Oakville’s 2011 Annual Report highlights achievements and strong financial performance

Thursday, July 05, 2012 – for immediate release

Oakville’s 2011 Annual Report highlights achievements and strong financial performance

Oakville’s 2011 Annual Report highlights achievements and strong financial performance

The Town of Oakville released its 2011 Annual Report online today showing how the long-term financial sustainability of the community is improving. According to Oakville’s audited Consolidated Financial Statements, the town’s net financial assets for 2011 stand at $284 million, up by $25 million since 2010, an increase of 9.6 per cent.

“Our Annual Report is a comprehensive accounting of our work in the last year to create Canada’s most livable town,” Mayor Rob Burton said.

The Annual Report’s Consolidated Financial Statements show Oakville has sufficient assets to fund liabilities and is in a strong financial position.

The annual report also describes last year’s major accomplishments, such as unveiling Vision 2057 — a long-term community building framework for Oakville that will ensure a sustainable and prosperous future for the town; kicking off Switching Gears — Oakville’s Transportation Master Plan; launching the Recreation and Libraries Facilities Master Plan update and the Environmental Strategic Plan update; launching the inZone project that develops a new zoning by-law to conform with the town’s popular new Official Plan, Livable Oakville; creating the dynamic Queen Elizabeth Park Community and Cultural Centre; opening a new transit facility; redesigning oakville.ca to improve the way Oakville residents connect with the town; and implementing the Economic Development Strategy that saw several businesses relocate their head offices to Oakville.

“We achieved all this while improving our strong financial position and reducing tax supported debt. In the past, the town incurred debt to meet our infrastructure renewal needs. Our approach is to build strong reserves and meet our infrastructure renewal needs on a pay-as-you-go basis. The town is a leader in matching our transfers to capital infrastructure renewal with the annual depreciation expense,” Mayor Burton said.

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 with its audited Consolidated Financial Statement presents the financial position of the town and its consolidated entities for the 2011 fiscal year and its achievements.

The 2011 Annual Report can be viewed on the Annual Report page.

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Media contacts

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

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


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Oakville’s 2011 Annual Report highlights achievements and strong financial performance