Financial Statements | Norfolk County

Norfolk County's consolidated financial statements reflect our assets, liabilities, revenues and expenses.

Financial statements are created and analyzed to ensure that accurate, precise figures are reported to reflect the true financial position of Norfolk County. These numbers are critical for strategic planning, maintaining financial sustainability, and informing taxpayers of the financial details of the programs and services provided to them.

Norfolk County Financial Statements

If you wish to request any of our financial statements in an alternative format or with communication support, please submit an Accessible Formats and Communication Supports Request form.

Norfolk County Audited Financial Statements

Norfolk County Financial Statement Audit Findings

Norfolk County Trust Funds Financial Statements

Norfolk County Trust Audit Findings

Legislative requirements and reporting standards

Financial statements exist to provide transparency and accountability. The Municipal Government Act (MGA) requires every municipality to complete financial statements and send a copy to the Ministry of Municipal Affairs & Housing.

An independent and certified third-party auditor must also audit Norfolk's yearly financial statements. All financial statements are created in accordance with standards set forth by the Public Sector Accounting Board (commonly abbreviated as PSAB) and Generally Accepted Accounting Principles (commonly referred to and pronounced as GAAP).

Types of reports used to measure Norfolk's financial position

The Statement of Financial Position (or Balance Sheet) reports on:

Assets – things like cash, vehicles, and land. These are physical items that Norfolk County currently controls and/or owns.
Liabilities – things like debt, payables, and borrowed funds. Essentially, it is a summary of what Norfolk County currently owes or is obligated to pay.
Accumulated surplus (deficit) – the financial resources (assets) Norfolk has after subtracting all obligations and commitments (liabilities).

The Statement of Operations reports on:

Revenues – sources of income/earnings flowing into Norfolk County from taxes, user fees, and other sources.
Expenses – costs incurred across all departments. For example, vehicle maintenance, salaries, etc.

The Statement of Change in Net Financial Assets (Debt):

This statement tracks the spending on capital assets (buildings, land, and equipment) and inventories.
This statement also reports on any gain or loss when a capital asset is sold or disposed of by Norfolk County. You may see these headings in the statement:
- Acquisition of Tangible Capital Assets – this includes the total amount of funds spent by Norfolk County on acquiring or renovating/restoring capital assets (these are things like vehicles, buildings, and land – these are “tangible”)
- Gains/Losses on Sale of Capital Assets – when a capital asset owned by the County is sold or disposed of, any gains or losses on the sale are reported.

The Statement of Cash Flow

This statement identifies the sources of cash and how that cash was used.
This statement compares the change in the total cash balance from year to year.
There are four key elements the statement reports on:
- Operating Transactions –cash spent and received on a day-to-day basis relating to the main activities of Norfolk County
- Capital Transactions – purchases and sales of assets like land, buildings and equipment.
- Investing Transactions – any gains or losses on any investment (Interest earned, GICs, etc.)
- Financing Transactions – any funds relating to the issue or payment of Norfolk County’s bonds or other forms of long-term debt.

Historical finance documents

If you require finance documents from previous years, please email accounting@norfolkcounty.ca or phone 519-426-5870 or 226-NORFOLK, extension 1242.