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9 · OAKVILLE BEAVER Thursday, July 23, 2009 Revenue Fund Operations 2008 2007 17,068 26,869 33,349 530 938 35,581 10,286 27,526 152,147 Expenditures by Function General government Protection to persons and property Transportation services Environmental services Health services Recreation and cultural services Planning and development Financing Repayments and Transfers 17,939 28,135 38,657 379 807 38,603 10,505 36,529 171,554 Treasurer's Message I am pleased to present highlights from the town's 2008 Consolidated Financial Statements (see charts below). The statements indicate how the town financed its activities and confirm that resources obtained were used in accordance with approved operating and capital budgets, and adhered to the financial management and planning policies and processes. At the end of 2008, the town is in a sound financial position. Though we face the same financial challenges as most municipalities in Ontario, we are well equipped to face the current economic conditions. Finding the funding to renew assets will be a challenge for future budgets, but our strong financial position and financial management tools will help us deal with these challenges. In conjunction with the requirements from the Public Sector Accounting Board (PSAB) 3150, the town is implementing a comprehensive asset management program and systems. This tool will provide the town with the information it needs to develop a sustainable financing plan for infrastructure renewal. We continue to use the ten-year financial forecast, and this year that long-term perspective helped to evaluate the impact of reduced development charge funding resulting from the current economic slowdown, so the town could make necessary changes to the timing of growth-related capital projects. We also continue to implement performance-based, program-based (PB2) budgeting methodology. The development of performance measures is well underway, and will assist the town in finding efficiencies. Thank you to Town Council, commissioners, all department heads and staff for their efforts in ensuring the town remains in a strong financial position. I would especially like to thank the staff in the Finance department, who never hesitate to go the extra mile. They are dedicated professionals who are committed to ensuring the town's financial affairs are handled with integrity. Expenditures by Object Salaries, wages and employee benefits Operating materials and supplies External transfers to others Debt principal repayment and own fund transfers $96,860 35,855 2,310 36,529 $171,554 $88,622 34,607 1,392 27,526 $152,147 Reference: Consolidated Statement of Financial Activities & Note 17 for 2008 Financing by Source Taxation (includes Supplementary and Payments in Lieu) Province of Ontario - Grants/Subsidies Other Grants i.e. Canada Oakville Hydro - interest on promissory notes and leases User fees and charges Other revenue Accumulated Net Revenue (Surplus) at the end of the year 112,836 3,210 408 4,712 38,974 11,523 171,663 670 99,421 722 310 4,713 36,231 10,670 152,067 561 Reference: Schedule of Operating Fund Financial Activities 2008 Capital Operations Expenditures by Function General government Protection to persons and property Transportation services Environmental services Health services Recreation and cultural services Planning and development 5,587 711 42,032 964 79 35,769 1,288 86,430 7,176 1,911 19,182 127 142 18,995 720 48,253 Financing by Source Patricia Elliott-Spencer, MBA, CMA Director, Finance & Treasurer The Corporation of the Town of Oakville Dated: July 4, 2009 Transfers from Own Funds Long-term Debt/Internal Borrowing Grants/Subsidies - Federal/Provincial Development Charges Other 25,925 3,176 3,377 41,178 13,451 87,107 24,174 14,065 1,441 14,419 2,515 56,614 Operating Fund Revenues Other Investment 7% Income 5% User Fees 22% Operating Fund Expenditures Transportation 23% Protection to Persons 16% Long Term Debt 3% General Government 10% Recreation and Culture 23% Capital Fund Funding Other 16% Development Charges 47% Capital Fund Expenditures General Government 6% Planning/Development 2% Transportation 49% Taxation 66% Other 22% Planning/Development 6% Reserves/ Reserve Funds 30% Recreation and Culture 41% Other Provincial Grants 4% Protection to Persons 1% Other 1%