BMA. County of Lanark. Municipality of Middlesex Centre. Data Warehouse Solutions. Integration LANARK COUNTY. Mindworks. Management Consulting Inc.

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1 BMA LANARK COUNTY Management Consulting Inc. Mindworks County of Lanark Data Warehouse Solutions Integration 2003 Range BudgetFinancial Plan Long 2001 Mindwor ks Consulting Inc. All rights reser ved. ebusiness Strategic Services Municipality of Middlesex Centre

2 Table of Contents Introduction Long Range Financial Plan (LRFP) 1 Building a Long Range FinancialPlan 2 LRFP Process Council and Staff Consultation 4 Assessment of the Municipality of Middlesex Centre's Financial Healt 5 Trend Analysis 6 Peer Analysis 6 Analysis of Financial Health 7 Growth and Socio Economic Indicators 8 Population Changes 9 Age Demographics and Quality of Life 10 Construction Activity 11 Assessment 12 Household Income 13 Summary Growth and Socio Economic Evaluation 14 Middlesex Centre's Financial Position 15 Tax Reserves and Reserve Funds 16 Summary of Tax Discretionary Reserves 17 Tax Discretionary Reseres/Reserve Funds 18 Tax Discretionary Reserve Ratio 19 Financial Sustainability (Stabilization) Reserves 21 Corporate Reserves 22 Program Specific Reserves 22 Operating Surplus 23 Debt Management 24 Financial Position 25 Taxes Receivable 26 Financial Position Evaluation Summary 27 Municipal Levy, Property Taxes and Affordability 28 Levy per Capita 29 Affordability 30 Summary of Municipal Levy, Property Taxes and Affordability 30 Middlesex Centre's Financial Future Policies and Strategies 31 Building a Financially Sustainable Model 32 Ensuring Prudent Asset Management Planning and Funding 33 Policies and Strategies 36 Providing for Contingencies 37 Using Debt Strategically 38 Operating With Prudent Foresight 40 Managing Expenditures Through Continuous Improvement 41 Maximizing Revenue Opportunities 43 Long Range Financial Forecast 45 Forecast Introduction 46 Forecast 48 Summary of 2012 Budget Revenues and Expenditures 49 Building Forecast Assumptions 50 Operating Budget Assumptions Under Each Model 51 Operating Budget Forecast 52 Capital Budget 53 Capital Contributions and Debt Summaries 54 Capital Funding Gap 55 Summary of Capital Forecast 56 Summary Financial Sustainability 57 Conclusion 58 Long Range Financial Plan (LRFP) 62

3 Introduc on Long Range Financial Plan Introduc on Long Range Financial Plan (LRFP) Long Range Financial Plan (LRFP) 1

4 Introduc on Long Range Financial Plan Introduc on Long Range Financial Plan Building a Long Range Financial Plan (LRFP) The Municipality of Middlesex Centre, like other municipalities in Ontario, has to fund programs and services it provides within a limited funding framework. Middlesex Centre must address rising costs, increased service responsibilities as a result of changing demographics and aging infrastructure with relatively flat revenue streams and limited ability to modify the services it provides. As such, financial planning and prioritization becomes critical to ensure the ongoing sustainability of the municipality. The Municipality of Middlesex Centre continues to take a proactive approach by assessing financial implications of current and proposed strategic directions and priorities through the development of a Long Range Financial Plan (LRFP). The LRFP includes strategies, principles and policies to guide financial decision-making as well as a 10-year financial projection. The purpose of the LRFP is to measure the Municipality s capacity to meet operating needs as well as to implement the strategic priorities of Council. It creates a purposeful approach to long-term financial management and helps align short term actions with long term financial strategies. The LRFP: Financial Sustainability is defined as the enduring ability of the Municipality to ensure that it can deliver the level and types of services expected by the community, while proactively assessing and managing associated risks, at acceptable levels of taxation and fees. The LRFP is built on the principles of Financial Sustainability which includes the following financial goals: Financial Sustainability Financial Goals Flexibility Efficiency Sufficiency Flexibility: being able to respond to changing circumstances, which may relate to economic, social, environmental or political conditions. Builds awareness of the Municipality s financial situation; Efficiency: using public funds in ways that provide the highest Spurs the development of actions to favourably influence its level of needed services possible within the amount of funding long term financial future; available. Reconfirms the key financial goals and strategies that should guide future planning; and Provides a tool to evaluate progress toward improving financial sustainability. Sufficiency: having sufficient resources to support the delivery of services for which the Municipality of Middlesex Centre bears responsibility. Long Range Financial Plan (LRFP) 2

5 Introduc on Long Range Financial Plan Benefits to Long Range Financial Forecasting There are many benefits to long range financial forecasting: Examines fiscal trends (past and future) Identifies fiscal issues and opportunities Increases communication & awareness Stimulates long-term thinking Helps establish fiscal policies and goals Stimulates alternative approaches to solve future challenges Provides the necessary information to establish feasible solutions and decisions Identifies implications of fiscal decisions Helps develop an action plan Provides a tool to monitor progress against Council approved plans Provides financial transparency and accountability Provides a consolidated view Be er Informa on = Be er Decisions Long Range Financial Plan (LRFP) 3

