The Premier of Ontario has declared a province-wide state of emergency and issued a stay-at-home order in response to rising COVID-19 variant infection rates.
Banking Services Procedure
External Auditors - Year End Procedure
Accounts Payable Procedure
Accounts Receivable Procedure
Petty Cash Procedure
Cash Handling Procedure
Employee Related Business Expense Procedure
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.
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:
The Financial Operations department may use the following resources to assist in the interpretation of the above:
Policy Number: F-FOC-001
Sub-Section: Financial Operations
Author: Financial Operations Department
Effective Date: 2011 Nov 21
Review by Date: 2021
Last Modified: 2016 Dec 12
GAAP & PSAB requirements
Municipal Act, 2001
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
Payment Card Industry Data Security Standards (PCI DSS)
Halton Region tax policy by-laws
Income Tax Act
Public Libraries Act