www.oakvillebeaver.com The Oakville Beaver Weekend, Saturday August 23, 2008 - 9 Revenue Fund Operations 2007 2006 21,446 24,723 30,470 525 813 31,658 8,539 26,416 144,590 Expenditures by Function General Government Protection to Persons & Property Transportation Services Environmental Services Health Services Recreation and Cultural Services Planning and Development Financing Repayments & Transfers 17,068 26,869 33,349 530 938 35,581 10,286 27,526 152,147 Treasurer's Message I am pleased to present highlights from the Town's 2007 Consolidated Financial Statements (see charts below). The statements indicate how the Town financed its activities, confirm that resources obtained were used in accordance with the Town's approved operating and capital budgets, and adhered to the Town's financial management and planning polices. Overall, Oakville is in a strong financial position. As with most municipalities in Ontario, we face many significant financial challenges, from infrastructure-renewal funding and growth to ongoing demand for new and enhanced services. At the same time, we are committed to trying to maintain reasonable and competitive tax rates for our citizens and businesses. The Town is developing tools and strategies to address these cost challenges. During 2007, the ten-year financial forecast was developed and approved earlier this year. This longer-range forecast model helps us to plan for future financial requirements. The Town also made significant progress in meeting the requirements of Public Sector Accounting Board (PSAB) 3150, Tangible Capital Assets, in 2007. Oakville is one of the first municipalities to provide asset values in its financial statements. In addition, an Asset Management system is being developed which will improve the Town's ability to manage, maintain and replace its assets. The Town has also implemented a performance-based, program-based (PB2) budgeting methodology and is developing performance measures to help us find and maximize efficiencies. Thank you to Town Council, commissioners, department heads and staff across the Town who contributed to our success and achievements in 2007. In particular, I would like to acknowledge the efforts and hard work of the Town of Oakville's Finance Department staff whose dedication and commitment ensures the Town and its financial affairs are handled responsibly and with integrity. Sincerely, Expenditures by Object Salaries, wages & employee benefits Materials, Services & Financial Expenses Transfers to Others Debt Principal Repayment & Own Fund Transfers 88,622 34,607 1,392 27,526 152,147 79,166 37,498 1,510 26,416 144,590 Reference: Consolidated Statement of Financial Activities & Note 17 for 2006 Revenues by Source Taxation (includes Supplementary & Payments in Lieu) Province of Ontario - Grants/Subsidies Other Grants i.e. Canada Oakville Hydro - Interest on Promissory Notes & Leases Fees and service charges Other Revenue 99,421 722 310 4,713 36,231 10,670 152,067 93,897 2,667 1,542 5,392 33,367 7,728 144,593 Accumulated Net Revenue (Surplus) at the end of the year Reference: Schedule of Operating Fund Financial Activities 561 641 Capital Operations 2007 2006 8,495 1,553 25,637 613 53 16,193 389 52,933 Expenditures by Function General Government Protection to Persons & Property Transportation Services Environmental Services Health Services Recreation and Cultural Services Planning and Development 7,176 1,911 19,182 127 142 18,995 720 48,253 Financing by Source Transfers from Own Funds Long-term Debt/Internal Borrowing Grants/Subsidies - Federal/Provincial Other * Reference: Schedule of Capital Fund Activities Patti Elliott-Spencer, MBA, CMA Director, Finance and Treasurer 24,174 14,065 1,441 16,934 56,614 21,271 4,782 4,000 20,823 50,876 Operating Fund Revenues Operating Fund Expenditures Capital Fund Funding Capital Fund Expenditures