6 Introduc on Long Range Financial Plan LRFP Process The following diagram provides an overview of the building blocks used to develop the Municipality s LRFP: A LRFP can have a significant practical impact on Middlesex Centre s approach to planning, control and overall management of its programs, services and finances and on the quality of information provided to stakeholders. The process included the development of a Financial Condition Assessment. This considered numerous financial and socio-economic indicators to better understand the Municipality s existing financial health. This information was then considered in the context of the Municipality s existing strategic policies and practices. Recommended refinements to existing practices were then made to develop options and strategies which have been reflected in the LRFP. Note: the LRFP includes only tax based programs and services (excludes water and wastewater). Long Range Financial Plan (LRFP) 4

7 Assessment of the Municipality of Middlesex Centre s Financial Health Assessment of the Municipality of Middlesex Centre s Financial Health Long Range Financial Plan (LRFP) 5

8 Assessment of the Municipality of Middlesex Centre s Financial Health Prior to developing the Long Range Financial Plan (LRFP), it is important to understand the Municipality s current Financial Health and the external factors that impact the Municipality s delivery of programs and services. The Municipality s Financial Health can be best described as its ability to: Assessment of the Municipality of Middlesex Centre s Financial Health Achieve its vision as identified in the Municipality s Strategic Plan Maintain required service levels including the maintenance and renewal of capital assets and infrastructure Withstand local and regional economic changes Key financial and socio-economic indicators have been included to help evaluate the Municipality s existing financial health and to identify future challenges and opportunities. Industry recognized indicators that are used by credit rating agencies and/ or recommended by Government Finance Officers Association (GFOA) have been included. GFOA is a municipal association representing best practices in North America. GFOA has a committee dedicated to addressing Canadian issues and has developed recommended best practices from a Canadian perspective. GFOA has developed a body of recommended practices in the functional areas of public finance. Monitoring indicators over time will reveal the progress and success of the plan and provide an enhanced opportunity to both respond to changing circumstances and to continually improve the effectiveness of the plan. Trend Analysis Analyzing the trends of the Municipality s key financial performance and socio-economic indicators offers several advantages It provides information on changes in the Municipality s financial health, revealing the most current trends It shows how quickly a trend is changing It will form the basis for future forecasting It builds awareness and helps identify the potential need to modify existing policies or develop new strategies It provides a good indication of where the Municipality is heading Peer Analysis Peer analysis has also been included to gain perspective on the Municipality s financial health. The following table summarizes municipalities which are considered good comparators in terms of population growth patterns and proximity. Peer Municipalities Region 2011 Population Central Elgin Elgin 12,743 Kingsville Essex 21,362 Lambton Shores Lambton 10,656 Niagara-on-the-Lake Niagara 15,400 Prince Edward County Prescott & Russell 25,258 Tecumseh Essex 23,610 Wellesley Waterloo 10,713 West Lincoln Niagara 13,837 Woolwich Waterloo 23,145 Middlesex Centre Middlesex 16,487 Long Range Financial Plan (LRFP) 6

9 Assessment of the Municipality of Middlesex Centre s Financial Health Analysis of Financial Health The Financial Health Assessment includes the following: Growth and Socio Economic Indicators This includes an evaluation of the Municipality s growth and socioeconomic indicators which are largely external to the Municipality s control but important to understand from a planning and forecasting perspective. Middlesex Centre s Financial Posi on This includes an evaluation of the Municipality s financial framework upon which the Municipality operates. These indicators help determine if modifications are needed to the Municipality s existing financial policies and strategies as part of the development of the FMP. Popula on Building Construc on Ac vity Property Assessment Household Income Discre onary Reserves Debt Municipal Financial Posi on Taxes Receivable Municipal Levy, Property Taxes and Affordability Municipal Levy Comparison of Rela ve Taxes This includes an evaluation of the cost of municipal programs and services and how these costs translate into municipal property taxes from a taxpayer affordability perspective to gain perspective on whether there are any affordability concerns. Municipal Property Taxes as a Percentage of Income Long Range Financial Plan (LRFP) 7

10 Assessment of the Municipality of Middlesex Centre s Financial Health Growth and Socio Economic Indicators Analyzing growth and socio-economic indicators provide an overview of the internal and external factors that affect the community. They describe and quantify a community s wealth and economic condition and provide insight into the community s collective ability to generate revenue relative to the community s demand for public services. An examination of economic and demographic characteristics can identify, for example, the following types of situations: These indicators are closely interrelated and affect each other in a continuous cycle of cause and effect. Also important are the Municipality s plans and potential for future development. The diversification of the commercial and industrial tax base was considered for its revenue-generating ability, employmentgenerating ability, vulnerability to economic cycles, and relationships to the larger economic region. An inclining tax base and correspondingly, the community s ability to pay for public services A need to shift public service priorities because of demographic changes in the community A need to shift public policies because of changes in economic and legislative conditions Long Range Financial Plan (LRFP) 8

