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County Council Reviews 2020 Earnings Report

Wednesday, 17 February 2021 at 05:38

Oxford County Council did not get as much returns on investments last year thanks to COVID-19.

OXFORD COUNTY - Oxford County council reviewed their annual earnings report last year.

The County made $2.85 million in investment income last year. This was much lower than initially projected, and that of course can be blamed on COVID-19. 

Warden Larry Martin explains what the County does with this money.

"The Head of Corporate Services, there is a certain percentage of funds she can invest, rather than just have it sitting in a bank account or a County account." 

Martin says they will have to adjust the numbers in next years budget.

"It was almost half of what we had anticipated in getting, as far as the interest on that invested income. It will have to be adjusted during next years budget because we can't run a deficit. A year ago, we did better than expected, which is always great, but none of us could see COVID-19 coming and unfortunately it impacted that money that we had invested. It's not a loss, in that we didn't lose any money but we didn't get as much interest back as we hoped and expected to get." 

With lower interest rates expected to be part of Bank of Canada’s stimulus measures until into 2023, the County has adjusted its forecasts for investment returns for the coming years but will not adjust its current investment mix, which continues to meet the County’s performance standards.

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