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Oxford County Council Revised 2022 Audited Financial Statements and Found Surplus

Oxford County Council found over $3.5 million in surplus last year.

OXFORD COUNTY - The Oxford County Council looked over the 2022 Audited Financial Statements and found $3.54 million in surplus.

The council has been approved to use $2 million from the surplus with half going to the Affordable Housing Reserve and the other half going to the Woodingford Lodge expansion.

Warden Marcus Ryan says the money is much needed if considering the Woodingford Lodge Expansion. 

"Part of it was some of the surplus we set aside to potentially support the decision that council made to explore the possibility of more long term care beds. That hasn't been finalized yet but if we're going to consider more long term care beds funded by Oxford County we're going to need some money to do that."

Overall, the financial statements show the County is in a good spot in the short and mid-term to meet its service and financial promises, and that its current strategy of ready to have money allow the County to maintain strong financial performance and financial sustainability.

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