Experienced Financial Management

Experienced Financial Management

KING’S IMPROVING FINANCIAL POSITION

 “It’s not surprising that Pellegrini would be thinking about the finances. He is arguably the most economy-minded member of this or the previous council.”

King Township Sentinel – Editorial July 27, 2005.

Our financial sustainability was a very real concern in 2010. At that time, our reserves were just over $12m for the entire Township. As of the end of 2013 we have over $37m in reserves. These reserves are the way that we will be able to adequately fund our infrastructure expenses now and in the future. We are steadily paying down debt and are in a much more secure financial position due to the fiscally responsible manner in which the Township staff and Council operates.

I am extremely proud to announce that for the past 2 years we have won the National Award of Excellence for Government Budgeting Process. We have also developed a reserve strategy, and formed partnerships with the Northern 6 (Aurora, Newmarket, Stouffville, Georgina, East Gwillimbury and King) which have resulted in substantial cost savings because we can achieve economies of scale when we procure such things as garbage collection, insurance, audit services and the like. And, with cost containment measures in the Township we had a surplus of approximately $500,000 in 2011, $1.6 million in 2012 and $1 million in 2013.

I continue to be focused on improving the financial position and ensuring a sustainable future for our Township.