This morning's Oxford County council meeting will see staff receive the audited financial statements from 2019 and an update on the Long-Term Financial Sustainability Plan.
OXFORD COUNTY - Oxford County council will receive the 2019 audited financial statements at today's meeting.
The reports show the County ended with an operating surplus budget of $2,899,689. In addition, an update on the Long-Term Financial Sustainability Plan will be brought to staff.
Warden Larry Martin says the Long-Term Financial Sustainability Plan looks at COVID19's impact on the County's budget.
"It's a very lengthy report and basically what it comes down to this, COVID-19 has impacted almost every service that the County, as well as the area of municipalities provide. We have to deal with it, but under the Municipal Act we cannot run a deficit so we have to look either reserves or the tax levy in order to make it work or debenture."
Warden Martin adds staff is constantly looking for measures to cut costs and save money whenever they can in order to offset this cost as a result of the COVID-19 pandemic. He says they have been doing the best they can when it comes to providing essential services amid the pandemic.
"Every decision that we have made, we have made in conjunction with Southwestern Public Health and our medical officer of health, and her direction has come through regional medical officers of health as well as the provincial medical officers of health."
According to staff's report, the County’s strong liquidity position and moderate debt burden overall are key strengths that affirm its financial sustainability. You can read staff's full report here.
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