Not the full picture. Built from public records, which leave things out.Read by hand, Oct 2026DetailsThis is built from public records, which leave a lot out, and some of it may be wrong or out of date. Check the sources, and tell us if you spot a mistake. What this site can't tell you Read by hand. We read Ajax's own documents for this site in October 2026; the Sources page lists which ones. The comparisons with other places still come from the Province's yearly reports.
Questions · 8 so far
Things worth asking about
We read Ajax's financial reports and meeting minutes, and compared its numbers with 7 similar Ontario towns. These are the things that stood out.
What these are, and what they are not. A question here means a number or practice is unusual, or harder to see than it should be. It does not mean anyone did anything wrong. Most unusual numbers turn out to have ordinary explanations, and every question lists some. The only way to know is to ask.
Worth asking
Worth asking
There may well be a good reason. It is still worth asking what it is.
$16,700,956investment income in 2025, against a budget of $2,944,700
A town earns investment income on money it holds before it spends it: reserves, grants and tax money waiting to be paid out. Ajax’s audited statements show $16,700,956 of investment income in 2025 against a budget of $2,944,700, about 5.7 times as much (worked out by us). The year before it was $19,531,940. At the end of 2025 the Town held $140,204,354 in cash and $107,921,579 in “pooled funds - equity”, which the statements say had a market value of $122,933,729. The Town’s budget book says any investment income above the budgeted amount goes into its capital reserves. So this is not a hidden surplus: the Town has said where it goes. The open questions are how much of the income is interest and how much is gains in the funds, and how risky the equity funds are.
Found by reading the town's own documents · 5 sources
$2,010,500of Elexicon revenue removed from the Town’s 2026 operating budget
Elexicon Corporation is the electricity company the Town part-owns (22.7609% at the end of 2025). It used to pay the Town dividends, which the Town put into its capital reserves. The audited statements say that under a Memorandum of Understanding dated September 15, 2025 the owners agreed to suspend dividends and to refund the overpayment of 2024 dividends. The Town’s share of Elexicon’s earnings fell from $1,209,708 in 2024 to $261,499 in 2025, and the Town’s 2026 budget removes $2,010,500 of Elexicon revenue (and $1,250,000 of Casino Ajax revenue), then raises a 1% capital levy to help make up the difference. The Town has not, in what we read, said why the dividends were suspended.
Found by reading the town's own documents · 6 sources
$8.1 millionyearly renewal funding gap in the Town’s asset plan before the new levy (about $29.6 million needed against $21.5 million funded)
A reserve is money set aside for a future need. Ajax’s statements list $175,767,392 in reserves and reserve funds at the end of 2025, up from $147,327,977, and municipal debt of only $12,139,000. Yet the Town’s December 2025 asset management plan says that keeping current service levels needs about $29.6 million a year in renewals against $21.5 million of funding, a gap of $8.1 million a year. The Town’s own answer is a capital infrastructure levy (a part of the tax rate set aside for repairs): 2% in 2025 and 1% in 2026. With it, the plan’s ten-year gap falls to $2.5 million. The plan also warns that Casino Ajax and Elexicon revenue may not last. What we cannot see is how much of the reserves is already committed to named projects.
Found by reading the town's own documents · 8 sources
$107,200increase in the Mayor and Council office’s salaries and benefits budget, from $858,500 to $965,700
The Mayor and Council office’s budget line “Full Time Salaries & Benefits” rises from $858,500 to $965,700 in the 2026 budget, a $107,200 or 12.5% rise (worked out by us). The year before it rose from $841,000 to $858,500, or about 2.1%. The 2026 budget book says the rise is “mainly due to cost-of-living increase and benefit rates”. The same book shows the Town’s overall inflation driver is 5.03% of the tax levy. We did not find the rate the Town used for the cost-of-living change for Council, or how it is set.