11 Assessment of the Municipality of Middlesex Centre s Financial Health Population Changes The population of Middlesex Centre is distributed amongst the villages and hamlets north and west of the City of London. Arva, Ballymote, Birr, Bryanston, Coldstream, Delaware, Denfield, Ilderton, Kilworth, Komoka, Lobo, Melrose, Poplar Hill are part of Middlesex Centre. The community also includes a large population outside the settlement areas. Although Middlesex Centre has a population of approximately 16,500 it is geographically large, covering 588 km 2. Changes in population directly impact both revenues (assessment base) and expenditures (service demand). The following summarizes key findings related to the Municipality s population growth: Middlesex Centre has had steady population growth and has increased from 14,242 in 2001 to 16,487 in 2011 (15.8% increase), exceeding the Ontario average population during this time of 12.6%. Over the past 10 years, Middlesex Centre s population growth was second highest in comparison to peer municipalities. Source: Stats Canada 30% 25% 20% 15% 10% 5% 0% 5% 10% Population Trend Changes in Population Peer Municipalities Source: Stats Canada Long Range Financial Plan (LRFP) 9

12 Assessment of the Municipality of Middlesex Centre s Financial Health Age Demographics and Quality of Life The age profile of a population affects Municipality expenditures. For example, expenditures may be affected by seniors requiring higher public service costs and families with young children desiring enhanced services for recreational, and related programs. Middlesex Centre has a diverse demographic, requiring a full range of programs and services. Compared to the province, Middlesex Centre s age profile has some notable differences. The Municipality has a slightly higher percentage of residents that are ages of 65+ and a higher percentage of residents that are 19 years of age or under. This can increase the needs for recreational programs and services and senior related services. Age Profile 2006 Middlesex Centre 2011 Middlesex Centre % Change in Middlesex Centre Ontario 2011 Ontario From , there was an increase in the proportion of residents in the age group 45 and older in Middlesex Centre, reflecting a similar aging population pattern experienced across Ontario. Age % 19.4% -1.0% 18.2% 17.0% Age % 7.9% 0.5% 6.9% 6.7% Age % 26.5% -2.5% 34.9% 33.0% Age % 17.4% 0.8% 15.3% 16.0% Age % 13.9% 0.9% 11.2% 12.7% Age % 14.9% 1.3% 13.6% 14.6% Total 100.0% 100.0% 100.0% 100.0% Source: Stats Canada Long Range Financial Plan (LRFP) 10

13 Assessment of the Municipality of Middlesex Centre s Financial Health Construction Activity Another growth-related indicator is the construction activity within a municipality. Building activity impacts other factors such as the employment base, income and property values. Generally, a municipality s net operating costs (expenditure increase net of the associated growth in assessment) to service residential development is higher than the net operating cost of servicing commercial or industrial development because many services such as recreation, libraries and parks are provided for use by residents. The ideal condition is to have sufficient commercial and industrial development to offset the net increase in operating costs associated with residential development. Non-residential development is desirable in terms of developing a strong assessment base upon which to raise taxes and in providing employment opportunities. Over the past six years, residential/non-residential construction activity (on a $ of construction) has been primarily in the residential sector. The large increase in non-residential activity in 2010 was the result of an increase in institutional buildings. Construction activity declined substantially in $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $ Source: Municipality year end construction reports Building permit value per capita is used as an indicator of the relative construction activity within each peer municipality. The average building permit value per capita over the three year average in Middlesex Centre was second highest in the comparator group, largely driven by the increase in institutional construction in $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Construction Activity Middlesex Centre (000 s) Residential Non Residential Construction Activity per Capita 3 Year Avg. Peer Municipalities Source: BMA Municipal Study Long Range Financial Plan (LRFP) 11

14 Assessment of the Municipality of Middlesex Centre s Financial Health Assessment Property assessment is the basis upon which the Municipality raises taxes. Assessment growth, the richness of the assessment base and assessment composition are important indicators of fiscal strength. Assessment Composition Assessment composition provides an understanding of the mix of assessment. In comparison to the peer municipalities, Middlesex Centre has a significantly higher proportion of farmland assessment. Middlesex Centre s proportion of commercial and industrial assessment is lower than the peer average. Richness of the Assessment Base Weighted assessment per capita statistics have been compared to provide an indication of the richness of the assessment base in each municipality as well as changes in assessment from year to year. Middlesex Centre s weighted assessment base per capita is slightly below the peer average. This is the result of lower commercial and industrial assessment and higher farming assessment, which is discounted by 25%. Assessment Growth From , the change in assessment in Middlesex Centre was lower than the peer municipal average, however, an increase in assessment does not directly equate to an increase in the revenue (tax) base as changes in assessment relate to growth as well as reassessment (which does not generate additional revenues). $250,000 $200,000 $150,000 $100,000 $50,000 $ Unweighted Assessment Composition % Middlesex Peer Avg Centre Residential 76.4% 66.1% Multi-Residential 0.5% 0.3% Commercial 7.0% 3.6% Industrial 2.6% 0.7% Farmlands 12.9% 25.3% Other 0.5% 4.0% Total 100.0% 100.0% 2011 Weighted Assessment per Capita Peer Municipalities % Change in 2010 Unweighted Assessment 2011 Middlesex Centre 5.5% Peer Average 7.0% Source: BMA Municipal Studies Long Range Financial Plan (LRFP) 12

