Sixteen Mile Sports Complex | Officially opened ... - Oakville

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Organizational chartMayor and CouncilChief Administrative OfficerRay GreenStrategy, Policy & CommunicationsJane CourtemancheInternal AuditPierre SauvageotCorporate ServicesGord LalondeCommissioner andTreasurerCommunity ServicesDomenic LunardoCommissionerInfrastructure &Transportation ServicesDavid BloomerCommissionerPlanning & DevelopmentServicesJane ClohecyCommissioner• Clerk’s• Information Systems+Solutions• Financial Planning• Financial Operations• Legal• Human Resources• Capital Assets /Facilities Management• Recreation and Culture• Parks and Open Space• Fire• Engineering and Construction• Roads and Works Operations• Environmental Policy• Oakville Transit• Development andEngineering Services• Planning Services• Building Services• Economic DevelopmentThe CAO provides leadership and demonstrates a commitment to excellence in the administration andmanagement of the Corporation of the Town of Oakville, and ensures that town services and programsare aligned with Council-approved policies and strategic directions.The Community Services Commission is responsible for fire protection and prevention, emergencymanagement, parks, forestry, harbours, cemeteries and the delivery of recreation and culturalservices. The commission also provides a corporate link to the Oakville Library, Oakville Galleriesand TOWARF (Town of Oakville Water and Air Rescue Force).The Corporate Services Commission is responsible for the coordination of services deliveredby the Clerk’s, Facilities and Construction Management, Information Systems + Solutions, Legal,Financial Operations, Financial Planning, and Human Resources departments and ensures thedelivery of timely, accurate and complete information, as well as administering the legislativeresponsibilities of the corporation.The Planning and Development Commission is responsible for guiding private developmentproposals in order to achieve the town’s Livable Oakville strategic goal. The commission meets this goalthrough the development of official plan policies, promotion of economic development opportunities,and review of planning, building, development engineering and site alteration proposals.The Infrastructure and Transportation Services Commission is responsible for the coordinationand delivery of programs and services related to the management, engineering, construction, operationand maintenance of municipal public works infrastructure (roads, traffic, water resources and fleet). Itis also responsible for the provision of Oakville Transit, environmental policy, and municipal parkingoperations and enforcement.Town of Oakville 2010 Annual Report | 14
Report from the Financial Operationsschedules such as transactions relating to reserves andreserve funds, a continuity schedule for tangible capitalassets, along with detailed information relating to thetown’s investment in Oakville Hydro.The consolidated financial statements combine theoperations of the town, Oakville Public Library, OakvilleGalleries and the town’s three business improvementareas. The statements also include the town’s investmentin Oakville Hydro using the modified equity method ofaccounting which reports only the net assets and thetown’s equity in Oakville Hydro Corporation.Lynn HorlorGord LalondeThe Town of Oakville’s Consolidated FinancialStatements for 2010 confirm that our town is in a soundfinancial position and continues to be well positioned toface economic challenges.The statements have been prepared in accordance withCanadian Public Sector Accounting Standards (PSAB).Commencing in 2009, the financial statements nowreport the net book value of the town’s tangible capitalassets and reflect current year amortization expense in itsoperations. The town’s external auditors, KPMG, haveexamined the statements in accordance with generallyaccepted auditing standards and have expressed theunqualified opinion that the consolidated statements arefree from material misstatement and fairly present thefinancial position of the town as at December 31, 2010in all material respects.The financial statements include the consolidatedstatement of financial position, the related consolidatedstatements of operations, change in net financial assets(net debt) and cash flows. The statements indicatehow the town financed its activities; confirm thatresources obtained were used in accordance with thetown’s approved budgets; and adhere to the financialmanagement and planning policies of the town.The notes to the statements provide supportinginformation to the financial schedules as well details withrespect to information no longer provided in financialConsolidated Statement ofFinancial PositionThe Consolidated Statement of Financial Position isthe municipal equivalent of the private sector’s balancesheet especially now since effective January 1, 2009,all municipalities are required to record their tangiblecapital assets in their financial statements. This statementincludes two key components – net financial assets (assetsminus liabilities), and accumulated surplus.A key indicator of a municipality’s financial condition isits net financial assets. Net financial assets represent thedifference between the financial assets of the corporation(cash, receivables, investments) less its financial liabilities(accounts payable, deferred revenues, debentures andpost employment liabilities). The town is in a net assetposition, where its assets exceed liabilities by $259.2million, a significant increase of $74.7 million from2009. The contributing factors include increased cash andinvestments of $51.6 million which can be attributed to the$40 million dividend received from Oakville Hydro dueto the sale of Blink. In addition, the net income reportedby Oakville Hydro has increased the town’s investmentby $42.4 million. These increases in assets were offsetby an increase in liabilities of $18.7 million. The liabilityincrease is due to accounts payable and accrued liabilities,as well as an increase of $10.9 million in long term debt.The town’s accumulated surplus, increased by $117.3million from $1.475 billion in 2009 to $1.592 billion in2010. This increase relates to the increase in net financialassets of $74.7 million as detailed above, plus an increasein the town’s value of its tangible capital assets of $42.1million. It is important to note the accumulated surpluscannot be construed as “cash or funds” available forspending, as the majority of the value is for “non financialTown of Oakville 2010 Annual Report | 15
Page 1 and 2: Sixteen Mile Sports Complex | Offic
Page 3 and 4: 2010 HighlightsTown services span e
Page 6 and 7: Message from the CAOOakville is a c
Page 8 and 9: To enhance ournatural environmentKe
Page 10 and 11: To continuously improve ourprograms
Page 12 and 13: To have programs and services that
Page 14 and 15: Looking aheadKey challengesand acti
Page 18 and 19: assets”, which are not available
Page 20 and 21: Comprehensive Financial Managementa
Page 22 and 23: • Council, in adopting the capita
Page 24 and 25: KPMG LLPChartered AccountantsBox 97
Page 26 and 27: Consolidated Statement of Operation
Page 28 and 29: Consolidated Statement of Cash Flow
Page 30 and 31: Notes to Consolidated Financial Sta
Page 46 and 47: Five year review (unaudited)2010 20
Page 48 and 49: Tangible capital assets by class201
Page 50 and 51: Capital operations2010 2009 2008 20
Page 52: Town of OakvilleP.O. Box 310, 1225

Sixteen Mile Sports Complex | Officially opened ... - Oakville

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