Questions · 12 so far
We read Cobalt's financial reports and meeting minutes, and compared its numbers with 31 similar Ontario towns. These are the things that stood out.
These are unusual enough that residents deserve a clear answer from council.
+133%town property tax, 2024 to 2025
In 2025, Cobalt collected $1.1M more in its own property tax than in 2024. That is a 133% jump, while prices went up about 2.1%. None of the 31 similar towns raised theirs by more.
Found automatically from the town's financial reports · 3 sources
$18,075in savings at the end of 2025
Towns keep savings (called reserves) to pay for new trucks, roof repairs and surprises. Cobalt had $18,075 saved at the end of 2025, down from $259K in 2019. That is 1% of one year's spending. None of the 31 similar towns had less, compared with what they spend.
Found automatically from the town's financial reports · 2 sources
$309Kowed in unpaid property tax, end of 2025
At the end of 2025, $309K of property tax had been billed but not paid. That is 16% of everything billed. Only 7 of 31 similar towns had a higher share. A year earlier it was $299K.
Found automatically from the town's financial reports · 2 sources
There may well be a good reason. It is still worth asking what it is.
$595,737annual deficit in 2025, against a budgeted $327,197
The audited statements show an annual deficit (spending above income) of $595,737 for 2025, against a budget deficit of $327,197 and a 2024 deficit of $655,576. The gap to budget, $268,540 (worked out by us), is $170,894 of extra spending and $97,646 of missing income. Most of the extra spending is in three areas: environmental services (water, sewer and garbage) $1,380,502 against $1,282,013 budgeted, general government $776,986 against $711,350, and recreation and culture $247,268 against $210,350. The Town's own note explains that these statements count amortization (the yearly wearing-out of buildings, roads and equipment, $666,088) which is not cash. On the Town's own budget basis, the 2025 deficit was $90,090 against a budgeted $5,000, and $40,883 the year before. The accumulated surplus (everything the Town has built up over the years, mostly buildings, roads and pipes) fell from $14,373,961 at the start of 2024 to $13,122,648, which is $1,251,313 less (worked out by us).
Found by reading the town's own documents · 4 sources
$79,218capital assets added in 2025, against $317,243 budgeted in the statements and $360,443 in the capital budget
Capital spending is money spent on buildings, roads, pipes and equipment that last for years. The 2025 capital budget lists seven projects totalling $360,443, including $125,000 for a wetland sewer project under a Director's Order, $98,433 for water treatment plant upgrades and $73,010 for a road. The audited statements show only $79,218 of tangible capital assets added in 2025, of which $10,300 was donated land and $68,918 heavy equipment (worked out by us from the schedule). At the end of 2025 the Town held $391,968 of Ontario Community Infrastructure Fund (OCIF) money it had been given but not yet used, up from $194,683. The Town's cash rose by $229,581 in 2025 even though it ran a deficit.
Found by reading the town's own documents · 5 sources
$99,126all reserves, surpluses and deficits together at the end of 2025, down from $197,504
The Town's note on its accumulated surplus lists its reserves, surpluses and deficits together at $99,126 at the end of 2025, down from $197,504. The only named reserve is a library reserve of $18,075. The general municipal fund is $440,712 in deficit, up from $394,438, and waterworks is $88,048 in deficit. The Town also carries an asset retirement obligation of $664,082 (money it expects to spend someday on removing asbestos, $658,081, and a fuel tank, $6,001). The note lists it as "unfinanced", which means no money has been set aside for it. The Town holds $607,260 in cash, but $517,809 of the money it holds is deferred revenue: grant money it was given for projects (worked out by us from $437,377 and $80,432). It has a $250,000 bank line of credit with nothing borrowed.