15 Assessment of the Municipality of Middlesex Centre s Financial Health Household Income Household income is one measure of a community s ability to pay. While a higher relative gross income is a positive indicator of the overall local economy, a higher gross income may also lead to greater expectations for quality programs which impact the cost of municipal programs and services and can lead to additional challenges in balancing desired levels and a willingness to pay for programs and services. Average household gross and disposable income in the Municipality of Middlesex Centre are higher than the peer municipal average and the Ontario average. Higher income levels provide an increased potential ability to pay for municipal services. Municipality 2011 Avg. Gross Household Income 2011 Avg. Disposable Household Income Lambton Shores $ 65,946 $ 51,995 Prince Edward County $ 73,290 $ 57,011 West Lincoln $ 84,963 $ 65,565 Central Elgin $ 92,727 $ 71,250 Niagara-on-the-Lake $ 96,503 $ 73,714 Tecumseh $ 109,678 $ 82,547 Woolwich $ 124,989 $ 91,999 Kingsville $ 84,583 N/A Wellesley $ 77,182 N/A In 2011, the estimated average gross household income in Middlesex Centre was $114,584, compared with the peer average of $89,985 and the Ontario average of $87,400. Disposable income is the income that is left after federal and provincial income tax is deducted. In 2011, the average disposable household income in Middlesex Centre was second highest in the survey. This is a positive indicator because it reflects a community s available income. Peer Average $ 89,985 $ 70,583 Peer Median $ 84,963 $ 71,250 Ontario Average $ 87,400 N/A Source: Financial Post Canadian Demographics (rounded) Middlesex Centre $ 114,584 $ 85,059 Long Range Financial Plan (LRFP) 13

16 Assessment of the Municipality of Middlesex Centre s Financial Health Summary Growth & Socio Economic Evalua on The demand for essential services, capital improvements and infrastructure maintenance and expansion steadily increases as a result of the normal aging of facilities. The Municipality s LRFP must ensure that the future plans are financially sustainable from an operational and capital perspective. Further it must ensure that: The Municipality continues to stay on its path toward financial sustainability and resiliency through well planned and executed strategies; There is recognition that many of the Municipality s costs are increasing at a rate greater than inflation; and There is an alignment between the programs and services provided and the community s willingness to pay for services. From a socio-economic and growth perspective, Middlesex Centre has experienced steady growth and generally positive trends. Middlesex Centre s population increased by 15.8% over the past 10 years, an average increase of approximately 1.6% per year. Recent construction activity reflects a higher residential development which is generally more costly to service. The Municipality s relative construction activity is the second highest compared with peer municipalities on a three year historical average. The Municipality s assessment base has a high proportion of farm assessment compared with peer municipalities. Farm assessment is discounted by 25% but the overall weighted average is consistent with peer municipalities. Household incomes in Middlesex Centre are higher than the Ontario average and peer municipalities. Long Range Financial Plan (LRFP) 14

17 Assessment of the Municipality of Middlesex Centre s Financial Health Middlesex Centre s Financial Posi on Reserves/Reserve Funds are an important financial indicator in a Municipality s overall financial health. By maintaining reserves, the Municipality has the capability to fund future liabilities; a key link to long-term financial planning practices. They also provide a cushion to absorb unexpected shifts in revenues and expenditures. The availability of reserves also reduces the cost of financing capital as it allows a municipality to avoid debt interest payments. Credit rating agencies consider municipalities with higher reserves more advanced in their financial planning. Debt is also an important indicator of the Municipality s financial health and is an appropriate way of financing longer life infrastructure and infrastructure related to growth that is not fully recovered through DCs. However, when debt levels get too high, it compromises the Municipality s flexibility to fund programs and services. The condition and state of municipal infrastructure is an important factor in assessing a community s overall quality of life and economic health. The Municipality of Middlesex Centre has over $173 million dollars in infrastructure, excluding land and water/ wastewater infrastructure, which will require eventual replacement to sustain the community s overall quality of life and the economic health for future generations. Consequently, it is critical to understand that there is a great need and benefit for further infrastructure investment in order to protect, sustain, and maximize the use of Middlesex Centre s infrastructure assets. As will be discussed later in the report, Middlesex Centre has been proactively developing asset condition assessments on its major infrastructure and is now in the position to develop a supporting financial plan. Operating Position of the Municipality considers the operating revenues against expenses (including amortization expense). This helps to determine whether the Municipality is contributing enough funds for the replacement of assets as they come due for replacement. Financial Position of the Municipality is important to consider as this takes into consideration the Municipality s total assets and liabilities. Taxes Receivable, as a percentage of taxes levied, is an indicator of the overall economic health whereby trends and industry benchmarks can be evaluated. Long Range Financial Plan (LRFP) 15

