The B.C. government is reviewing the reporting thresholds for public sector financial disclosures after the City of Fort St. John asked the province to reconsider the current requirements.
A letter from B.C. Finance Minister Brenda Bailey was presented during Fort St. John council’s regular meeting on Monday in response to the city’s request for a review of the prescribed amounts under the Financial Information Regulation.
The city previously raised concerns about the current Statement of Financial Information (SOFI) reporting requirements, which require the disclosure of employees earning more than $75,000 and suppliers receiving more than $25,000.
In a letter to the province, Mayor Lilia Hansen said the city supports transparency and accountability but believes the existing thresholds no longer reflect current economic conditions.
“However, the current disclosure requirements for employees earning more than $75,000 and suppliers receiving more than $25,000 have remained unchanged since 2002,” Hansen said.
Hansen said inflation and changes in compensation over the past two decades have expanded the number of individuals and suppliers included in SOFI reporting.
She said the broader reporting requirements create questions about finding the right balance between public transparency and protecting personal financial information.
“This raises considerations regarding the appropriate balance between transparency and the protection of personal financial information,” Hansen added.
The mayor said updating the thresholds, including potentially linking them to inflation, could help ensure the reporting system continues to meet its original purpose while reducing the administrative workload for municipalities.
“Council respectfully requests that the province consider reviewing and updating the disclosure threshold, including the option of indexing the threshold to inflation to ensure it remains relevant over time,” Hansen said.
In response, Bailey said public disclosure of financial information plays an important role in helping residents understand how government funds are spent.
“It allows citizens to track public spending, ask questions and understand how government operates,” Bailey said.
The finance minister said the province is now reviewing publicly reported thresholds, including those related to employee compensation and supplier payments.
“The Ministry of Finance is reviewing publicly reported thresholds, including employee remuneration and supplier payment thresholds, to determine next steps,” Bailey said.
“This ensures any changes will align with current expectations for transparency, proactive disclosure and public awareness of government activities and spending.”
To read the full letter, download here.
