Norfolk County releases historical financial review

Norfolk County has released a comprehensive report analyzing its financial performance and challenges over the past decade. The report was presented to Council-in-Committee on June 12, 2025, and is now available to the public. 

The report, titled Norfolk County Historical Financial Review, offers a transparent, data-driven analysis of the County’s finances from 2015 to 2024. It examines reserve balances, tax and rate changes, debt levels, capital and operating budgets, investment performance, and policy enhancements. It also outlines the ongoing efforts to address challenges, including continued policy development, enhanced asset management planning, and the implementation of a new financial software system. 

This initiative stems from a motion passed by Council on October 16, 2024, directing staff to prepare a detailed review of the County’s financial history. The direction was driven by a number of long-standing financial challenges over the past decade, where County funds often fell short of what was required to sustain service levels and capital investments. During this period, reserve contributions were insufficient, and at times, reserves were drawn down to keep tax increases artificially low. This approach delayed necessary investments in infrastructure and created structural funding gaps. 

Additionally, the County did not divest underutilized assets or adjust service levels to align with available funding. These decisions, while often made with short-term relief in mind, contributed to long-term financial pressures that required a more strategic and transparent approach. 

A summary of the report is available at norfolkcounty.ca/FinancialSummary, and the full report is on the June 12, 2025, Council-and-Committee agenda at norfolkcounty.ca/Calendar. 

Quotes 

Mayor Amy Martin 

"When I brought forward the motion for this review last October, it was driven by a need for clarity, accountability and a shared understanding of where we’ve been financially as a County. Residents deserve transparency, and Council needs a strong foundation of historical insight to make informed decisions. The details in this report show how Norfolk County is on a more stable financial path because of staff and Council’s commitment to responsible governance. We will continue to make informed decisions that serve our residents today and into the future." 

Amy Fanning, Treasurer and Director of Financial Management and Planning 

“This report tells the story of a municipality that has made significant strides in financial sustainability. It reflects years of hard work, strategic decision-making, and a commitment to building a stronger financial foundation for the future.”