18 Assessment of the Municipality of Middlesex Centre s Financial Health Tax Reserves and Reserve Funds Reserves are a critical component of the Municipality s long-term financial plan. The purpose for maintaining reserves includes: To provide tax stabilization in the face of variable and uncontrollable factors (growth, interest rates, changes in subsidies) and to ensure adequate and sustainable cash flows; To provide financing for one-time or short term requirements without permanently impacting the tax rates thereby reducing reliance on long-term debt; To make provisions for replacement of assets/infrastructure on a timely basis; To provide flexibility to manage debt levels and protect the Municipality s financial position; and To provide for future liabilities incurred in the current year, but paid for in the future like post retirement benefits. There are two types of Reserves and Reserve Funds: Obligatory Reserve Funds are created whenever a statute requires revenue received for special purposes to be segregated from the general revenues of the municipality and includes reserve funds for development charges and developer agreements. Given that these are not available for use at the discretion of the Municipality or to support existing operations, they have not been included in this section of the analysis. Discretionary Reserve Funds are established whenever the Municipality wishes to earmark revenues to finance a future expenditure for which it has the authority to spend money, and physically set aside a certain portion of any year's revenues so that the funds are available as required. The focus of the reserve analysis is on discretionary reserves, as this is an area where the Municipality can readily modify its existing policies to help ensure financial sustainability. Long Range Financial Plan (LRFP) 16

19 Assessment of the Municipality of Middlesex Centre s Financial Health Summary of Tax Discretionary Reserves The Municipality maintains four different classifications of Discretionary Reserves, with multiple reserves within each classification. Discretionary Reserve Classification Description and Observations Infrastructure Sustainability (Capital) Reserves Infrastructure Sustainability Reserves are used to assist in financing the capital program. These reserves provide flexibility and liquidity as well as enhancing the Municipality s capability to handle current and future capital infrastructure needs. Annual contributions should be made to these reserves to address the eventual rehabilitation and/or replacement of the assets and infrastructure. While efforts have been made to support infrastructure renewal, these reserves are currently underfunded. This is referred to as the infrastructure gap. Financial Sustainability (Stabilization) Reserves The Municipality maintains stabilization reserves to offset extraordinary and unforeseen expenditure requirements, revenue shortfalls and to manage cash flows. Corporate Reserves Program Specific Reserves The Municipality has a number of corporate reserves to protect against the consequences of certain risks, liabilities and corporate programs in such areas as insurance, WSIB and employee benefits. These reserves are available to fund specific programs and services. Long Range Financial Plan (LRFP) 17

20 Assessment of the Municipality of Middlesex Centre s Financial Health Tax Discretionary Reserves/Reserve Funds Tax Supported Discretionary Reserves/ Reserve Funds % Change Infrastructure Sustainability $5,258,608 $5,076,033 $6,206,116 $3,286,988 $3,848,815 27% Financial Sustainability $2,609,194 $3,101,996 $3,066,119 $2,821,633 $2,850,150 9% Corporate $99,693 $153,165 $162,293 $163,351 $150,943 51% Program Specific $780,062 $14,328,180 $12,204,847 $1,974,623 $839,839 8% Total $8,747,557 $22,659,374 $21,639,375 $8,246,595 $7,689,747 12% Source: FIR total tax, Municipality s year end report tax less commitments As shown above, the Municipality s total tax discretionary reserves/reserve funds decreased by 12% since Reserves are a preferred source of funding the replacement of existing assets, one-time events that occur, existing corporate unfunded liabilities and helping to maintain intergenerational equity. Intergenerational equity is the premise that taxpayers in each time period should, as a group, contribute to public expenditures from which they derive benefits in accordance with their share of the benefits generated by those expenditures. As shown above: The Infrastructure Sustainability Reserves decreased by 27% since As will be discussed later in this section of the report, these reserves are underfunded in relation to the asset they support. Financial Sustainability Reserves have increased 9% since 2007 and, as will be discussed, are in a healthy position. Corporate Reserves have increased by 51% since Program Specific Reserves are tied to underlying programs. Long Range Financial Plan (LRFP) 18

21 Assessment of the Municipality of Middlesex Centre s Financial Health Tax Discretionary Reserve Ratio Infrastructure Sustainability Reserves Tax discretionary reserve ratio is the total of tax discretionary The use of reserves to fund the replacement of assets is reserves as a percentage of own source revenues. preferred as it reduces the cost to replace assets and provides financial flexibility. However, as is the case in the majority of 80% 70% 60% 50% 40% 30% 20% 10% 0% municipalities surveyed, this is an area that is frequently underfunded due to competing budgetary challenges The following table summarizes the year end balance in the Infrastructure Sustainability Reserves. Infrastructure Reserves (000s) 2011 Gas Tax Rebate $ 1,092 Fire Vehicles & Equipment $ 506 Roads Capital $ 464 Source: FIRs Note that for comparison purposes, the above noted graph uses Financial Information Returns (FIRs). As shown above, Middlesex Centre s tax discretionary reserve ratio is below the average of the peer group. The need for reserves will vary based on services provided by the municipality and the age, composition and amount of assets and infrastructure that each municipality supports as well as the type of liabilities. A review of the adequacy for each of the four classifications of reserves has been provided in the next section of the report. Waste Management $ 430 Storm Water Capital $ 355 Buildings & Facilities $ 354 General Vehicles & Equipment $ 348 Gravel Pit Rehabiliatation $ 295 Parking $ 2 Medical Centre $ 2 Roads & Bridges $ - Roads & Bridges $ - Rural Infrastructure $ - ISF PWE Facilities $ - Infrastructure Sustainability Total $ 3,849 Long Range Financial Plan (LRFP) 19

