Financial Report 2019 The Corporation of the City of London This document is available in alternate formats upon request. For more information about obtaining an alternate format, please contact
[email protected] london.ca THE CORPORATION OF THE CITY OF LONDON Consolidated Financial Report Year ended December 31, 2019 Page Contents 2019 City of London at a Glance 5 Message from the City Treasurer 7 Financial Reporting 9 External Audit 9 Accounting and Financial Reporting Requirements 9 Consolidated Financial Statements Overview 9 Consolidated Statement of Financial Position 10 Consolidated Statement of Operations and Accumulated Surplus 10 Consolidated Statement of Net Financial Assets 11 Budgetary Process 12 Financial Management 13 Capital Financing Policies 13 Investment Policy 13 Property Taxation Policy 13 Future Tax Policy 14 Credit Rating provided by Moody’s Investors Services 15 Economic Overview 16 Employment Perspective 17 Investment Outlook 19 Local Outlook 20 Rebound for construction in 2020 23 2019 Financial Results 26 Financial Results Summary 26 Net Financial Assets 26 Total Revenues 26 Revenue Budget Variance 26 Total Expenses 27 Expense Budget Variance 27 Financing Sources for Municipal Operations 28 Property Tax Rates and Assessment Growth 28 Capital Additions and Disposals 30 Annual Surplus and Accumulated Surplus 30 Analysis of Debenture Issuance and Net Long-term Debt ($000’s) 31 Future Balances on Existing Debt and Long-term Liabilities 33 Reserves and Reserve Funds 34 Five Year Review and General Statistics