The District of Muskoka has released its 2022 consolidated financial statements, providing residents with the District’s financial health and progress status. These statements highlight the District’s commitment to responsible financial management and the betterment of our community.
Independent auditors have provided a clean audit opinion, indicating that the financial statements accurately represent the District’s financial position and operations – this reinforces the trust and confidence placed in the District by our residents.
“The positive growth and progress showcased in our 2022 financial results affirm our dedication to serving the community and managing your investments with priority and care,” said Julie Stevens, Chief Administrative Officer with the District. “These financial statements reflect our commitment to financial accountability, demonstrating that we are working diligently to ensure a prosperous future for Muskoka.”
The 2022 financial results reveal several noteworthy achievements:
Growing Financial Assets: Net financial assets increased by $20.3 million, demonstrating the District’s strengthening financial situation. Our growth signifies our ability to manage funds effectively and make strategic investments for the benefit of our community.
Reducing Debt: The District has successfully reduced municipal debt by $3.7 million, alleviating the burden on taxpayers. This responsible debt management approach allows us to free up funds for other critical initiatives and minimize the financial strain on our community.
The District owns critical assets valued at over $2.88 billion dollars – it’s necessary to have savings to take care of them.
Safeguarding Our Future: The District’s reserves and reserve funds have grown by $21.4 million, reinforcing our commitment to long-term financial stability. Reserves act as a safety net for unforeseen expenses, ensuring that we are well-prepared to address emergencies and prioritize the maintenance, continued operation or replacement of assets, when they need attention.
“Behind the scenes, our dedicated District team of financial professionals have worked tirelessly to ensure the accuracy and integrity of our financial statements,” said Suzanne Olimer, Commissioner of Finance and Corporate Services with the District. “The commitment of District Council in partnership with staff have played a vital role in the improved financial results. We are proud to have such a knowledgeable team managing your investments and working towards the betterment of our community.”
Understanding the financial story of your District empowers you as an active citizen. We encourage you to engage in discussions, ask questions, and contribute to shaping the future of our community.
To learn more about what these statements mean, explore the financials in detail, or to learn more about how to get involved, please visit our website at www.muskoka.on.ca/budgets