22 Assessment of the Municipality of Middlesex Centre s Financial Health A common financial indicator used to determine the adequacy of reserves that support infrastructure, is to compare the infrastructure reserve balances in relation to the accumulated amortization (Infrastructure Reserve Ratio). Ideally, this ratio should be 100% or greater, meaning that the amount available in reserves at any time is equal to the amount of assets that has been depreciated or used (based on an historical cost basis). This is based on the principle that the Municipality should set aside funds, on a regular and planned basis, to support infrastructure renewal. 25% 2011 Infrastructure Reserve Ratio 20% 15% 10% 5% 0% However, it should be noted that this is a calculation based on the theoretical useful life of assets as reflected in each municipality s PSAB policies. The actual reserve requirements should be based on asset condition assessments for every asset. This measure is still valuable as an estimate of the potential reserve requirements based on the existing assets. The Infrastructure Sustainability Reserves at the end of 2011 were $3.8 million and the accumulated amortization was $56.3 million. In other words, $56.3 million of the useful life of the assets have been used up and there is only $3.8 million in reserves to replace these assets. Asset consumption ratio shows the written down value of the tangible capital assets relative to their historical costs. This ratio seeks to highlight the aged condition of the assets and the potential asset replacement needs. A higher ratio may indicate significant replacement needs. However, if assets are renewed and replaced in accordance with an asset management plan a high ratio should not be a cause for concern. Middlesex Centre s asset consumption ratio is 33% which indicates that 33% of the total Municipality s assets are depreciated. As shown in the graph, this situation is not unique to Middlesex Centre. Middlesex Centre s infrastructure reserves as a percentage of accumulated amortization is 4.9% (lower than the average for the peer group) however, all municipalities surveyed are well below the recommended 100% target. Long Range Financial Plan (LRFP) 20

23 Assessment of the Municipality of Middlesex Centre s Financial Health Financial Sustainability (Stabilization) Reserves Financial Sustainability Reserves (000s) 2011 Working Funds $ 1,261 30% 25% Financial Sustainability Reserve Ratio Tax Rate Stabilization $ 1,589 20% Total Financial Sustainability $ 2,850 15% The Municipality maintains stabilization reserves to offset extraordinary and unforeseen expenditure requirements, 10% 5% GFOA Target range revenue shortfalls and to manage cash flows. This includes reserves for stabilization and working capital. 0% On a consolidated basis, the Financial Sustainability Reserves as a percentage of own source revenues is 17%, reflecting significant flexibility, however, has been trending down. Source: Municipality reserve reports and FIRs GFOA recommends that municipalities maintain Stabilization Reserves/Reserve Funds for the general tax base within a target range of 5%-15% of own source revenues to provide sufficient liquidity and protection against unforeseen events. There may be opportunities to reallocate some of the Financial Sustainability Reserves to address some of the infrastructure sustainability challenges. Long Range Financial Plan (LRFP) 21

24 Assessment of the Municipality of Middlesex Centre s Financial Health Corporate Reserves Corporate Reserves (000s) 2011 Insurance Claims $ 87 Employee Benefits $ - Workplace Safety $ 64 Total Corporate $ 151 The extent of the unfunded liabilities varies across the municipal sector and as such there is no consistent strategy identified in terms of the amount of coverage required or target balance for Corporate Reserves. Because the liabilities do not come due at the same time, to avoid significant budget fluctuations, it is prudent to identify what is a reasonable level of reserves based on expected or forecast timing of future payment requirements. One of the measures of financial sustainability is that future generations are not forced to pay for services provided to the current generation. The Municipality incurs liabilities that do not have to be paid immediately. Prudent and sustainable financial management strategies are needed to ensure future generations are not required to absorb a disproportionate share of these costs. As such, the Municipality has Corporate Reserves to protect against the consequences of certain risks, liabilities and corporate programs in such areas as insurance and WSIB. Consistent with the practice in the Municipality of Middlesex Centre, it is common for municipalities to establish Corporate Reserves to provide for Workplace Safety & Insurance Act liabilities. The present value of the estimate of the future benefit s costs at December 31, 2011 has not yet been received from the WSIB but, according to the December 31, 2011 financial statements, it is anticipated that the amount will be minimal. Program Specific Reserves Program Specific Reserves/Reserve Funds are set aside for specific purposes. These reserves and reserve funds are to be used for their identified purpose. These types of reserves and reserve funds may also include special one time purchases or activities approved by Council. This includes the Delaware Hydro Reserve with a balance of $835,000. This reserve was established as a result of the sale of the hydro in Delaware and is available for usage in Delaware and may provide an opportunity to be used for infrastructure replacement. There are no issues with respect to these reserves. However, formalized policies or practices should be established for each Program Specific Reserves/Reserve Funds. Long Range Financial Plan (LRFP) 22

