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www.insideHALTON.com · OAKVILLE BEAVER Thursday, July 19, 2012 · 8 Consolidated Statement of Financial Position The Annual Report's Consolidated Financial Statements show Oakville has sufficient assets to fund liabilities and is in a strong financial position. On behalf of Council, I am pleased to provide you with an overview of our 2011 Annual Report. The annual report is a comprehensive accounting of our work in the last year to create Canada's most livable town. In 2011, Oakville Town Council moved forward in creating, preserving and affording the livability that Oakville is known for. Oakville is in a strong and stable financial position. 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. Oakville is on track to cut out our tax-supported debt, focus on infrastructure renewal in a fiscally prudent manner and ensure that any growth in our community takes place in a cost effective way. In the past, the town incurred debt to meet our infrastructure renewal needs. Our approach now is to build strong reserves and meet our infrastructure renewal needs on a pay-as-you-go basis. This past year saw the beginning of many important initiatives that will be completed this term of Council. We initiated master plans, opened much-anticipated facilities, launched our new town website and continued to build the quality of our services and programs. Of equal importance, we kept the town in a solid position by attracting new businesses and jobs. Here's just a snapshot of our 2011 Annual Report. I encourage you to learn more by reading the full report at www.oakville.ca. If you have any questions, feel free to contact me at mayor@oakville.ca December 31, 2011, with comparative information for 2010 (In thousands of dollars) 2011 $15,877 19,240 27,936 229,919 194,531 487,503 2010 22,129 20,919 20,559 173,722 192,528 429,857 40,068 13,912 33,421 23,197 40,008 17,553 2,464 170,623 259,234 Financial assets Cash and cash equivalents Accounts receivable Taxes receivable Other Investments Investment in Oakville Hydro Corporation Financial liabilities Accounts payable and accrued liabilities Other current liabilities Deferred revenue ­ obligatory reserve funds Deferred revenue Long-term liabilities Post employment benefit liability WSIB liability Net financial assets 35,153 17,860 30,708 29,542 68,526 18,902 2,539 203,240 284,263 Non-financial assets Tangible capital assets Prepaid expenses and inventory Accumulated surplus 1,382,023 2,685 1,384,708 $1,668,971 1,330,642 2,578 1,333,220 1,592,454 Surplus Invested in tangible capital assets Other Equity in Oakville Hydro Unfunded Post employee benefits Long-term liabilities Accumulated surplus $1,382,023 50,508 194,531 (21,441) (68,526) $1,537,095 1,330,642 (1,593) 192,528 (20,017) (40,008) 1,461,552 Reserves set aside for specific purposes by Council Mayor Rob Burton For the full report, visit www.oakville.ca Total reserves Total reserve funds $58,243 $73,633 $1,668,971 64,713 66,189 1,592,454 In 2011 the Town of Oakville... Defended Livable Oakville ­ the town's official plan at the Ontario Municipal Board. The plan directs growth to identified growth areas while protecting the town's stable residential neighbourhoods, greenspaces and employment lands to 2031. Launched Vision 2057 which brings together all of the town's master plans and other key initiatives to create one cohesive road map for the future. Completed renovations that transformed the former high school into Queen Elizabeth Park Community and Cultural Centre -- a unique multi-purpose recreation, arts and culture facility.