Province Confirms Owen Sound’s 2023 Financial Indicators Show Strong and Improving Fiscal Health

The City of Owen Sound has received its 2023 Financial Indicator Review from the Ministry of Municipal Affairs and Housing. The results confirm that all the City’s key financial indicators are within low-risk thresholds, meaning financial metrics (such as debt levels, reserves, and revenue stability) do not pose any major financial concerns. 

The Ministry’s review is based on data submitted through the annual Financial Information Return (FIR) and includes a five-year history of key financial trends. The 2023 report shows continued improvement across several areas since 2019, underscoring positive momentum in the City’s fiscal management with a trend of continued improvement.

2023 highlights include:

• Reserve and discretionary fund balances represent over 70% of municipal expenses, well above the threshold for concern.
• A strong cash ratio, indicating sufficient liquidity to meet current financial obligations.
• Debt servicing costs are the lowest in five years, showing a reduction in revenues directed toward debt repayment.
• A consistent trend of low taxes receivable, reflecting effective tax collection practices.

Each of these indicators reflects a healthier financial position than in previous years, with steady year-over-year improvement across key categories such as sustainability, flexibility, and asset management.

While financial indicators provide a helpful snapshot, the Ministry emphasizes they are best understood alongside local context and longer-term financial planning.

The full Financial Indicator Review is available upon request. Residents with questions about the City’s finances are encouraged to contact City Hall or visit OwenSound.ca for more information.

For more information, please contact Kate Allan, Director of Corporate Services, at 519-376-4440 ext. 1238 or email kallan@owensound.ca

Quote:

"The City of Owen Sound remains dedicated to maintaining the highest standards of financial stewardship. We take our responsibility to the taxpayers seriously and remain committed to ensuring that public funds are managed effectively and transparently.”

-     Mayor Ian Boddy

Quick Facts:

• In January, the City shared a news release about the clean audit opinion from independent BDO auditors, confirming the City’s finances are managed responsibly, transparently and in compliance with Public Sector Accounting Standards.
• By ensuring public funds are responsibly managed, Owen Sound continues to prioritize fiscal health, supporting long-term community growth and development. 

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