2023 Essex County Consolidated Financial Statements approved

Local Journalism Initiative

July 5, 2024 at 2:45 p.m.·2 min read

During its June 19 meeting, members of Council approved the 2023 County of Essex Consolidated Financial Statements, in addition to the 2023 Sun Parlor Home Residents’ Trust Fund Statements.

Melissa Ryan, Director of Financial Services, noted KPMG has expressed a clean, unqualified audit opinion following its examination of the accounts of the Corporation.

The Report to County Council notes an unqualified audit opinion is an auditor’s judgement that the Corporation’s results of operations and its financial position as at December 31, 2023 are fairly and appropriately represented in accordance with Generally Accepted Accounting Principles in the Consolidated Financial Report.

New accounting standards were adopted this year, Ryan explained, to ensure a more accurate reflection of the County’s financial position and future obligations.

In highlighting the operating results of 2023, Ryan explained the Budget surplus was around $884,373, which was allocated to the Rate Stabilization Reserve.

Reserve funds increased to $292.3M by the end of last year, up from $268M in 2022.That growth was due to the timing of infrastructure expansion projects and the County’s commitment to effective capital asset management, she added.

At the previous County Council meeting, it was noted the County is working to close the gap for capital reserves, which remains a primary challenge, Ryan said.

A policy addressing the gap is expected to be presented at the County Council meeting to take place later this month, which will “reflect our proactive approach to long-term fiscal health.”

Ryan noted the County’s financial health is strong, as shown by various measures of sustainability, flexibility, and vulnerability. “Our financial assets exceed our liabilities, and our debt-levels are decreasing, indicating that future revenues are not burdened by past debts,” she added.

In addition, SMP Global ratings has confirmed the County’s good financial position with a AAA rating.

Sylene Argent, Local Journalism Initiative Reporter, Essex Free Press

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