Written By David Gomez, Local Journalism Initiative Reporter
MIDDLESEX COUNTY - County Council approved a series of financial reports and maintenance agreements during its November 4 meeting, including the 2024 consolidated financial statements, library board statements, trust fund statements, Middlesex-London Paramedic Services financial statements, and two boundary road maintenance agreements.
CAO Paul Shipway introduced the series of reports, noting that they were presented in a new format to help council and the public better understand the County’s financial position. “We have tried to take a different approach this year to presenting our financial statements,” Shipway said. “It goes over the background as has historically been presented, but then also identifies key highlights from the financial statements. So, those are clearly outlined within the report.”
Shipway acknowledged the work of the finance team and specifically recognized Manager of Financial Services Yihua Wu for leading the department through a period of organizational change. “She has done an exceptional job leading the team up there and has delivered just amazing results,” he said.
According to the staff report, the County recorded a $14.67 million surplus for 2024, compared to $15.32 million in 2023. Total revenues reached $174.7 million, while expenditures totalled $160 million. The County’s accumulated surplus increased to $262.6 million, and its tangible capital assets rose to $196.7 million, reflecting investments in roads, bridges, and vehicle replacements. The County’s long-term debt declined to $1.34 million, maintaining one of the lowest borrowing levels among Ontario municipalities.
Council approved the consolidated financial statements without further discussion. The Middlesex County Library Board and County Trust Fund statements were also approved in sequence, both receiving unqualified (“clean”) audit opinions from KPMG LLP.
The Library Board’s 2024 report recorded a small deficit of $4,958, with revenues totalling $6.39 million and expenditures $6.40 million. The board’s reserves stood at $188,978, reflecting planned draws for technology upgrades and collection renewal. Meanwhile, the County’s Trust Funds, which include the Strathmere Lodge Trust, Strathroy Library Trust, and Clark Wright Bequest funds, totalled $83,782 in combined balances—an increase of more than $6,800 from the previous year.
Council also reviewed the Middlesex–London Paramedic Services (MLPS) financial statements, which reported a $2.52 million deficit for 2024. The shortfall was attributed to actuarial adjustments to employee benefit obligations, particularly Workplace Safety and Insurance Board (WSIB) liabilities. “The financial statements always just come to County Council,” Shipway clarified in response to a question from Councillor Sue Clarke about the budget process. “For example, the 2026 budget of MLPS will come to County Council and then go to budget committee, but the financial statements always just come to County Council.”
The final report of the day concerned boundary road maintenance agreements with the Township of Zorra and the Township of Perth South. County Engineer Chris Traini explained that the agreements formalize maintenance responsibilities following the County’s 2025 Road and Bridge Assumption Study. “Essentially, these agreements are just to cover us off for regular maintenance activities,” Traini said. “Neighbouring municipalities have agreed to compensate the County for our maintenance costs.”
Under the agreements, Lucan Biddulph will remit $37,620 for Whalen Line maintenance, and Thames Centre will pay $30,690 for Cobble Hills Road. All agreements were approved unanimously by Council.