Found by reading the town's own documents · 3 sources
$88,184waterworks deficit in 2025, up from $50,682
The Town's waterworks schedule shows total revenue of $602,422 and spending of $690,606, a deficit of $88,184, after a deficit of $50,682 in 2024. Revenue includes $111,418 of federal operating grants, the same amount as the Canada Community Building Fund money the Town used in 2025, so without it the deficit would have been $199,602 (worked out by us). Contracted services rose to $335,647 from $199,890, up $135,757 (worked out by us). The waterworks account went from a surplus of $136 to a deficit of $88,048. Water and sewer user fees came in at $611,476 against $609,312 budgeted, so the gap is not a shortfall in fees.
Found by reading the town's own documents · 3 sources
+81%water, sewers and garbage, 2019 to 2025
Cobalt spent $576K on water, sewers and garbage in 2019 and $1.0M in 2025. Prices only went up about 21% in that time.
Found automatically from the town's financial reports · 2 sources
Background that helps make sense of the rest.
$53,487interest paid on long-term debt in 2025, up from $25,069
The Town owed $1,462,300 on five loans at the end of 2025, down from $1,562,160. Interest paid on the debt was $53,487, up from $25,069 (more than double, worked out by us). The Town took on $713,201 of new debt in 2024. Its three Infrastructure Ontario loans carry rates of 1.43%, 2.47% and 4.41%. One vehicle loan with Ford Credit carries 0% and another 8.65%, with a balance of $82,530. The note says its payments are $948 a month, which is $11,376 a year (worked out by us), but the balance fell $16,739 in 2025.
Found by reading the town's own documents · 3 sources
$43,200gap between the posted capital budget and the capital budget in the audited statements (worked out by us)
The Town posts a one-page 2025 Operating Budget and a one-page 2025 Capital Budget. They differ from the budget the audited statements print as adopted by Council. The capital budget totals $360,443; the statements' budget has $317,243 of capital spending, a gap of $43,200 (worked out by us). The operating budget shows provincial grants of $993,540.00 and federal grants of $15,404.45; the statements show $1,017,970 and $68,174. It shows user charges of $194,254.24 against $202,274. Both budgets agree on property taxes ($881,929) and on water and sewer fees ($609,312).
Found by reading the town's own documents · 3 sources
$1,517,500provincial contribution the Town guaranteed in 2010, for a 20-year housing agreement
A contingent liability is money a town might have to pay if something happens. The audited statements disclose two. In March 2010 the Town became guarantor for an agreement between a non-profit housing organization and the Province of Ontario, to offer affordable housing for 20 years. The Province's contribution was $1,517,500. The statements also say the Town "has many old mine sites and tailing ponds", that the Province's mines ministry has always taken responsibility for the cost, and that management's opinion is that all contaminated sites have been remedied and the Town is not responsible for future liabilities. The statements record no amount for either.
Found by reading the town's own documents · 2 sources
−$2.0Mnet financial position, 2025
In 2019, Cobalt had $511K more in cash and money owed to it than it owed to others. By 2025 it was −$2.0M. About 26% of that change ($664K) is a new accounting rule from 2023: towns must now record the future cost of closing things like a landfill. That is not new spending or borrowing. Even leaving that out, only 1 of 31 similar towns are in a weaker position.
Found automatically from the town's financial reports · 2 sources
+133%town property tax, 2024 to 2025
In 2025, Cobalt collected $1.1M more in its own property tax than in 2024. That is a 133% jump, while prices went up about 2.1%. None of the 31 similar towns raised theirs by more.
| Year | Town property tax |
|---|---|
| 2019 | $568K |
| 2020 | $586K |
| 2021 | $617K |
| 2022 | $633K |
| 2023 | $712K |
| 2024 | $819K |
| 2025 | $1.9M |
A big one-year jump usually means something changed: a new cost, a service that grew, savings being rebuilt, or a problem from earlier years being paid for now. Residents should be able to see exactly which. Spread across every home, it is about $2,006 more each year.
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 Cobalt? Send us your answer and we will publish it with this question.
