Collingwood’s Finances: Great Shape!

Doom and gloom consultants

There’s been a lot of doom-and-gloom bandied about over Collingwood’s alleged dire financial picture this term. There have been the-sky-is-falling presentations and nightmare-inducing consultants’ reports that paint a bleak picture of the town’s debt and financial status. Hand-wringing and hair-pulling.

These jeremiads are enough to make a taxpayer wake up in the middle of the night and weep. If it were true.

Fortunately, it isn’t. I’d like to think that someone got his or her numbers wrong, read someone else’s information, added or subtracted when they should have been doing the opposite. Or maybe was just pulling our collective legs. A practical joke. Whatever the reason, it’s not true (and I sincerely hope someone didn’t do it deliberately!).

How do I know we’re in great shape? From reading an impeccable source for financial information: the province of Ontario’s own multi-year fiscal analysis, about which the province’s website explains….

The Multi-Year FIR Review (2009 On) – By Municipality provides selected FIR information by municipality for the years 2009 and greater.
In 2009, the Public Sector Accounting Board introduced new accounting and reporting standards which required municipalities to adopt full accrual accounting practices. As a result of these changes, municipalities must now account for and report their tangible capital assets in their Statement of Financial Position. The FIR also adopted these new reporting standards effective 2009…

The data runs from 2009 to 2014 for more than 500 municipalities, each one a separate file. It doesn’t encompass the previous year (2015), during which our council laboured under what seems to be false information about our debt and finances.

But you will be pleasantly surprised, I trust, to learn Collingwood is actually pretty well off in almost every category and performance indicator. Sure, we can always do better, but you won’t find any doom and gloom in this. So take heart and relax.

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