Council Receives 2015 Annual Financial Report

2015 Annual Financial Report cover pageAt Monday night’s council meeting, Town Council received the 2015 Annual Financial Report from Town Staff and approved the distribution of the 2015 Levy Operating surplus.

The Financial Report contains the audited 2015 consolidated financial statements. The purpose of the financial statements is to provide users with an understanding of the financial position and operating results of the Town as well as ensure accountability and transparency.

“The Town’s 2015 financial results demonstrate our commitment to fiscal responsibility and delivery of excellent service to our residents,” said Mayor Wayne Redekop. “Our ultimate goal is to achieve a balance between providing high levels of quality service to our residents and ensuring these services are affordable for both current and future residents and businesses.”

The levy surplus of $1.25 million can be attributed to increases in user fees, wage and benefit savings, and other controlled costs. A deficit of $422,758 in water and wastewater operations resulted primarily from lower flows than budgeted and was funded by related operating and capital reserves. The levy surplus funds have been allocated strategically based on the Town’s Reserve Policy and previous contribution commitments by Council in the following areas:

  • $297,901 to the GFESS Theatre Reserve Fund
  • $252,684 to the Self Insurance Reserve Fund
  • $96,802 to the Emergency Management Reserve Fund
  • $26,987 in BIA surpluses be carried forward to 2016
  • $576,996 to the General Levy Rate Stabilization Reserve Fund

“The surplus shows the efforts of many Town staff to manage the available resources prudently and realize savings where possible,” said Jonathan Janzen, Director, Corporate Services/Treasurer. “It provides Council with the ability to strategically increase other reserve balances to strengthen the Town’s financial health and to better position the Town for future needs such as the Emerald Ash Borer devastation. The surplus also allows Council to fulfill its financial commitment towards the construction of the new high school theatre.”

Click here to view the 2015 Annual Financial Report.

For more information, please contact Karlee Griffin, Deputy Treasurer, at 905-871-1600, ext. 2307 or kgriffin@forterie.ca

2 thoughts on “Council Receives 2015 Annual Financial Report

  1. Janine Tessmer Post author

    The Town of Fort Erie reporting entity, for the purpose of the 2015 Annual Financial Report, does not include the Fort Erie EDTC. The municipality provides funding to the EDTC, which is included within the “Planning and development” expense line on the Consolidated Statement of Operations. For further information specific to the EDTC, please refer to their Annual Report, which can be found here 2015 EDTC Annual Report.

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