Town property tax: $819,006 in 2024, $1,906,505 in 2025.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 10, line 9940 · archived copy
Typical increase among 31 similar Ontario towns: 4.7%. Cobalt ranks 1st highest.
Ontario Financial Information Return (FIR), 2025, 31 similar municipalities · Schedule 10, line 9940 · archived copy
Prices (inflation) rose 2.1% over the same year.
$18,075in savings at the end of 2025
Towns keep savings (called reserves) to pay for new trucks, roof repairs and surprises. Cobalt had $18,075 saved at the end of 2025, down from $259K in 2019. That is 1% of one year's spending. None of the 31 similar towns had less, compared with what they spend.
| Year | Savings (reserves) |
|---|---|
| 2019 | $259K |
| 2020 | $293K |
| 2021 | $220K |
| 2022 | $28,075 |
| 2023 | $28,075 |
| 2024 | $18,075 |
| 2025 | $18,075 |
With little saved, a broken bridge or a storm has to be paid for with a sudden tax increase or a loan. Low savings can also mean past budgets were balanced by spending savings instead of facing the real cost.
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 Cobalt? Send us your answer and we will publish it with this question.
Savings (reserves and reserve funds): 2019 $259K, 2020 $293K, 2021 $220K, 2022 $28,075, 2023 $28,075, 2024 $18,075, 2025 $18,075.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 70, line 6420 · archived copy
Typical among similar towns: savings equal to 68% of a year's spending. Cobalt: 1%.
Ontario Financial Information Return (FIR), 2025, 31 similar municipalities · Schedules 40 and 70 · archived copy
$309Kowed in unpaid property tax, end of 2025
At the end of 2025, $309K of property tax had been billed but not paid. That is 16% of everything billed. Only 7 of 31 similar towns had a higher share. A year earlier it was $299K.
| Year | Unpaid property tax at year end |
|---|---|
| 2019 | $254K |
| 2020 | $231K |
| 2021 | $321K |
| 2022 | $395K |
| 2023 | $411K |
| 2024 | $299K |
| 2025 | $309K |
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.
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 Cobalt? Send us your answer and we will publish it with this question.
Taxes receivable: 2019 $254K, 2020 $231K, 2021 $321K, 2022 $395K, 2023 $411K, 2024 $299K, 2025 $309K. Of the 2025 total, $62,722 was from earlier years.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 70, lines 0610 to 0699 · archived copy
Typical among similar towns: 10.3% of taxes billed.
Ontario Financial Information Return (FIR), 2025, 31 similar municipalities · Schedules 26 and 70 · archived copy
$595,737annual deficit in 2025, against a budgeted $327,197
The audited statements show an annual deficit (spending above income) of $595,737 for 2025, against a budget deficit of $327,197 and a 2024 deficit of $655,576. The gap to budget, $268,540 (worked out by us), is $170,894 of extra spending and $97,646 of missing income. Most of the extra spending is in three areas: environmental services (water, sewer and garbage) $1,380,502 against $1,282,013 budgeted, general government $776,986 against $711,350, and recreation and culture $247,268 against $210,350. The Town's own note explains that these statements count amortization (the yearly wearing-out of buildings, roads and equipment, $666,088) which is not cash. On the Town's own budget basis, the 2025 deficit was $90,090 against a budgeted $5,000, and $40,883 the year before. The accumulated surplus (everything the Town has built up over the years, mostly buildings, roads and pipes) fell from $14,373,961 at the start of 2024 to $13,122,648, which is $1,251,313 less (worked out by us).
A deficit that is not cash can look scarier than it is, but a deficit on the Town's own budget basis means it spent more than it planned and more than it raised. Provincial grants of $1,081,898 were about 30% of the year's revenue (worked out by us), so a Town this small depends on grants it does not control.
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 Cobalt? Send us your answer and we will publish it with this question.
