Financial reports
Learn more about the city's financial position and download audited annual statements and spending reports.
On this page
Financial dashboard
Each year, we publish a dashboard to show how the city is doing financially. It simplifies city finances into four categories with various measures for each. Below we have shown one measure per category.
Overall financial position
The city's overall financial position is positive with a positive trend for the future.
Long-term projections indicate there there will be insufficient funding to replace important infrastructure, but innovative programs like the stormwater management utility fee and credit program provide the city with dedicated funding.
Our asset management plan provides recommendations for long-term funding for the capital budget.
Measurement
This is measured using operating surplus and deficit. It shows:
- how much tax-based revenue is left over after normal annual operating expenses are deducted
- if the city is setting aside enough money for longer-term expenses
Target
The target should be above zero in a surplus. If the measure is below zero, the city is not setting aside enough money to fund annual amortization expenses.
Results
| Year | Tax base | Water, Wastewater |
|---|---|---|
| 2012 | -10,146,261 | 6,476,372 |
| 2013 | -3,992,527 | 1,833,967 |
| 2014 | -9,498,553 | 6,491,964 |
| 2015 | -10,638,412 | 2,011,245 |
| 2016 | -10,368,403 | 4,082,317 |
| 2017 | -5,202,915 | 1,850,771 |
| 2018 | -3,904,716 | 516,255 |
| 2019 | 32,136 | 2,667,999 |
| 2020 | -3,729,886 | 4,290,196 |
| 2021 | -819,165 | 2,514,085 |
| 2022 | -11,368,357 | 3,481,278 |
| 2023 | -1,941,932 | 4,512,185 |
On the tax base side, we have had an operating deficit most of the time over the last decade. This indicates that the city is currently not able to cover the cost of annual amortization of its assets from its own funds. This is contributing to the infrastructure deficit.
This is a common issue as cities have not traditionally budgeted for asset amortization out of operating budgets but have used capital reserve contributions instead.
On the water and wastewater side, there has historically been an operating surplus, which allows for capital replacement needs based on current replacement value.
Economic growth
With limited land for brand-new developments, Waterloo relies on intensification for continued economic growth. This means new buildings are usually constructed in areas that are already built up.
Measurement
These developments are measured using assessment growth – the addition of tax revenue from new properties for a city and an indicator of a healthy local economy.
Target
There is no specific target, but the city is monitoring this trend to ensure the continued economic health of the community.
Results
| Year | Assessment Growth | 5 Year Rolling Average |
|---|---|---|
| 2012 | 1.79 | 1.84 |
| 2013 | 2.92 | 2.05 |
| 2014 | 1.86 | 2.24 |
| 2015 | 1.75 | 2.09 |
| 2016 | 1.93 | 2.05 |
| 2017 | 3.89 | 2.47 |
| 2018 | 1.5 | 2.19 |
| 2019 | 2.78 | 2.37 |
| 2020 | 1.2 | 2.26 |
| 2021 | 1.06 | 2.09 |
| 2022 | 1.38 | 1.58 |
| 2023 | 1.36 | 1.56 |
Assessment growth has slowed from single detached homes in subdivisions and now relies on in-filling projects.
There was a large increase in 2017 from large multi-residential buildings and proactive assessment management. In 2023, the 5-year rolling average was 1.56%.
Reserve levels
Reserve funds stabilize tax rates, fund one-time expenses, and provide flexibility to protect our financial position. Cities need to save enough to build or replace assets as required and spread out the cost over many years to prevent sudden tax increases.
Measurement
This measure shows the amount contributed to reserve funds in a given year compared to the ongoing costs of asset amortization, such as a city-owned vehicle losing its value over time.
Target
At a minimum, we should contribute enough reserve funds to match annual amortization costs.
Ideally, we should save slightly more because amortization is based on historical costs, and assets need to be replaced at current cost.
Results
| Year | Water, Wastewater | Tax based | Target |
|---|---|---|---|
| 2012 | 3.23 | 0.82 | 1 |
| 2013 | 1.67 | 0.85 | 1 |
| 2014 | 2.57 | 0.9 | 1 |
| 2015 | 2.66 | 0.97 | 1 |
| 2016 | 3 | 0.98 | 1 |
| 2017 | 3.15 | 1.13 | 1 |
| 2018 | 2.46 | 1.01 | 1 |
| 2019 | 1.52 | 1.32 | 1 |
| 2020 | 1.79 | 1.03 | 1 |
| 2021 | 2.06 | 1.18 | 1 |
| 2022 | 1.98 | 1.02 | 1 |
| 2023 | 1.99 | 0.93 | 1 |
On the water and wastewater side, the city has achieved this goal.
On the tax rate side, the city's contributions to capital reserves fell significantly short of the annual amortization amount, improving the ratio over time. The cumulative shortfall over the years impacts the city’s infrastructure deficit.
Debt
The overall trend for tax-funded debt is improving since the city has shown discipline in minimizing additional debt issues. The approved ten-year capital budget includes limited new debt.
Measurement
This measure shows the total tax-funded debt per resident, which helps determine a city’s fiscal sustainability.
Target
The trend should decrease over time as existing debt is paid off and the population grows. New debt issued should be less than the existing debt paid off, and not exceed the population growth rate. In the long term, the city should not exceed its provincial comparator group.
Results
| Year | Debt per Capita - Tax Supported | Debt per Capita - Tax Supported including Students | Provincial Average >50K Population |
|---|---|---|---|
| 2012 | 618 | 486 | 287 |
| 2013 | 621 | 478 | 288 |
| 2014 | 688 | 527 | 295 |
| 2015 | 654 | 494 | 311 |
| 2016 | 605 | 461 | 297 |
| 2017 | 579 | 466 | 291 |
| 2018 | 544 | 436 | 308 |
| 2019 | 489 | 380 | 288 |
| 2020 | 425 | 348 | 288 |
| 2021 | 386 | 329 | 294 |
| 2022 | 337 | 291 | 301 |
| 2023 | 291 | 255 | 300 |
Debt per capita has been consistently improving over the years. Due to existing debt, the city has exceeded the provincial average for municipalities with over 50,000 people for many years. It is now below the provincial average.
Annual statements
These statements tell the story of our financial position at the end of each calendar year. An independent accounting firm audits them and we publish the previous year's statement in May.
To help understand financial statements, use this common language guide.
- 2023 audited financial statement (PDF)
- 2023 building standards financial statement (PDF)
- 2022 audited financial statement (PDF)
- 2022 building standards financial statement (PDF)
- 2021 audited financial statement (PDF)
- 2021 building standards financial statement (PDF)
- 2020 audited financial statement (PDF)
- 2020 building standards financial statement (PDF)
- 2019 audited financial statement (PDF)
- 2019 building standards financial statement (PDF)
- 2018 audited financial statement (PDF)
- 2018 audited financial statement five year review (PDF)
Past financial statements are available by request. Contact 519-747-8774 or finance@waterloo.ca.
Capital reports
We report on capital spending to tell how building projects benefit the community over a calendar year.
- 2023 capital report (PDF)
- 2022 capital report (PDF)
- 2021 capital report (PDF)
- 2020 capital report (PDF)
- 2019 capital report (PDF)
- 2018 capital report (PDF)
If you require a capital report in an alternate format, contact 519-747-8774 or email finance@waterloo.ca.