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w w w .in si d eH A LT O N .c o m O A K V IL LE B E A V E R T h u rs d ay , A u g u st 4 , 2 01 1 8 Visit www.oakville.ca Message from the Mayor On behalf of Council, I am pleased to provide you with an overview of our 2010 Annual Report. It outlines the towns fiscal strength in 2010 and highlights some of the accomplishments of Council and our dedicated staff in meeting the needs of the community. By managing our resources wisely, the town is in a strong financial position. In comparison to 2009, the towns net financial assets increased by $74.7 million. The significant increase can be attributed to the towns investment in Oakville Hydro and the $40 million dividend from the sale of Blink Communications. Our reporting and review processes ensure ongoing monitoring of the towns expenses and revenue against both operating and capital budgets. One key reason the town is in such good financial shape is the shift several years ago to performance-based program budgeting, or PB2. This budgeting system focuses resources on programs instead of departments and ensures we target spending to measurable outcomes. Overall, 2010 was a remarkable year for the town. We enhanced services and continued to maintain the quality of our programs and facilities. Of equal importance, we kept the town in a solid position to attract new businesses and jobs. Council and staff are dedicated to serving our community. I am confident that we can continue to make progress towards becoming the most livable town in Canada. Heres just a snapshot of our 2010 Annual Report and I encourage you to learn more by reading the full report at www.oakville.ca. If you have any questions, feel free to contact me at mayor@oakville.ca. Key Accomplishments for 2010 r Opened the doors to 6ixteen 0ile 6ports Complex t a state-of-the-art /((' silver candidate quad pad arena with one Olympic-si]ed ice pad, three 1H/-si]ed ice pads, community rooms and a restaurant. r /aunched renovations to the 4ueen (li]abeth Park Community and Cultural Centre t a unique multi-purpose recreation, arts and culture facility scheduled for completion in 2012. r In )ebruary 2010, Council passed the Health Protection Air 4uality By-law 2010-0 , the first by-law in Ontario that would help protect residents from the negative health effects of fine particulate matter. r Continued to build upon the 2009 new transit service design making improvements on four different routes. In November 2010, for the first time ever, Oakville Transit logged over a quarter million rides in a single month. r The town developed 6ustainable 'esign *uidelines for all new facilities, renovations and maintenance of all existing facilities. The guidelines, one of the first of its kind for a municipality, reinforce the towns commitment to sustainability and compliment the decision by Council to require all new construction over 00 square metres to be /((' 6ilver certified. r In August, Council approved the 'owntown Oakville 6trategic Action Plan that guides the future of downtown Oakville over the next 20 years. The plan outlines opportunities to develop and further enhance Oakvilles downtown as a sustainable, well-designed and accessible area while protecting its unique historic character. For the full report, visit www.oakville.ca 'ecember 1, 2010, with comparative information for 2009 In thousands of dollars 2010 2009 Financial assets Cash and cash equivalents $22,129 $12,224 Accounts receivable Taxes receivable 20,919 2 ,0 9 Other 20, 9 19,01 Investments 17 ,722 1 2,001 Investment in Oakville Hydro Corporation 192, 2 1 0,0 7 429, 7 , 19 Financial liabilities Accounts payable and accrued liabilities 40,0 2,441 Other current liabilities 1 ,912 1 , 4 'eferred revenue s obligatory reserve funds ,421 , 1 'eferred revenue 2 ,197 24, 7 /ong-term liabilities 40,00 29,0 Post employment benefit liability 17, 1 ,01 W6IB liability 2,4 4 2,211 170, 2 1 1, 9 Net financial assets 2 9,2 4 1 4,4 0 Non-financial assets Tangible capital assets 1, 0, 42 1,2 ,4 9 Prepaid expenses and inventory 2, 7 2,1 4 1, ,220 1,290, 0 Accumulated surplus $1, 92,4 4 $1,47 ,0 Analysis of accumulated surplus Invested in tangible capital assets $1, 0, 42 $1,2 ,4 9 Other 1, 9 9 (quity in Oakville Hydro 192, 2 1 4, 7 Unfunded Post employee benefits 20,017 1 ,224 /ong-term liabilities 40,00 29,0 Reserves set aside for specific purposes by Council 4,71 ,7 0 Reserve funds set aside for specific purpose by Council ,1 9 21,942 Accumulated surplus $1, 92,4 4 $1,47 ,0 Tangible capital assets Net book value /and $491,001 $4 0,207 /and improvements ,422 70,42 Buildings 147,719 112, 92 (quipment 12,0 2 11,714 9ehicles 29,00 1,29 Road network 24, 2 2 ,9 0 (nvironmental network 1 0, 4 1 1, 40 Communications and technology network ,907 ,70 1,2 0, 20 1,21 ,2 Work in progress 70, 2 70,204 $1, 0, 42 $1,2 ,4 9 Consolidated Statement of Financial Position