Annually, the Ministry of Municipal Affairs and Housing review’s each municipality in
Ontario’s financial health through the use of key financial indicators in relation to
established provincial thresholds. This review provides a financial snapshot at a particular
moment in time (December 31, 2019 for this attached review).
The financial data for this review is obtained from each Municipality’s financial information
return (FIR), which is required to be completed annually. For each indicator, medians and
averages have been calculated for comparator groupings relative to Essex. We are in the low level of risk in every category except debt repayment and council was told that is because we are choosing to be aggressive in our payment structure, taking out shorter loans and paying it off faster rather than taking a longer time to pay off the same amount of money.
Council in February received the Town of Essex 2019 Financial Indicator Review/Profiles from the Ministry of Municipal Affairs and Housing be received. We are in a very healthy position here in the Town of Essex, and this is something we should be proud of. This is due to the carefully planned financial approach the Municipality has taken over the last few years, specifically with an emphasis of financial sustainability and asset management planning. A special thanks for Donna Hunter our former CAO and Jeff Morrison our Director of Corporate Services for running a tight financial ship.
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