Introduction - Quarter 2 Financial Update (2016)
On behalf of Niagara Region, we are pleased to provide you with the second quarter financial update.
Niagara is a culturally rich and historically significant region that offers its residents a mix of urban and rural living within 12 area municipalities. The Region boasts a diverse economy that includes manufacturing, tourism, agriculture and emerging sectors such as new media, green technology and bioscience.
Regional government operations are overseen by Niagara Regional Council which is composed of 30 elected representatives from 12 area municipalities and the Regional Chair. The current Regional Council was elected in October 2014 and the 31 members will serve a four year term to November 30, 2018.
As of June 30, 2016 Niagara Region is forecasting a year end funding surplus of $619 thousand related to the levy programs, $1.1 million surplus related to Water and Wastewater programs, and $2.2 million surplus related to the Waste Management Program.
Affordability and sustainability are two key elements of Niagara Region's budget strategy. Achieving a balance between providing the programs and services residents have come to rely upon, ensuring they can afford to pay for them and ensuring that we have money to fund future infrastructure and program needs is critical. Complete an online form to provide your feedback.
We hope you will find the information provided in this report of interest and welcome any suggestions for its improvement going forward.
Maurice Lewis, Acting Chief Administrative Officer and Treasurer
Readers of this second quarter financial update are cautioned that actual operating results may vary from the forecast information presented. Certain assumptions and estimates are required to forecast results. The assumptions and estimates made have been done so with information available to management at the time of writing this third quarter financial update.