Statement of operations: "Total revenues" budget 3,705,447, actual 3,607,801 (2024 3,464,762). "Total expenditures" budget 4,032,644, actual 4,203,538 (2024 4,120,338). "ANNUAL DEFICIT" budget (327,197), actual (595,737), 2024 (655,576). Expenditure lines, budget and actual: "Environmental services" 1,282,013 and 1,380,502; "General government" 711,350 and 776,986; "Recreation and cultural services" 210,350 and 247,268. "Provincial grants" 1,017,970 budget, 1,081,898 actual (2024 1,169,858). "Accumulated surplus, beginning of year" 2024 14,373,961, end of year 2025 13,122,648.
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Consolidated Statement of Operations, PDF page 7 (printed page 5, image; the expense lines add to 4,203,538 and 3,607,801 less 4,203,538 is the deficit of 595,737)
Note 17, Budgeting: "The consolidated statement of operations on page 5 has been modified here to exclude amortization and accretion expenses and to include tangible capital asset expenditures and the principal repayments on long-term debt." "Deficit - full budget based" budget (5,000), actual (90,090), 2024 (40,883). Total revenues 3,755,447, 3,607,801 and 4,389,895; total expenditures 3,760,447, 3,697,891 and 4,430,778.
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Note 17, Budgeting, PDF page 24 (printed page 22, image; 3,607,801 less 3,697,891 is (90,090))
Note 14, Budget: "The budget was prepared on a modified accrual basis while Public Sector Accounting Standards now require a full accrual basis." Reconciliation: "Actual budget deficit for the year" (5,000); add repayment of long-term debt 105,768 and investment in tangible capital assets 317,243; less estimated amortization (679,965), proceeds from long-term debt (50,000) and estimated accretion expenses (15,243); "Budget deficit per statement of operations" (327,197).
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Note 14, Budget, PDF page 19 (printed page 17, image; the column adds to (327,197))
Statement of cash flows: "Amortization of tangible capital assets" 666,088 (2024 679,965); "Annual deficit" (595,737) (2024 (655,576)).
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Consolidated Statement of Cash Flows, PDF page 9 (printed page 7, image; cash end of year 607,260 equals the position statement)
$79,218capital assets added in 2025, against $317,243 budgeted in the statements and $360,443 in the capital budget
Capital spending is money spent on buildings, roads, pipes and equipment that last for years. The 2025 capital budget lists seven projects totalling $360,443, including $125,000 for a wetland sewer project under a Director's Order, $98,433 for water treatment plant upgrades and $73,010 for a road. The audited statements show only $79,218 of tangible capital assets added in 2025, of which $10,300 was donated land and $68,918 heavy equipment (worked out by us from the schedule). At the end of 2025 the Town held $391,968 of Ontario Community Infrastructure Fund (OCIF) money it had been given but not yet used, up from $194,683. The Town's cash rose by $229,581 in 2025 even though it ran a deficit.
Grant money usually has to be spent on named projects by a deadline. A sewer project under a provincial order also has to be finished. If plans slip year after year, residents may want to know that the money is safe and the work will be done.
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 Cobalt? Send us your answer and we will publish it with this question.
2025 Capital Budget table: "Wetland's Renewal, Rehabilitation, Director's Order Project" $125,000 (Ontario Community Infrastructure Fund); "Upgrade-WTP Filters / Distribution Valves /Service Lines Project" $60,000 and "Upgrade - WTP Drive / Effluent Valves Project" $38,433 (gas tax); "Commission St and Miller Ave (continuation)" $73,010 (NORDS); "Trackless" $50,000 (long-term debt). Total "2025 Budget" $360,443.
Town of Cobalt, 2025 Capital Budget · 2025 Capital Budget, page 1 (the seven projects add to $360,443)
Statement of change in net debt: "Acquisition of tangible capital assets" budget (317,243), actual (79,218), 2024 (867,885).