25 Assessment of the Municipality of Middlesex Centre s Financial Health Operating Surplus Financial statements are now prepared on a full accrual basis in accordance with accounting standard PS3150. On an accrual basis, expenditures consist of operating costs excluding transfer to reserve, debt interest payments and amortization of capital assets. Middlesex Centre is operating at a surplus based on its cash flow requirements, however, amortization is a non-cash expense, which means that it does not correspond to a cash outflow. Amortization, instead, reflects the annual allocation of a prior capital expenditure. An operating surplus (deficit), on an accrual basis, arises when revenues exceed (are less than) operating expenses, including amortization. This is the amount available for capital replacement. The use of accrual accounting which was introduced in 2009 by the Provincial government aids in determining if current revenues generated are sufficient to pay for use of current services (e.g. operating surplus/deficit). The calculation of a surplus (deficit) provides an assessment of a municipality s financial performance and sustainability. A negative ratio indicates the percentage increase in own source revenues that would be required for a break-even operating result. In 2010, Middlesex Centre had a tax operating deficit ratio of 10.6%, a further indication that insufficient funds are being generated for the replacement of its capital infrastructure. This is not unique to the Municipality, as shown below, where most municipalities experienced an operating deficit in While there is no specific target, municipalities should, at a minimum, operate at break even position which would mean that revenues are sufficient to recover the cost of operations, including annual amortization on a historical cost basis. 20.0% 10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 2010 Operating Surplus Ratio If a municipality is not generating an operating surplus on a consistent basis, it is most likely underfunding its assets and accordingly not operating in a sustainable manner. The operating surplus/deficit ratio is the amount of surplus/ deficit as a percentage of own source revenues. Source: BMA Municipal Study, FIRs Long Range Financial Plan (LRFP) 23

26 Assessment of the Municipality of Middlesex Centre s Financial Health Debt Management When municipalities issue debentures, they enter into a long-term commitment that requires them to make principal and interest payments over the life of the debentures. Hence, they need to ensure that: Future debt service payments can be made in full and on time, without jeopardizing the provision of essential services; Outstanding debt obligations will not threaten long-term financial stability of the municipality; and 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2011 Debt Charges as % of Own Source Revenues The amount of outstanding debt will not place undue burden on residents and businesses. The Province regulates the amount of debt municipalities issue by setting an annual repayment limit for each municipality. This is the maximum amount by which a municipality may increase its debt. The repayment limit is set at 25% of a municipality s own source revenues. The Municipality s tax debt charges as a percentage of own source revenues (debt ratio) have remained relatively consistent over the past five years. As shown above, in 2011, the Municipality s debt charges were below 1%. In 2012, the budgeted taxes debt charges as a percentage of own source revenues is 4%, well below the Provincial threshold. Source: BMA Municipal Study, FIRs Long Range Financial Plan (LRFP) 24

27 Assessment of the Municipality of Middlesex Centre s Financial Health Financial Position A municipality s financial position is defined as the total fund balances including equity in business government enterprises less the amount to be recovered in future years associated with long term liabilities including water and wastewater operations. A comparison was made of the Municipality s overall financial position (assets less liabilities) from 2008 to $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 -$5,000,000 Middlesex Centre s Financial Position Assets Middlesex Centre s financial position (assets in excess of liabilities) has been trending downward since 2008 and is currently in a deficit position. The following table helps to explain the Municipality s change in financial position from Difference % Difference Cash & Investments $ 26,093,341 $ 4,549,121 $ (21,544,220) -82.6% Receivables $ 2,545,518 $ 7,609,845 $ 5,064, % Other $ - $ 221,357 $ 221,357 Total $ 28,638,859 $ 12,380,323 $ (16,258,536) -56.8% Liabilities Accounts Payable $ 3,092,162 $ 22,923,375 $ 19,831, % Deferred Revenue $ 3,970,690 $ 2,169,823 $ (1,800,867) 54.6% Long Term Liabilities $ 3,330,027 $ 7,945,067 $ 4,615, % Post Employment Benefits $ - $ - $ - Total Liabilities $ 10,392,879 $ 33,038,265 $ 22,645, % -$10,000,000 -$15,000,000 -$20,000,000 -$25,000,000 A comparison was made of financial position per capita with the peer municipalities. As illustrated below, Middlesex Centre is second lowest in the survey. This trend needs to be monitored. $1,500 $1,000 $500 $ $(500) $(1,000) $(1,500) 2011 Financial Position As shown above, Municipality s assets decreased by $16 million from and the liabilities increased $22.6 million. Long Range Financial Plan (LRFP) 25

28 Assessment of the Municipality of Middlesex Centre s Financial Health Taxes Receivable Every year, a percentage of property owners are unable to pay property taxes. If this percentage increases over time, it may indicate an overall decline in the municipality s economic health. If uncollected property taxes rise to more than 8%, credit rating firms consider this a negative factor because it may signal potential instability in the property tax base. The Municipality of Middlesex Centre is within the range considered to be acceptable. 16% 2011 Taxes Receivable Ratio 14% 12% 10% 8% 6% 4% 2% 0% Middlesex Centre s ratio has remained at or below the credit rating limit in every year. Middlesex Centre s Taxes Receivable as a % of Taxes Levied Middlesex Centre s ratio of taxes receivable to taxes outstanding in 2011 was 6.5% compared with the survey median of 8%. 12% 10% 8% 6% 4% Expected Uncollectible 2% 0% Source: FIRs Long Range Financial Plan (LRFP) 26

