The county treasury department, in cooperation with all seven local municipalities, has completed its first Annual Financial Report, for the fiscal year ending December 2013.
“In 2013, the County of Wellington was able to provide high quality services and capital investment while maintaining a strong financial position,” said Warden Chris White. “I’d like to thank county staff for preparing the annual report, and county council for their strong leadership and well-informed decision
making.”
The annual financial report is a comprehensive review of county’s services, achievements, activities and a full set of consolidated financial statements for the 2013 operating year. It also provides readers with a more detailed review of its financial policies, highlights and future prospects.
The Financial Report Highlights:
– County of Wellington at a Glance
– County Council and Department Heads
-County Services
– Economic Development Highlights
– Treasurer’s Report and Management Discussion of Financial Results
– Financial Statements
-Auditor’s Report
– Five-Year Financial Statistics
“The County of Wellington is committed to the continuous improvement of its financial management activities,” said county treasurer Ken DeHart “The county has made several improvements to its processes over the past few years to enhance its long-term financial planning activities. This new annual report continues the county’s commitment to improve the openness, transparency and accountability of
its operations.”
“This brand new annual financial report is much more comprehensive and includes more information, graphics and discussion than our regular financial statements do,” DeHart said in an email to the Advertiser.
Some particular information contained in the audited report includes:
– County improved its credit rating outlook in its review with Standard and Poor’s from AA (stable) to AA (positive) in 2013;
– Cash-basis surplus was just over $1 million in 2013 – which was used to fund the remainder of the Health Unit facility project and eliminating the need to issue further debt;
– Establishment of an annual financial report improves the openness, transparency and accountability of county operations and should be looked upon favourably by Standard and Poor’s 2014 Credit Rating review to happen in the coming weeks;
– Significant capital investment is projected for the County in roads, bridges, development of Wellington Place lands in Centre Wellington, and investment in the Fergus, Palmerston and Hillsburgh library branches; and
– County continues to expand its economic development capabilities
According to DeHart the average county tax levy per household in 2013 was $2,386, debt charges per household was $128, tangible capital assets per household was $11,419 and total debt outstanding per household was $1,152.
It was also noted the county has an average unemployment rate of 5.7 per cent.
A copy of the entire 2013 Annual Financial Report is available on www.wellington.ca.