Found by reading the town's own documents · 5 sources
$16,105.47the Mayor’s 2025 communication and meeting expenses, against an annual budget of $9,500.00
Each member of Ajax Council has a yearly expense budget, and the Town posts a quarterly summary. The Mayor’s budget is $9,500. The Mayor’s 2025 summary shows $16,105.47 under “Communication / Meeting Expenses”, about 1.7 times the budget (worked out by us), up from $4,583.58 in 2024. In the first quarter of 2026 the line is renamed “Public Relations” and shows $5,659.69. The summaries give totals by category only. We did not find the receipts or a report to council that explains the overage.
Found by reading the town's own documents · 3 sources
Ajax spent $15M on running the town office in 2019 and $31.3M in 2025. Prices only went up about 21% in that time. Only 0 of 7 similar towns had faster growth here.
Found automatically from the town's financial reports · 3 sources
At the end of 2025, $35.7M of property tax had been billed but not paid. That is 11% of everything billed. Only 1 of 7 similar towns had a higher share. A year earlier it was $26.7M.
Found automatically from the town's financial reports · 2 sources
$21,110,337annual surplus in 2025 statements, against a budgeted deficit of $653,700 on the statements’ basis
The statement of operations shows a budgeted deficit of $653,700 for 2025 and an actual surplus of $21,110,337. The Town explains the first part in Note 15: its budget is built the way a household budget is (cash in, cash out, with capital purchases counted as costs and no amortization), while the audited statements use full accrual accounting. The note reconciles the budget Council adopted, which had a surplus of $30,892,300 before capital spending of $22,817,800 and transfers to reserves, to the $653,700 deficit. That explains why the two are not comparable. What it does not explain is why government transfers came in at $10,683,162 against a budget of $868,200.
Found by reading the town's own documents · 2 sources
$16,700,956investment income in 2025, against a budget of $2,944,700
A town earns investment income on money it holds before it spends it: reserves, grants and tax money waiting to be paid out. Ajax’s audited statements show $16,700,956 of investment income in 2025 against a budget of $2,944,700, about 5.7 times as much (worked out by us). The year before it was $19,531,940. At the end of 2025 the Town held $140,204,354 in cash and $107,921,579 in “pooled funds - equity”, which the statements say had a market value of $122,933,729. The Town’s budget book says any investment income above the budgeted amount goes into its capital reserves. So this is not a hidden surplus: the Town has said where it goes. The open questions are how much of the income is interest and how much is gains in the funds, and how risky the equity funds are.
Why it matters
Investment income that is much larger than planned is money the Town did not need to raise in taxes. But gains in stock-market funds can go down as well as up, and a town budgets for services every year. Residents can fairly ask what rules limit the risk, and how much of the 2026 plan depends on this income.
It could be because…
The Town held far more cash and investments than its budget assumed, so interest rates on a large balance can produce a large number.
The budget is set cautiously on purpose because rates and markets move, and the budget book says the extra goes to capital reserves under the Town’s Discretionary Reserve Administration Policy 123.
Part of the 2025 income may be a one-time gain in the equity funds, which the Town does not plan to repeat in 2026.
Questions you could ask
How much of the 2025 investment income was interest, and how much was gains in the pooled equity funds?
What policy limits how much of the Town’s money may be held in equity funds, and who reports the result to council?
What investment income does the 2026 budget assume, and what happens to services if the funds fall in value?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Ajax?Send us your answer and we will publish it with this question.
The statement of financial position prints “Cash and cash equivalents” at 140,204,354 (85,050,954 in 2024) and “Investments” at 107,921,579 (145,758,282 in 2024).
Note 4 lists the 2025 investments as “Pooled funds - equity 107,921,579” with no guaranteed investment certificates; in 2024 it listed 20,380,507 of certificates and 86,852,749 of equity pooled funds in the unrestricted group, plus 38,525,026 of certificates held as restricted. It says “Pooled investment fund units have a market value of $122,933,729 as at December 31, 2025 ($93,478,871 in 2024).” Cash sits in high interest savings accounts earning “2.9% to 3.9% in 2025”.
The budget book says: “The Town has been pursuing a more robust investment strategy since 2022” and “Any investment income earned over the budgeted amount will be contributed to the capital reserves to assist with the Town’s inflationary pressures on the capital program as per the Discretionary Reserve Administration Policy 123.”
