Brampton - As part of its regular financial management, the City of Brampton conducts an annual review of open capital projects to assess their status and make recommendations on potentially reallocating money to meet emerging and new priorities.
o The City of Brampton is audited annually by KPMG on its financial accounting and reporting practices.
o The City is reviewed annually by the Finance Officers of Ontario, who have given the City the highest ranking for financial reporting and accounting compared to other municipalities.
The staff report “Capital Project Financial Review - Status Report”, released March 5, 2014, outlined the preliminary results of a more focused review of capital projects to ensure timely completion and to assess the potential for reallocating unspent funds for other emerging priority projects.
o The preliminary results identified approximately $700 million in unspent capital, some of which may be available for potential reallocation. Other unspent amounts are on hold pending a determination of how to revitalize projects that are currently delayed due to factors such as outstanding approvals from other levels of government.
o Significant unspent capital fund balances are to be expected given the multi-year nature of capital projects, especially those related to delivery of major infrastructure.
o All monies in the City’s Capital Fund are accounted for. Capital funds that are not yet spent are actively invested. Last year, these funds generated approximately $9.1 million which was used to offset taxes.
As part of its usual practices, the City of Brampton will continue to follow best practices for capital program budgeting, control and reporting. This will allow the City to ensure maximum return in terms of service for residents.
o The City continues to review capital programs with the goal to identify additional opportunities for the re-allocation of funds where priorities may have changed.
o Related policies and procedures are being revised to improve control of capital funding. Enhanced project and financial reporting is being implemented.
o The City of Brampton is committed to utilizing taxpayers’ funds to maximize efficiencies and we will continue to use financial management best practices to that end.