Processes payroll for employees. Provides pension services for active OMERS members. Provides pension services for retired members of the Hamilton Street Railway, Hamilton Wentworth Retirement Fund, and Hamilton Municipal Retirement Fund pension plans.
  • Financial Planning and Policy - Responsible for the facilitation, coordination and delivery of business plans, budget and financial policies, and long range forecasting and modelling in an effort to the support the development of capital and operating budgets. Administer development charges, development agreements, utility infrastructure user recoveries and utility rate revenue policy.
  • Investments - Administers the City investments, cash and debt issuance. Manages investments of City Pension Funds and City Trust Funds.
  • Finance and Administration - A business support service provided to the operating divisions to provide financial and administrative services, including operating and capital budget development, variance analysis and management reporting and financial transaction processing.

Service Details

Related Subservices

  • PeopleSoft Application Support
  • Non-Tax Revenue Collection
  • Accounting Services
  • Property Tax Billing and Collections
  • Procurement
  • Payroll and Pensions
  • Financial Planning and Policy
  • Investments
  • Finance and Administration

Type of Service

  • Both public facing and internal corporate service

Rationale

  • Relevant legislation includes: Assessment Act, Canada-European Union Comprehensive Economic & Trade Agreement, Canadian Free Trade Agreement, Collective Agreements, Construction Lien Act, Council approved tax By-law, Development Charges Act, Education Act, Employment Standards Act, Excise Tax Act, Fair Workplaces, Better Jobs Act, Income Tax Act, Infrastructure for Jobs and Prosperity Act, Municipal Act, Payments in Lieu of Taxes Act, Pension Benefits Act, Planning Act, Procurement By-law, Prompt Payment Act, Retail Sales Tax Act, Trustee Act
  • Core municipal service

Primary Funding Sources

  • User Fees
  • Transfers /Grants
  • Net Levy
  • Capital Budget
  • Rate Budget
  • Other (Interest Revenue)

Service Level

  • At standard - Meets legislated, corporate and Council approved service levels

Service Level Source

  • Legislated (Public Sector Accounting Board or PSAB standards and Union Collective Agreements)
  • Council Approved Policy or Service Standard
  • Council By-law
  • Management Directive

 

Performance Measures

2017


How Much Did You Do? (volume)

Non-residential assessment as a percentage of total unweighted assessment: 12.2%

Average Residential Property Tax Increase

  • 2018 Preliminary Tax Operating Budget
    • Municipal taxes only: 2.4%
    • Municipal and education taxes: 2.4% / Minimum $80
  • 2017 Approved Tax Operating Budget
    • Municipal taxes only: 2.2%
    • Municipal and education taxes: 2.2% / $81

Property Taxes as a Percentage of Average Household Income for a Residential Bungalow

  • 2017 Restated Tax Operating Budget
    • Property Taxes: $4,036
    • Average Household Income: $92,089
    • Percentage: 4.4%

Debt Servicing Costs as a Percentage of Average Property Tax Bill

  • 2018 Preliminary Tax Operating Budget: 5%
  • 2017 Preliminary Tax Operating Budget: 6.3%

How Much Did You Do? (volume)

Non-residential assessment as a percentage of total unweighted assessment: 13%

Average Residential Property Tax Increase

  • Approved Tax Operating Budget
    • Municipal taxes only: 2.1%
    • Municipal and education taxes: 2.1% / $63

Property Taxes as a Percentage of Average Household Income for a Residential Bungalow

  • Restated Tax Operating Budget
    • Property Taxes: $3,898
    • Average Household Income: $88,120
    • Percentage: 4.4%

Debt Servicing Costs as a Percentage of Average Property Tax Bill

  • Preliminary Tax Operating Budget: 6.1%

Percent of Taxpayers Enrolled in Pre-Authorized Payment Plan (PAP): 44.1%

How well did you do it? (quality)

  • Gross Percent Realized Return on Investments
    • City of Hamilton: 2.6%
    • MBN Canada Median: 1.93%
  • Credit Rating
    • Rating: AA+
    • Outlook: Stable
  • Tax Arrears as a Percent of the Levy: 4.3%

How Much Did You Do? (volume)

Non-residential assessment as a percentage of total unweighted assessment: 13.1%

  • Approved Tax Operating Budget
    • Municipal taxes only: 3.4%
    • Municipal and education taxes: 3.4% / $99

Property Taxes as a Percentage of Average Household Income for a Residential Bungalow

  • Restated Tax Operating Budget
    • Property Taxes: $3,840
    • Average Household Income: $85,886
    • Percentage: 4.5%

Debt Servicing Costs as a Percentage of Average Property Tax Bill

  • Preliminary Tax Operating Budget: 6.1%

Percent of Taxpayers Enrolled in Pre-Authorized Payment Plan (PAP): 44.3%

How well did you do it? (quality)

  • Gross Percent Realized Return on Investments
    • City of Hamilton: 2.82%
    • MBN Canada Median: 2.11%
  • Credit Rating
    • Rating: AA+
    • Outlook: Stable
  • Tax Arrears as a Percent of the Levy: 3.8%

Strategic Plan Priority - Our People & Performance