2009 Annual Report Released by Town of Oakville

Financial position remains strong despite last year’s economic downturn

The Town of Oakville released its 2009 Annual Report today outlining the town’s many accomplishments last year as Council continued to implement its unanimously approved four-year strategic work plan.

“I'm proud of the way we weathered the recession in 2009,” Mayor Rob Burton said. “We were able to adjust expenses to allow us to still stick to our unanimous 4-year strategic work plan. We approved the Livable Oakville Plan, expanded transit service, built new facilities and even reduced outstanding debt. 2009 was a year of great achievement in the face of great challenges. Council, staff and our community showed just how much Oakville is really capable of.”

The town’s financial position remains strong despite a drop in revenues as a result of last year’s economic downturn. A key indicator of the town’s financial health is its net financial assets. In 2009, the town’s assets exceeded its liabilities by $184.5 million.

Expenses in the Planning and Development department were reduced in response to the slowdown in the housing market. These savings were redeployed to execute the town’s strategic priorities.

Implementation of performance-based, program-based (PB2) budgeting continued in 2009 to provide for multi-year operating budgets. These will allow the town to find operational efficiencies and will assist Council, staff and the community in making decisions about the programs and services offered by the town.

As the town enters the second half of 2010, Council is pleased to report that 98 per cent of its four-year strategic work plan is complete. The town continues to focus the continuous improvement of its operations and enhancing the natural and economic environment in our community.

“Council is committed to delivering on the goals we set for ourselves four years ago,” said Mayor Burton. “We’ve worked as a team in partnership with our community and our approach has paid off.”

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