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Consolidated Statement of Change in Net Debt, PDF page 8 (printed page 6, image; net debt end of year (2,027,256) equals the position statement)
Note 5, Deferred revenue - other: "Provincial government - OCIF" December 31, 2024 194,683; funds received 243,247; revenue earned 45,962; December 31, 2025 391,968. "Provincial government - NORDS" received 73,010, earned 69,896, 2025 balance 3,114. Total 2025 437,377 (2024 236,295).
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Note 5, PDF page 14 (printed page 12, image; the columns add to 437,377 and 194,683 plus 243,247 less 45,962 is 391,968)
Note 16, Schedule of tangible capital assets, 2025: additions "Land" 10,300 and "Heavy equipment" 68,918; total additions 79,218.
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Note 16, Schedule of tangible capital assets, PDF page 22 (printed page 20, image; the additions column adds to 79,218)
Consolidated Statement of Cash Flows: "INCREASE (DECREASE) IN CASH 229,581" (2024 (199,884)); "Cash, beginning of year 377,679"; "CASH, END OF YEAR $ 607,260".
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Consolidated Statement of Cash Flows, PDF page 9 (printed page 7, image; 377,679 plus 229,581 is 607,260)
$99,126all reserves, surpluses and deficits together at the end of 2025, down from $197,504
The Town's note on its accumulated surplus lists its reserves, surpluses and deficits together at $99,126 at the end of 2025, down from $197,504. The only named reserve is a library reserve of $18,075. The general municipal fund is $440,712 in deficit, up from $394,438, and waterworks is $88,048 in deficit. The Town also carries an asset retirement obligation of $664,082 (money it expects to spend someday on removing asbestos, $658,081, and a fuel tank, $6,001). The note lists it as "unfinanced", which means no money has been set aside for it. The Town holds $607,260 in cash, but $517,809 of the money it holds is deferred revenue: grant money it was given for projects (worked out by us from $437,377 and $80,432). It has a $250,000 bank line of credit with nothing borrowed.
A reserve is savings for a rainy day or a known future cost. If a town has almost none, one big repair or one lost grant can force a tax increase or borrowing. The asbestos obligation is a legal duty to clean up when buildings are renovated or torn down, which the Town may not control.
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 Cobalt? Send us your answer and we will publish it with this question.
Note 13, Accumulated surplus: "Library reserve" 18,075; "General municipal deficit" (440,712) (2024 (394,438)); "Library surplus (deficit)" (1,019); "Cemetery surplus" 49,090; "Sewer (wetlands) surplus" 561,740; "Waterworks surplus (deficit)" (88,048). Subtotal 99,126 (2024 197,504). "Unfinanced municipal debt" (1,462,300); "Unfinanced asset retirement obligations" (664,082); "Net debt" (2,027,256). The note says reserves "are non-statutory and subject to change by council at any time."
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Note 13, Accumulated surplus, PDF page 18 (printed page 16, image; the lines add to 99,126 and the note ends at accumulated surplus 13,122,648)
Note 7, Asset retirement obligations: balance end of year 664,082 (2024 650,420). "Asbestos removal" 658,081 (2024 644,543); "Fuel storage tank" 6,001. "The Town owns buildings and sewer segments which contain asbestos, and therefore, the Town is legally required to perform abatement activities upon renovation or demolition of these assets." Note 4: "The Town has a $250,000 business operating line negotiated with CIBC with a balance outstanding of $nil".
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Notes 4 to 7, PDF pages 14 and 15 (printed pages 12 and 13, image; 658,081 plus 6,001 is 664,082)
Statement of financial position: "Cash" 607,260 (2024 377,679); "Taxes receivable" 309,141; "Accounts receivable" 26,210; financial assets 942,611. "Accounts payable and accrued liabilities" 325,676; "Deferred revenue - other" 437,377; "Deferred revenue - obligatory reserve funds" 80,432; "Asset retirement obligations" 664,082; "Municipal debt" 1,462,300. Liabilities 2,969,867. "NET DEBT" (2,027,256).
