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13 | Thursday, August 15, 2013 | OAKVILLE BEAVER | www.insideHALTON.com We continue to successfully implement the plans and initiatives set out in the town's Vision 2057. In 2012, we opened the new Queen Elizabeth Park Community and Cultural Centre, and with the Oakville Soccer Club we enhanced the Pine Glen Soccer Facility. We're enhancing town, regional and police services while simultaneously moving down the rate of increases of both the average total property tax bill and the total property tax levy. Your Oakville and regional councils are managing the town, region and police finances together to keep the total rate of tax increases at or under inflation every year this term -- by relentlessly focusing on efficiency. The 2013 tax increase is only 1.6 per cent. We've maintained our solid AAA financial rating, too (Toronto and Ontario are only AA). We control growth, debt and taxes to just what fits environmentally and economically. Our resulting financial strength helps support our goals to create new community centres, and renew our downtown facilities to make our downtown even more of a social and community hub. Our vision is to become Canada's most livable town. Achieving this vision requires steady focus on our plans and goals. Our livability attracts the best employers and enhances our local economy, too. Contact me if you would like to discuss any part of our 10-Year Capital Forecast plan or Vision 2057, our master plan to take Oakville to its 200th birthday. I encourage you to learn more about Oakville's 2012 results in the town's full 2012 Annual Report at www.oakville.ca. Contact me with any questions, comments or suggestions at mayor@oakville.ca. Council and I are dedicated to serving you. Mayor Rob Burton 2012 Annual Report Highlights Consolidated Statement of Financial Position The town's annual report is a comprehensive accounting of our work in the last year. Our financial statements are audited by KPMG who have confirmed that they present fairly the town's strong financial position. A brief summary below shows that Oakville is well positioned to face the future. December 31, 2012, with comparative information for 2011 (In thousands of dollars) 2012 2011 1,382,023 2,685 1,384,708 1,668,971 Non-financial assets 2012 $14,010 18,906 27,294 237,072 195,645 492,927 2011 15,877 19,240 27,936 229,919 194,531 487,503 35,163 17,860 30,708 29,542 68,526 18,902 2,539 203,240 284,263 Accumulated surplus Tangible capital assets Prepaid expenses and inventory 1,405,846 2,765 1,408,611 1,693,097 Financial assets Cash and cash equivalents Accounts receivable Taxes receivable Other Investments Investment in Oakville Hydro Corporation Surplus Invested in tangible capital assets Other Equity in Oakville Hydro Unfunded Post employee benefits Long-term liabilities 1,405,846 34,318 195,645 (22,910) (60,867) 1,552,032 1,382,023 50,508 194,531 (21,441) (68,526) 1,537,095 Financial liabilities Accounts payable and accrued liabilities Other current liabilities Deferred revenue ­ obligatory reserve funds Deferred revenue Long-term liabilities Post employment benefit liability WSIB liability Net financial assets 32,769 19,936 39,367 32,592 60,867 20,294 2,616 208,441 284,486 Reserves set aside for specific purposes by Council Total reserves Total reserve funds Accumulated surplus 70,627 70,438 1,693,097 58,243 73,633 1,668,971 For the full 2012 Annual Report, as well as the town's Municipal Performance Measurement Program, visit oakville.ca, and learn about: · 2012 Audited Financial Statements · Five Year Statistical Review (2008-2012) · 2012 awards and recognition · 2012 Accomplishments · Organization structure · 2011-2014 Strategic Plan