Norfolk County financial reports indicate continued progress toward long-term financial sustainability

Tuesday, July 14, 2026

Norfolk County continues to make progress toward a stronger financial future, according to the 2025 Audited Financial Statements and Investment Update presented at Council-in-Committee today.

These reports highlight the progress Norfolk County has made in strengthening its financial position through growing reserves, strategic investments, and efforts to reduce future borrowing costs. Together, these actions are helping the County maintain infrastructure, respond to unexpected challenges, and plan for future growth.

2025 financial results at a glance

$9.68 million operating surplus for tax-supported services, strengthening Norfolk County's financial position. These funds will build reserves, help prepare for emergencies, improve our roads, and reduce future borrowing costs
Reserve balances continued to strengthen, growing from approximately $14 million in 2020 to more than $147 million in levy reserves and reserve funds by the end of 2025
Positive year-end results for water and wastewater services will support future infrastructure funding, driven by growth, higher-than-expected usage, and operational efficiencies
Financial governance improvements included updated financial policies, enhanced procurement processes, expanded public engagement during budget planning, and strengthened financial oversight practices

2025 investment results at a glance

$10.4 million earned from short- and medium-term investments, including GICs, bonds, notes, and savings products
$10.3 million earned through the Legacy Fund, representing a return of 12.8% in 2025
Investment income supported reserves, capital projects, and operating budgets, helping reduce future financial pressures, mitigating more than $2.4 million in future debt financing
Since 2015, approximately $26.2 million of Legacy Fund earnings have been contributed to County reserves to support capital investments

While challenges remain, including aging infrastructure and future investments needed for water and wastewater systems, Norfolk County continues to take steps to strengthen its financial position and build a sustainable future for current and future generations.

The reports were received by Council-in-Committee on July 14, 2026, and will be considered for final approval by Norfolk County Council at its July 28, 2026, meeting.

Quotes

Mayor Amy Martin

“Good financial stewardship is measured not by the popularity of decisions, but by the strength and sustainability of the municipality they leave behind. Council has had to make difficult choices whether through asset rationalization, reviewing user fees, or exercising discipline during the budget process and those decisions coupled with another strong year of returns on the Legacy Fund have contributed to a stronger financial foundation for Norfolk County. It is critical that the dedication to financial stewardship continues in the years to come to protect the long-term financial health of our municipality.”

Al Meneses, Chief Administrative Officer

"Building long-term financial sustainability is a shared effort across the organization. Through careful planning and responsible decision-making, Norfolk County is better positioned to support important infrastructure investments and maintain the services residents rely on. Norfolk should be proud of the financial progress made during this term of Council. Momentum is building towards a solid financial base for generations to come."

Norfolk County financial reports indicate continued progress toward long-term financial sustainability

2025 financial results at a glance

2025 investment results at a glance

Quotes

Read more