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Consolidated Statement of Financial Position, PDF page 6 (printed page 4, image; 942,611 less 2,969,867 is net debt (2,027,256))
$88,184waterworks deficit in 2025, up from $50,682
The Town's waterworks schedule shows total revenue of $602,422 and spending of $690,606, a deficit of $88,184, after a deficit of $50,682 in 2024. Revenue includes $111,418 of federal operating grants, the same amount as the Canada Community Building Fund money the Town used in 2025, so without it the deficit would have been $199,602 (worked out by us). Contracted services rose to $335,647 from $199,890, up $135,757 (worked out by us). The waterworks account went from a surplus of $136 to a deficit of $88,048. Water and sewer user fees came in at $611,476 against $609,312 budgeted, so the gap is not a shortfall in fees.
Water is meant to be paid for by the people who use it, not by property taxes. A water account that loses money each year either draws on other money or needs higher rates. Residents of a town this small will want to know what the contract work was.
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 Cobalt? Send us your answer and we will publish it with this question.
Note 18, Waterworks - Schedule of Operations: "Sale of water - Cobalt residents" 451,504 (2024 415,533); "Sale of water - Coleman Township" 28,030; "Federal grants - operating" 111,418 (2024 58,034); "Total revenue" 602,422 (2024 520,173). "Contracted services" 335,647 (2024 199,890); "Total expenditures" 690,606 (2024 570,855). "Annual deficit" (88,184) (2024 (50,682)); accumulated deficit end of year (88,048). "This statement is not prepared according to PSAB. It is operational. It excludes amortization, includes capital revenue and expenses".
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Note 18, PDF page 25 (printed page 23, image; revenue lines add to 602,422 and expense lines to 690,606)
Note 6, Canada Community Building Fund: December 31, 2024 125,490; funds received 66,360; "Revenue Earned" 111,418; December 31, 2025 80,432.
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Note 6, PDF page 14 (printed page 12, image; 125,490 plus 66,360 less 111,418 is 80,432)
Statement of operations: "Water and sewer user fees" budget 609,312, actual 611,476 (2024 575,020).
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Consolidated Statement of Operations, PDF page 7 (printed page 5, image; revenue lines add to 3,597,501)
+81%water, sewers and garbage, 2019 to 2025
Cobalt spent $576K on water, sewers and garbage in 2019 and $1.0M in 2025. Prices only went up about 21% in that time.
| Year | Water, sewers and garbage | Prices (inflation) |
|---|---|---|
| 2019 | +0% | +0% |
| 2020 | +18% | +1% |
| 2021 | +21% | +4% |
| 2022 | +54% | +11% |
| 2023 | +59% | +16% |
| 2024 | +83% | +18% |
| 2025 | +81% | +21% |
Change since the first year shown. The grey line is how much prices rose overall, for comparison.
When one area grows much faster than prices, it is either doing more (which may be great) or paying more for the same thing. Residents deserve to know which.
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 Cobalt? Send us your answer and we will publish it with this question.
Water, sewers and garbage: 2019 $576K, 2020 $679K, 2021 $699K, 2022 $886K, 2023 $917K, 2024 $1.1M, 2025 $1.0M.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 40 · archived copy
Biggest driver: Water pipes, from $308K to $693K.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 40 · archived copy
$53,487interest paid on long-term debt in 2025, up from $25,069
The Town owed $1,462,300 on five loans at the end of 2025, down from $1,562,160. Interest paid on the debt was $53,487, up from $25,069 (more than double, worked out by us). The Town took on $713,201 of new debt in 2024. Its three Infrastructure Ontario loans carry rates of 1.43%, 2.47% and 4.41%. One vehicle loan with Ford Credit carries 0% and another 8.65%, with a balance of $82,530. The note says its payments are $948 a month, which is $11,376 a year (worked out by us), but the balance fell $16,739 in 2025.
