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City’s 2011 financial statements confirm strong position

City’s 2011 financial statements confirm strong position

Ottawa – The 2011 City of Ottawa Consolidated Financial Statements will be considered by the Audit Sub-Committee on May 24, by the Finance and Economic Development Committee on June 5, and by City Council on June 13.

Documents released today in advance of those meetings show the City is in a strong financial position that includes higher cash balances, preservation of reserves, manageable debt and a higher accumulated surplus. The City’s credit ratings have also been reconfirmed by Moody’s Investors Service and by Standard and Poor’s.

“Our strong balance sheet is a sign of continued responsible financial management and respect for taxpayer dollars by Council and staff and is reflected in the reconfirmation of our strong credit ratings,” said Mayor Jim Watson.

“I am gratified that these audited year-end financial statements paint a picture of a healthy and robust City,” said Councillor Rick Chiarelli, Chair of the Audit Sub-Committee. “The people of Ottawa can be confident that we are on a solid financial footing.”

The audited financial statements show that financial assets rose almost 11 per cent to $1.79 billion in 2011 while net debt rose 4.4 per cent to $1.098 billion. The City had revenues of $3.226 billion and expenses of $2.805 billion in 2011 and is responsible for $11.3 billion in capital assets.