Strong financial standing allows council to crow - Waterloo Chronicle

By Jordan Ercit,?Chronicle Staff

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The City of Waterloo deserves a solid pat on the back for reducing the individual tax burden on its citizens, said a pair of city councillors.

Karen Scian, the chair of the finance and strategic planning committee, and Mark Whaley both gave kudos to staff and their fellow city councillors for reducing the city?s debt per capita to a 10-year low in 2011.

Coun. Whaley said the city heard many a ?disparaging remark? when its debt levels were reported to be one of the highest in Ontario. Now that the levels have improved, ?I hope it will be reported with as much gusto,? he added.

In the city?s 2011 consolidated financial statements, presented for approval at the June 18 Finance and Strategic Planning Committee meeting, council heard the total debt per capita in Waterloo is about $563 based on a population of 124,900 people.

In 2002, total debt per capita in Waterloo was $735.

?It?s a bright new day for Waterloo; we?ve turned the corner,? Coun. Scian said. ?Staff and everyone else around this table deserve some congratulations for their hard work.?

The city has seen debt levels per capita steadily decrease over the last 10 years, the report said, with the lone exception coming in 2010, when the City of Waterloo was issued about $11.8 million in short-term debt to fund new infrastructure projects.

The 2011 financial statements also pegged a final operating budget surplus for 2011 at about $3.3 million, the result of additional revenues from supplementary income taxes, investment income, penalties and interest on taxes and development fee revenue.

Also highlighted in the report was how reserve levels have grown over the last 10 years to almost twice the 2004 levels ? from less than $25 million to $40.4 million ? although that amount is expected to decrease as the city continues to implement the planned capital expansion and replacement programs.

Overall, the report said, the financial statements ?reflect a strengthening in overall financial position,? and conclude the city is ?well positioned to provide excellent programs and services to the citizens and taxpayers of the City of Waterloo.?

However, reserve and debt levels continue to be an area of concern, according to the report and ?require continued monitoring,? along with infrastructure and assessment growth.

The 2011 financial statements, audited by KPMG, were found to be in accordance with generally accepted Canadian accounting principles.

?We?re trying to be as open and accountable as possible,? Paul Hettinga, the city?s director of accounting, told council.

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