The Annual Financial Report is an overview of the County's services, achievements, activities and full set of consolidated financial statements for the current operating year. It also provides readers with a more detailed review of its financial policies, highlights and future prospects.
Financial statements for the County of Wellington are prepared in accordance with accounting policies prescribed for Ontario municipalities by the Ministry of Municipal Affairs and Housing and audited annually according to Public Sector Accounting Board standards.
What is a Long-Term Financial Sustainability Strategy?
The Long-Term Financial Sustainability Strategy provides council with a tool to help make decisions regarding policies, services and other significant matters that affect the financial health of the County. It provides Council with better long-term financial information, including the residential tax impact, debt and reserve levels, and value for money.
The County of Wellington provides community and infrastructure services to more than 97,000 residents and over 3,400 businesses across seven municipalities.
The County is facing a number of challenges, including uncertain funding from upper levels of government, a large geographic area with low population density, an aging population, climate change and environmental concerns as well as increased regulation and legislation. All of this puts pressure on programme and service delivery. At the same time, taxpayers are looking to governments to do more with fewer resources, creating an environment in which there is little appetite for tax increases.
County Council and staff are committed to providing the best value to our taxpayers to preserve our core services, drive strategic investments, and address the infrastructure deficit. We are also committed to maintaining our AAA+ credit rating, and preserving the long-term financial health of the County. To meet these ambitious objectives, County Treasury staff have developed a Long-Term Financial Sustainability Strategy, which has been approved by County Council.
The strategy is based on nine principles that guide long-term decision-making at the County:
