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County's long term debt obligations over $46 million

Posted May 1, 2014

The Corporation of the County of Simcoe had tangible capital assets worth $644.3 million at December 31, 2013, including those under construction, according to the draft consolidated financial statements prepared for next week's Audit Committee meeting.

Roads and bridges were valued at $294 million, buildings at $138 million, and land worth $122 million.

New Tecumseth ratepayers' are the County's second largest contributors of property tax dollars, tapped for approximately $11 million last year. In 2013, the County collected $132 million in taxes, and received about $144 million in transfers from the province, the majority to supplement Ontario Works, children's services, long term care home, and $33 million in user charges. The County also owns 1,235 units of subsidized housing.

Financial assets, including cash, investments and accounts receiveable, were valued at $68 million, while liabilities, including long term debt obligations of $46.8 million (principal, $41.4m and interest, $5.7m), were $146 million.

The County, which employs over 1,000 full and part-time employees, had pension obligations of $7.4 million in 2013, and $2.6 million in future vacation pay entitlement and accumulated sick leave.

General reserve accounts totalled $64 million, while dedicated reserves (social housing, hospital) were $11.5 million.

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