For 2026 the budget line “Investment Income / Casino Ajax / Elexicon” falls from 8,745,400 to 5,795,000, with “an increase in short-term investment income $190,000 and an increase in long-term investment income to offset new debt payments $143,600”.
$2,010,500of Elexicon revenue removed from the Town’s 2026 operating budget
Elexicon Corporation is the electricity company the Town part-owns (22.7609% at the end of 2025). It used to pay the Town dividends, which the Town put into its capital reserves. The audited statements say that under a Memorandum of Understanding dated September 15, 2025 the owners agreed to suspend dividends and to refund the overpayment of 2024 dividends. The Town’s share of Elexicon’s earnings fell from $1,209,708 in 2024 to $261,499 in 2025, and the Town’s 2026 budget removes $2,010,500 of Elexicon revenue (and $1,250,000 of Casino Ajax revenue), then raises a 1% capital levy to help make up the difference. The Town has not, in what we read, said why the dividends were suspended.
Why it matters
Dividends from Elexicon and money from Casino Ajax were two outside income sources the Town used to pay for roads, buildings and equipment without raising property taxes. If one stops, either capital work slows or property taxes carry more of it. Residents own this company through the Town, so they can fairly ask why the owners agreed to stop the payments.
It could be because…
Elexicon may be spending heavily on growth and new systems, so its owners agreed to keep cash in the company. Its statements printed in the Town’s notes show large capital additions and a 10-year cloud computing contract.
A one-time correction: the statements describe a refund of 2024 dividends that were overpaid, which may be a calculation problem and not a sign of trouble.
The suspension may be temporary and the owners may have a date to restart the dividends that we did not find.
Questions you could ask
Why did the owners suspend Elexicon’s dividends in September 2025, and until when?
What was the overpayment of 2024 dividends, how large was it, and has the Town paid anything back (the cash flow statement shows 145,344 reimbursed in 2025)?
What was the “Elexicon RFP process” and has council received a report on its result?
If the dividends do not return, what does the Town plan to cut or raise to keep up its capital reserves?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Ajax?Send us your answer and we will publish it with this question.
Note 7(c): “As per the Memorandum of Understanding dated September 15, 2025, the participating shareholders agreed to suspend the payment of dividends by Elexicon Corporation to all Shareholders as well as to refund the overpayment of 2024 dividends.” The Town’s interest rose from 21.828% in 2024 to 22.7609%, and “An amount of $798,917 was received in cash for the collection of the promissory notes net of the purchase price of the new shares.”
Note 7(b), the Town’s equity in Elexicon: “Equity share of net earnings for the year from Elexicon Corporation” 261,499 in 2025 and 1,209,708 in 2024; “Dividend reimbursed (received)” 145,344 in 2025 and (1,712,764) in 2024; balance at end of year 74,771,525 (75,163,599 in 2024).
Elexicon’s own condensed figures in the note: total comprehensive income for the year 1,198 (5,542 in 2024) and long-term debt 340,341 (283,463), in thousands of dollars. A cloud computing arrangement has “a cost of $48,799,000 and a remaining obligation as at December 31,2025 of $42,328,000”. The note does not say these are the reason dividends stopped.
The 2026 budget explains a reduction in contribution to capital reserves of ($2,240,500) with “Elimination of Elexicon revenues ($2,010,500)”, “Decrease in Casino Ajax revenues ($1,250,000)” and “Additional infrastructure levy contributed to asset management reserves $1,020,000”, and sums up “Revenue reduction from Casino Ajax and Elexicon ($3,260,500)”.
The 2025 budget had already planned a “Decrease in Elexicon dividends transferred directly to reserve ($251,000)”. Its CAO section lists “Elexicon RFP process” as a 2024 accomplishment and as a 2025 priority. The book does not say what the process was for.
The Town’s remuneration report lists the Mayor as the Town’s appointee to the Elexicon Corporation board, paid 16,500.12 in remuneration and 6,325.00 for training and meetings, total 22,825.12, for 2023. This is context: a board seat is a normal part of owning a share.