29 Assessment of the Municipality of Middlesex Centre s Financial Health Financial Posi on Evalua on Summary The Municipality s financial position has been trending down over the past several years reflecting increased pressures on the capital and operating programs. This reflects a good time to revisit financial policies to further enhance the Municipality s overall financial position. The Municipality of Middlesex Centre, along with virtually all other Ontario municipalities, has an infrastructure deficit that must be taken into consideration in the development of the LRFP. This is reflected in the operating deficit which indicates that the Municipality is not contributing sufficient funds to reserves and capital in relation to the assets that are being used annually. Strategies will be discussed to gradually address the infrastructure gap and backlog of assets that are due for replacement. In developing the LRFP, intergenerational equity will be taken into consideration which ensures that taxpayers in each time period should, as a group, contribute to public expenditures from which they derive benefits. This is established on the principle that each generation of users should pay for the infrastructure that they require and not for infrastructure required by other generations. However, a challenge exists when past generations did not fully contribute at this level which has lead to the infrastructure deficit in Middlesex Centre as well as other Ontario municipalities. Future financing mechanisms should be designed to match the cost of the infrastructure with the benefits of the users over time. Addressing the past deficit is a factor that will need to be considered in the LRFP. There are also a number of positive indicators including: The Municipality has a healthy level of Financial Sustainability Reserves to support in-year cash flows and one-time expenditures. Tax-related debt charges in the Municipality have remained at a low level over the past five years. Long Range Financial Plan (LRFP) 27

30 Assessment of the Municipality of Middlesex Centre s Financial Health Municipal Levy, Property Taxes and Affordability Middlesex Centre takes the management and stewardship of public funds very seriously and continues to demonstrate financial leadership and discipline, ensuring residents receive value for their tax dollars. Prior to establishing a LRFP, it is important to understand the cost of municipal services as well as affordability metrics to ensure that there is an alignment between the cost of municipal programs and services and the ability and willingness of taxpayers to support the existing service levels. Municipal Levy Per Capita and Per $100,000 of Assessment Comparison In order to better understand the relative municipal tax position for the Municipality and to take into consideration the impact of growth, a comparison of net municipal levies on a per $100,000 of assessment and a per capita was used. This analysis does not indicate value for money or the effectiveness in meeting community objectives as net municipal expenditures may vary as a result of: Different service levels Variations in the types of services Different methods of providing services Different residential/non-residential assessment composition Varying demand for services Locational factors Demographic differences Socio-economic differences Urban/rural composition differences User fee policies Age of infrastructure Use of reserves Long Range Financial Plan (LRFP) 28

31 Assessment of the Municipality of Middlesex Centre s Financial Health $1,400 $1,200 $1,000 $800 $600 $400 $200 $- Municipal Levy per $100,000 Weighted Assessment Levy per Capita An analysis was undertaken on the change in total municipal 2011 levy per capita across the peer municipal group. As shown in the following graph, the Municipality of Middlesex Centre s levy is below the group average Municipal Levy per Capita A comparison of the 2011 levy per $100,000 of weighted assessment provides an indication of the levy in relation to the assessment base upon which taxes are raised. As shown above, the Municipality of Middlesex Centre has one of the lowest levies per $100,000 of assessment. $2,000 $1,600 $1,200 $800 $400 $- Similar to other municipalities, the Municipality of Middlesex Centre faces multiple pressures annually related to costs that are not readily controllable by the Municipality and that are increasing at a rate faster than inflation. As expenditure demands increase, the Municipality s options to meet those demands are restricted to efficiencies, user fees, and lastly taxation. This is exacerbated by declining operating grants from the Province. Source: BMA Municipal Study using Levy By-laws Long Range Financial Plan (LRFP) 29

32 Assessment of the Municipality of Middlesex Centre s Financial Health Affordability The following table summarizes property tax average dwelling values in relation to household income to gain an appreciation of the property tax burden in Middlesex Centre in relation to peer municipalities Average Dwelling Value 2011 Average Residential Taxes 2011 Household Income Residential Taxes as a % of Household Income Tecumseh $ 230,423 $ 2,925 $ 109, % Woolwich $ 327,600 $ 3,448 $ 124, % Kingsville $ 197,149 $ 2,350 $ 84, % Prince Edward County $ 240,407 $ 2,597 $ 73, % Lambton Shores $ 217,142 $ 2,561 $ 65, % West Lincoln $ 264,678 $ 3,370 $ 84, % Central Elgin $ 236,529 $ 3,840 $ 92, % Niagara-on-the-Lake $ 384,026 $ 4,185 $ 96, % Wellesley $ 330,010 $ 3,752 $ 77, % Municipal Levy, Property Taxes & Affordability Summary The following summarizes the Municipality of Middlesex Centre s levy and affordability: Low levy per capita on a per $100,000 of assessment and a per capita basis Group Average $ 269,800 $ 3,200 $ 90, % Group Median $ 240,407 $ 3,370 $ 84, % Middlesex Centre $ 310,538 $ 3,499 $ 114, % Source: MPAC (dwelling value), BMA Municipal Study (Property Taxes) High relative incomes High average dwelling values Below average residential taxes as a percentage of income Average dwelling value in the Municipality of Middlesex Centre is third highest in the survey of peer municipalities. Municipal property taxes in Middlesex Centre, in relation to household income, were 3.1% in 2011, below the survey average of 3.7%.. Long Range Financial Plan (LRFP) 30

33 Policies and Strategies Middlesex Centre s Financial Future Policies and Strategies Long Range Financial Plan (LRFP) 31

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