The Corporation of the Town of Oakville · Policy F-FOC-001

Financial Control

Policy Number:
Financial Operations
Financial Operations Department
Effective Date:
2011 Nov 21
Review by Date:
Last Modified:
2016 Dec 12

References and Related Documents

F-FOC-001-001 Banking Services
F-FOC-001-002 External Auditors - Year End
F-FOC-001-003 Accounts Payable
F-FOC-001-004 Accounts Receivable
F-FOC-001-005 Petty Cash
F-FOC-001-006 Cash Handling
F-FOC-001-007 Employee Related Business Expense
GAAP & PSAB requirements
Municipal Act, 2001
Assessment Act

Ministry of Municipal Affairs reporting requirements
Federal and Provincial tax legislation and requirements
Employment Standards Act
Applicable financial By-law
Town policies and related procedures
OMERS regulations
Payment Card Industry Data Security Standards (PCI DSS)
Retention By-law
Halton Region tax policy by-laws
Income Tax Act
Public Libraries Act

Policy Statement

The Financial Operations department is responsible for developing, monitoring and ensuring adherence to financial controls. This ensures integrity and timeliness of data and systems within the centralized processing of corporate financial transactions affecting all assets, liabilities, expenses and revenues of the Town of Oakville (town).


This policy sets out the basic principles to ensure compliance and accountability to financial by-laws and procedures and to provide guidelines for departments, staff and local boards with respect to financial operational control.


This policy applies to Members of Council, town employees, departments and local boards in recognition that the town has responsibility with respect to operational financial control. The Financial Operations department ensures that the Town is in compliance with all applicable financial legislation, by-laws, regulations and Generally Accepted Accounting Principles (GAAP) as established by the Public Sector Accounting Board (PSAB).

In order to achieve compliance with this policy, the Financial Operations department shall review any new or amended financial processes or procedures developed pursuant to this policy.

References and Related Documents

The Financial Operations department shall provide guidance, interpretations, and input to other departments, Council and local boards relating to financial processes that are governed by the following legislation and regulations:

  1. GAAP and PSAB requirements
  2. Municipal Act
  3. Assessment Act
  4. Ministry of Municipal Affairs reporting requirements
  5. Federal and Provincial tax legislation and requirements
  6. Employment Standards Act
  7. Applicable financial by-laws
  8. Town policies and related procedures
  9. OMERS regulations
  10. Payment Card Industry Data Security Standard (PCI DSS)
  11. Retention by-law
  12. Halton Region tax policy by-laws
  13. Income Tax Act
  14. Public Libraries Act

The Financial Operations department may use the following resources to assist in the interpretation of the above:

  1. Canadian Payroll Association
  2. Chartered Professional Accountants of Canada
  3. Canada Revenue Agency interpretations and guidelines
  4. Established municipal associations
  5. Benefit providers’ administrative policies
  6. Collective agreements
  7. External and internal auditor findings and recommendations

The following procedures (including but not limited to) must be followed in order for the Financial Operational Control Policy to be met:

  1. Banking Services (F-FOC-001-001)
  2. External Auditors and Year End (F-FOC-001-002)
  3. Accounts Payable (F-FOC-001-003)
  4. Accounts Receivable (F-FOC-001-004)
  5. Petty Cash (F-FOC-001-005)
  6. Cash Handling (F-FOC-001-006)