$8.1 millionyearly renewal funding gap in the Town’s asset plan before the new levy (about $29.6 million needed against $21.5 million funded)
A reserve is money set aside for a future need. Ajax’s statements list $175,767,392 in reserves and reserve funds at the end of 2025, up from $147,327,977, and municipal debt of only $12,139,000. Yet the Town’s December 2025 asset management plan says that keeping current service levels needs about $29.6 million a year in renewals against $21.5 million of funding, a gap of $8.1 million a year. The Town’s own answer is a capital infrastructure levy (a part of the tax rate set aside for repairs): 2% in 2025 and 1% in 2026. With it, the plan’s ten-year gap falls to $2.5 million. The plan also warns that Casino Ajax and Elexicon revenue may not last. What we cannot see is how much of the reserves is already committed to named projects.
Why it matters
Residents are paying an extra levy each year for repairs while the Town’s reserves are growing. That may reflect planning, because roads and buildings wear out on a schedule. But it is fair to ask how much of the reserve is spoken for, so people can judge whether the levy is the right size.
It could be because…
Most of the reserves may already be committed to projects in the capital forecast, so a large balance does not mean spare money.
Some reserves are restricted by law or by agreement (for example development charges) and cannot be used for repairs.
The plan looks ten years ahead and is built around the levy, so growing reserves now may be the way the Town avoids a larger gap later.
Questions you could ask
How much of the 175,767,392 in reserves is already committed to projects in the capital forecast, and how much is free?
The asset plan describes the levy as 2% in 2026 and 1% after that; the budgets show 2% in 2025 and 1% in 2026. Which is the plan, and does council still intend to keep the levy at 1% each year?
Which reserves are the ones the plan counts as available for repairs?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Ajax?Send us your answer and we will publish it with this question.
The evidence
Note 13, Accumulated surplus: “Reserve/reserve fund balances” 175,767,392 (147,327,977 in 2024).
Note 9: obligatory reserve funds (money the law says can only be used for set purposes) total 72,910,925 within deferred revenue of 84,310,924, including development charges 51,647,971 and the Canada Community-Building Fund 11,612,414.
The plan says: “The 10-year average annual renewal need to maintain the current levels of service is $29.6 million”, “The current average annual renewal funding is $21.5 million” and “The current average annual infrastructure renewal gap of $8.1 million”. With the recommended infrastructure levy “the 10-year infrastructure gap reduces to $2.5 million”.
The plan says “there is uncertainty regarding the sustainability of the Casino Ajax and Elexicon revenues that currently support the Town’s Capital Budget” and that for the proposed service levels “the annual capital funding deficit is $2.4 million”.
The 2026 capital budget says “$50.4 million of the Town’s assets are in the Very High risk exposure category” and that about $9.8 million of the $10.5 million of asset management projects in 2026 are high or very high risk.
$107,200increase in the Mayor and Council office’s salaries and benefits budget, from $858,500 to $965,700
The Mayor and Council office’s budget line “Full Time Salaries & Benefits” rises from $858,500 to $965,700 in the 2026 budget, a $107,200 or 12.5% rise (worked out by us). The year before it rose from $841,000 to $858,500, or about 2.1%. The 2026 budget book says the rise is “mainly due to cost-of-living increase and benefit rates”. The same book shows the Town’s overall inflation driver is 5.03% of the tax levy. We did not find the rate the Town used for the cost-of-living change for Council, or how it is set.
Why it matters
Council sets its own pay, so a rise of this size, in an election year, is worth a plain explanation. It is a small share of a $106 million levy, but it is the one budget line where council members decide their own cost.
It could be because…
Council pay may be tied by by-law to the increase given to the Town’s non-union staff, and a catch-up or a benefits cost jump could explain a larger year.
The Town’s council severance liability rose from $316,800 to $392,700 in the statements, so benefit costs for council may be rising for reasons tied to years of service.
The 2025 budget may have under-provided for the true cost, so 2026 includes a correction.
Questions you could ask
What by-law or policy sets the yearly cost-of-living change for Council pay, and what rate was used for 2026?
How is the 107,200 split between pay, benefits and the pensionable car allowance?
