The Regional District of North Okanagan’s (RDNO) fiscal year is the calendar year. By May 15, the RDNO must submit its audited annual financial statements to the Inspector of Municipalities. Each April, the statements along with a detailed report are presented to the Audit Committee and the Board at public meetings for review and acceptance. The statements are prepared in accordance with Generally Accepted Accounting Principles for Local Government and presented on a consolidated basis.
Pursuant to the Financial Information Act, by June 30th of each year, the Statement of Financial Information (SOFI) must be presented to the Board for approval. The SOFI report is supplementary to the annual financial statements. The report includes schedules with detailed information regarding any guarantees or indemnities provided by the RDNO, remuneration paid to elected officials, the number and length of any severance agreements, staff remuneration over $75,000 and payments to suppliers over $25,000. The annual financial statements and the SOFI report are available to the public.