As you may already know, Council’s second strategic Pillar in our strategic plan is:
Pillar 2. Expanding the tax base through a growing, diversified economy: Building and maintaining a tax base that supports the highest quality program and service delivery.
At the June 15, 2022, Council Meeting, the Director of Finance and his team presented Council with a series of reports with respect to the Town’s 2021 financial statements.
To briefly summarize, the Town reported a strong net financial assets position and an annual surplus, similar to our 2020 financial reports. These can both be attributed to an increase in development activity as well as continued efforts by staff to control expenditures during the pandemic.
The Town made excellent progress in decreasing debt levels, increasing reserve levels, and keeping tax rates low relative to other, comparable municipalities. These are achievements I am incredibly proud of.
Over $15 million dollars was added to the Town’s reserves. Reserves are a critical component of every town and city’s long-term financial plan. Reserve funds protect against the risk of raising taxes and fees as well as reducing service levels in the event of revenue shortfalls or unpredicted expenditures. Reserve funds also help ensure the Town’s on-going long-term financial health, stability, and flexibility.
I would also like to highlight that in 2021, the Town received over $4.5 million dollars in government grants. The Provincial and Federal governments clearly have confidence in our municipalities’ vision for the future of Stouffville and our ability to spend the funds accordingly.
Overall, we are in a strong fiscal position, coupled with thorough asset management planning, maintenance and development that has allowed us to be well aligned with our Strategic Plan.