Will the pay by-law, Policy 030, be reviewed before the new council is sworn in?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Ajax?Send us your answer and we will publish it with this question.
The evidence
The 2026 “Mayor/Council Office” table: “Full Time Salaries & Benefits 858,500 965,700 107,200”, with total net expenditures of 727,500 in 2025 and 834,800 in 2026.
The variance explanation: “Salaries and benefits increased mainly due to cost-of-living increase and benefit rates $107,200, offset by increased recovery from the Region of Durham for a portion of the Mayor and Regional Councillor’s wages and benefits $7,700”, and “Increases in Mayor and Council car allowance, as well as pensionable benefits $9,300”.
The 2025 budget’s table for the same office shows “Full Time Salaries & Benefits 841,000 858,500 17,500”, explained as “cost-of-living increase and benefit rates”.
Note 11(d): councillors are eligible for “a severance payment of one month salary per year of continuous service, with a minimum of four years of continuous service, to a maximum payment of 24 months”. The “Council severance” liability is 392,700 in 2025 and 316,800 in 2024.
$16,105.47the Mayor’s 2025 communication and meeting expenses, against an annual budget of $9,500.00
Each member of Ajax Council has a yearly expense budget, and the Town posts a quarterly summary. The Mayor’s budget is $9,500. The Mayor’s 2025 summary shows $16,105.47 under “Communication / Meeting Expenses”, about 1.7 times the budget (worked out by us), up from $4,583.58 in 2024. In the first quarter of 2026 the line is renamed “Public Relations” and shows $5,659.69. The summaries give totals by category only. We did not find the receipts or a report to council that explains the overage.
Why it matters
Spending above a published budget by an elected official is the kind of thing residents expect to see explained. The reports list only totals, so a resident cannot tell whether the cost was a hosted event, a staff-supported function or something else.
It could be because…
The budget may not have been raised for years while the Mayor’s hosting duties (events, delegations, community functions) grew, and the policy may let the Mayor go over a line with approval.
Some costs may be recovered from others (for example the Region of Durham or event sponsors), which the summary would not show.
The category was renamed “Public Relations” in 2026, which suggests the Town is changing how it records this kind of spending.
Questions you could ask
What events or costs make up the 16,105.47, and who approved spending beyond the 9,500 budget?
Why was the line renamed “Public Relations” in 2026?
Does the expense policy allow a member to go over the budget, and does council see a report when that happens?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Ajax?Send us your answer and we will publish it with this question.
The Mayor’s summary: “Annual Budget $9,500.00”; “Communication / Meeting Expenses 16,105.47” for the year, made up of 2,484.86, 4,818.90, 6,108.58 and 2,693.13 in the four quarters; “Conferences & Seminars” nil; “Total $16,105.47”.
Ajax spent $15M on running the town office in 2019 and $31.3M in 2025. Prices only went up about 21% in that time. Only 0 of 7 similar towns had faster growth here.
Why did the cost of running the town office grow 109% in 6 years?
Running the town office
Prices (inflation)
−50%+0%+50%+100%+150%
+109%
2019202020212022202320242025
Show as a table
Year
Running the town office
Prices (inflation)
2019
+0%
+0%
2020
−5%
+1%
2021
+7%
+4%
2022
+35%
+11%
2023
+68%
+16%
2024
+111%
+18%
2025
+109%
+21%
Change since the first year shown. The grey line is how much prices rose overall, for comparison.
Why it matters
Money spent running the office is money not spent on roads, water or safety. When office costs grow much faster than the services people see, it is fair to ask what the extra money is buying.
It could be because…
The town added a service, a building or staff that residents asked for.
Costs were moved from another area, so the total did not really change.
Accounting rules changed how costs are sorted.
Large one-time costs, like a study, lawsuit or repair, landed in one year.
Questions you could ask
What did the extra $16.3M a year pay for?
Why did office and administration go from $7.1M to $15.6M?
Was each increase approved by council as a separate decision, or did it happen through the yearly budget?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Ajax?Send us your answer and we will publish it with this question.
