Title
Related Party Transactions Policy C-FI15
Proposed Motion
That Related Party Transactions Policy C-FI15 be approved, as presented.
Body
Administration Recommendation
Administration supports the proposed motion that Related Party Transactions Policy C-FI15 be approved.
Purpose
To establish guidelines for the identification, recognition, and disclosure of related party transactions involving key management personnel and/or a close family member.
Summary
The Municipal Government Act stipulates that municipalities must follow Public Sector Accounting Standards when preparing financial information. In 2018, a new standard on Related Party Transactions was issued. This standard requires municipalities to disclose all material related party transactions involving key management personnel and/or close family members of those individuals. Administration has drafted the policy attached to ensure that the County is compliant with the standard as this standard must be implemented for the December 31, 2018 financial statements.
Strategic Plan/Policy/Legal/Staff Implications:
Responsible Leadership - maintain the public's trust through transparent and fair decision-making, superior service delivery, and effective communication
Financial Impact:
Cost: N/A
Source of Funding: N/A