County's long term debt obligations over $46 million
Posted May 1,
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
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.