2023 County of Essex Budget
Essex County Council adopted the 2023 Budget on Wednesday, January 18, 2023.
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The Budget Process
The budget process begins in August as each department reviews priorities and their annual operating and capital requirements. The draft budgets of each department are put into a draft document that is subject to public review and scrutiny before going to County Council for discussion, review and adoption.
Essex County's Credit Rating AAA
S&P Global Ratings increased Essex County's credit rating to AAA with a stable outlook in mid-2022.
Ongoing Financial Monitoring
A year is a long time between budgets so the Treasurer produces variance reports mid-year so council can make informed decisions on whether adjustments need to be made.
Finance Department
The County's Finance Department provides advice and support to Council and other departments in six key areas:
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Accounting |
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Accounting Services consistently reviews our practices and procedures to ensure they comply with professional and ethical standards. They make payments and collect funds for the County. They also handle payroll for close to 900 employees. |
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Asset Management Planning |
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Investing in our infrastructure and planning for the refurbishment and replacement of municipal assets is vital. The County's Asset Management Plan lays out a framework to maintain assets and infrastructure like roads, bridges and culverts. |
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Budgeting and Financial Monitoring |
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The 2023 Budget represents the vision of Essex County for the upcoming year and the long term. |
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Financial Reporting |
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The County supports open and transparent government by making important financial documents available for public review: Audited Financial Statements – Statements prepared by the County's Director of Financial Services/Treasurer and reviewed by an independent, external auditor. Financial Information Returns – The FIR is the data collection tool used by the Ministry of Municipal Affairs and Housing to collect financial and statistical information on municipalities. The FIR is a standard document comprised of a number of schedules which are updated each year to comply with current legislation and reporting requirements. Public Sector Salary Disclosure – A list of all County Employees making more than $100,000. |
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Risk Management |
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The Director of Financial Services / Treasurer protects the County from exposure to unexpected or accidental losses by managing our level of corporate risk. Operational risks are reviewed each year for ways to control, transfer or finance risk within the corporate insurance policy. |
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Treasury |
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The Director of Financial Services / Treasurer works with all departments and outside organizations to plan for cash flow needs and choose investments that maximize return. Standard and Poor's has affirmed our credit rating at AA+ with a stable outlook. |
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