Oakville’s 2010 Annual Report underscores town’s strong financial position

Wednesday, July 20, 2011 – for immediate release

Oakville’s 2010 Annual Report underscores town’s strong financial position

The Town of Oakville released its 2010 Annual Report online today outlining the town’s fiscal strength and key achievements in meeting the needs of the community. Information found in the town’s Consolidated Financial Statements show that the town’s net financial assets for 2010 stand at $259 million.

“By managing our resources wisely, the town is in a strong financial position,” Mayor Rob Burton said. “This Council is committed to open and transparent governance. We encourage our residents to access this information and contact me if they have any questions about the town’s performance.”

In comparison to 2009, the town’s net financial assets increased by $74.7 million. The significant increase can be attributed to the town’s investment in Oakville Hydro and the $40 million dividend from the sale of Blink. Staff  has reporting and review processes in place to ensure ongoing monitoring of the town’s expenses and revenue against both operating and capital budgets.

The report also outlines major initiatives accomplished in 2010, such as establishing the terms for Halton Healthcare Services’ request for a donation toward Oakville’s new hospital, winning the fight against the proposed power plant, introducing Canada’s first health protection air quality bylaw, establishing new planning policies and regulations for assessing applications for power generation facilities, opening the doors to Sixteen Mile Sports Complex, launching renovations to the Queen Elizabeth Park Community and Cultural Centre, beginning construction of the new transit facility, establishing economic policies concentrated on the development and protection of employment lands, introducing the PRESTO card on all transit buses and launching an Emerald Ash Borer management plan.

“2010 was a remarkable year for the town. We have enhanced services and continued to maintain the quality of our programs and facilities. Of equal importance, we kept the town in a solid position to attract new businesses and jobs — all important parts of becoming the most livable town in Canada,” added Mayor Burton.

The audited financial statements are presented in accordance with the Canadian Public Sector Accounting Standards, and prescribed policies issued by the Ministry of Municipal Affairs and Housing.  An annual report is a historical picture of the financial position of the town and its consolidated entities for the 2010 fiscal year.  

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Media contacts:

Lynn Horlor
Deputy Treasurer and Director,
Financial Operations
Town of Oakville
905-845-6601, ext. 3056
lhorlor@oakville.ca

Gisèle Shaw
Manager,
Corporate Communications
Town of Oakville
905-845-6601, ext. 3166
gshaw@oakville.ca


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Oakville’s 2010 Annual Report underscores town’s strong financial position