Norfolk County surpluses save taxpayers nearly $10 million in interest costs

Norfolk County’s strong financial performance over the past three years helped avoid more than $22 million in debt and saved taxpayers nearly $10 million in interest costs, according to a report presented to Council today. 

The report outlines how operating surpluses from 2022 to 2024 have been strategically used to fund key infrastructure projects, including drainage improvements, fire truck upgrades, and the purchase of a previously rented administration building.  

Highlights from the report include: 

• $8.2 million from the 2024 surplus was used to fund capital projects, avoiding $3.9 million in interest over 20 years 
• $10.5 million from the 2023 surplus avoided $4.8 million in interest 
• $4 million from the 2022 surplus avoided nearly $1 million in interest 

In total, this approach has reduced future debt payments by an average of $1.86 million per year, freeing up funds for other community priorities. 

Norfolk County’s Surplus Management Strategy ensures that one-time surpluses are used responsibly to avoid the risk of creating future budget gaps and to ensure a more financially resilient future for residents. 

Read the full Summary of Recent Operating Surpluses and Debt Avoidance report (PDF) online.  

Quotes 

Mayor Amy Martin 

“Norfolk County’s approach to managing surpluses is a reflection of our commitment to responsible governance and long-term financial health. By using surplus funds to avoid debt, we’re protecting taxpayers from unnecessary interest costs and ensuring that future budgets remain focused on community priorities.” 

Amy Fanning, Treasurer and Director of Finance 

“Using surplus funds to avoid debt is a smart, long-term strategy that keeps future budgets more affordable and sustainable. This strategy reduces the need for future tax increases by cutting down on interest payments and debt servicing costs for years to come.”