The evidence
Running the town office: 2019 $15M, 2020 $14.2M, 2021 $16.1M, 2022 $20.2M, 2023 $25.1M, 2024 $31.5M, 2025 $31.3M.
At the end of 2025, $35.7M of property tax had been billed but not paid. That is 11% of everything billed. Only 1 of 7 similar towns had a higher share. A year earlier it was $26.7M.
Why are so many property taxes unpaid?
$0$10M$20M$30M$40M
$35.7M
2019202020212022202320242025
Show as a table
Year
Unpaid property tax at year end
2019
$9.8M
2020
$13.3M
2021
$14.2M
2022
$15.2M
2023
$21M
2024
$26.7M
2025
$35.7M
Why it matters
When taxes go unpaid, everyone else carries the cost, and the town may borrow to cover the gap. The Province's financial indicators treat 10% to 15% as a moderate risk and more than 15% as a high risk. Collection is the town's job, so a rising number is worth asking about.
It could be because…
The final tax bill was due late in the year, so some payments simply arrived in January.
A few large properties are in dispute or being sold for back taxes.
Hard times for residents, which the town may be handling with payment plans.
Questions you could ask
How much is more than one year overdue, and from how many properties?
Are the rules for chasing unpaid taxes applied the same way to everyone?
Has the town registered tax arrears certificates on properties about two years behind? If still unpaid a year after that, Ontario law lets the town sell the property.
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Ajax?Send us your answer and we will publish it with this question.
The evidence
Taxes receivable: 2019 $9.8M, 2020 $13.3M, 2021 $14.2M, 2022 $15.2M, 2023 $21M, 2024 $26.7M, 2025 $35.7M. Of the 2025 total, $12M was from earlier years.
$21,110,337annual surplus in 2025 statements, against a budgeted deficit of $653,700 on the statements’ basis
The statement of operations shows a budgeted deficit of $653,700 for 2025 and an actual surplus of $21,110,337. The Town explains the first part in Note 15: its budget is built the way a household budget is (cash in, cash out, with capital purchases counted as costs and no amortization), while the audited statements use full accrual accounting. The note reconciles the budget Council adopted, which had a surplus of $30,892,300 before capital spending of $22,817,800 and transfers to reserves, to the $653,700 deficit. That explains why the two are not comparable. What it does not explain is why government transfers came in at $10,683,162 against a budget of $868,200.
Why it matters
Readers of the audited statements may think the Town collected $21 million more than it needed. The Town’s note shows that is mostly an accounting difference. But it also means the budget-to-actual column in the statements is not a fair test of how closely the Town kept to its plan.
It could be because…
Grants such as federal or provincial funding for capital projects arrive during the year and are not in the adopted budget until they are approved.
The Town’s own budget adopted December 13, 2024 was balanced on its basis, and the surplus in the statements is the effect of counting capital spending as an asset, not an expense.
Higher investment income than budgeted (see the separate question) added to the result and was directed to reserves.
Questions you could ask
Which grants make up the 10,683,162 of government transfers in 2025, and which were not in the budget?
Will the Town publish a table that compares its own budget to actual spending in the same basis it was adopted on?
You can ask during the public part of a council meeting, by writing to the clerk, or by contacting your councillors. How to reach council.
Speak for Ajax?Send us your answer and we will publish it with this question.
The evidence
The statement of operations: total revenue 147,313,100 (budget), 178,281,900 (2025) and 169,786,113 (2024); expenses 147,966,800, 157,171,563 and 149,590,346; “Annual surplus (deficit)” (653,700), 21,110,337 and 20,195,767. “Government transfers” are 868,200 in the budget and 10,683,162 in 2025.
Note 15 says: “The 2025 Budget adopted under strong mayor legislation on December 13, 2024, was not prepared on a basis consistent with that used to report actual results... The budget figures treated all tangible capital asset additions as expenses and did not include amortization expense on tangible capital assets, post-employment benefits or landfill costs.” The reconciliation shows annual surplus 30,892,300, less 4,140,600 and 27,405,400 of adjustments, giving (653,700); then capital expenditures (22,817,800), transfers to reserves (5,245,600) and debt repayment (1,907,100).
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