A loan at 8.65% costs roughly twice what the Town pays on its fire truck loan. A small town pays for each point of interest out of taxes and fees. The gap between the stated payment and the fall in the balance may be only a lump payment or a typing error, but residents should be able to rely on the note.
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 Cobalt? Send us your answer and we will publish it with this question.
Note 8, Municipal debt, 2025 balances (2024): garage debenture at 2.47%, 669,788 (703,549); wheel loader debenture at 1.43%, 117,676 (140,222); fire truck debenture at 4.41%, 586,115 (605,500); Ford Credit vehicle loan, "monthly installments of $619 with interest at 0%", 6,191 (13,620); Ford Credit vehicle loan, "payable in monthly blended (principal and interest) payments of $948 with interest at 8.65% per annum", final payment November 2029, 82,530 (99,269). Total $1,462,300 ($1,562,160).
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Note 8, Municipal debt, PDF page 15 (printed page 13, image; the five balances add to 1,462,300)
Note 8, continued: principal due 2026 $102,158; 2027 100,505; 2028 103,728; 2029 106,017; 2030 86,490; 2031 and later 963,402; total $1,462,300. "Total interest paid during the year on the long-term debt is $53,487 (2024 $25,069)."
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Note 8, continued, PDF page 16 (printed page 14, image; the schedule adds to 1,462,300)
Statement of cash flows, financing: "Proceeds from municipal debt" nil in 2025, 713,201 in 2024; "Repayment of municipal debt" (99,860) in 2025, (71,031) in 2024.
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Consolidated Statement of Cash Flows, PDF page 9 (printed page 7, image; the financing lines add to (99,860))
$43,200gap between the posted capital budget and the capital budget in the audited statements (worked out by us)
The Town posts a one-page 2025 Operating Budget and a one-page 2025 Capital Budget. They differ from the budget the audited statements print as adopted by Council. The capital budget totals $360,443; the statements' budget has $317,243 of capital spending, a gap of $43,200 (worked out by us). The operating budget shows provincial grants of $993,540.00 and federal grants of $15,404.45; the statements show $1,017,970 and $68,174. It shows user charges of $194,254.24 against $202,274. Both budgets agree on property taxes ($881,929) and on water and sewer fees ($609,312).
A budget is the promise made to residents, and the audited result is compared with it. If the posted budget is not the one the auditor used, residents cannot check the Town's year against what it said it would do.
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 Cobalt? Send us your answer and we will publish it with this question.
2025 Operating Budget: "Total revenues" $3,313,096.87; "Municipal Taxation" $881,929.36; "Water / Sewer Charges" $609,311.91; "User Charges" $194,254.24; "Provincial Grants" $993,540.00; "Federal Grant" $15,404.45. "Long Term Debt Repayments" $160,978.84. "Total Expenditures" $3,313,096.87.
Town of Cobalt, 2025 Operating Budget · 2025 Operating Budget, page 1
2025 Capital Budget, total "2025 Budget" $360,443: Municipal Taxes $0, gas tax $112,433, OCIF $125,000, NORDS $73,010, long-term debt $50,000.
Town of Cobalt, 2025 Capital Budget · 2025 Capital Budget, page 1 (the funding columns add to 360,443)
Note 17, 2025 Budget column: "User charges" 202,274; "Provincial grants" 1,017,970; "Federal grants" 68,174; capital revenues provincial grants 188,010, federal grants 79,233, long-term debt proceeds 50,000; "Capital expenditures" 317,243; "Long-term debt repayments" 105,768.
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Note 17, Budgeting, PDF page 24 (printed page 22, image; capital revenues add to 317,243)
$1,517,500provincial contribution the Town guaranteed in 2010, for a 20-year housing agreement
A contingent liability is money a town might have to pay if something happens. The audited statements disclose two. In March 2010 the Town became guarantor for an agreement between a non-profit housing organization and the Province of Ontario, to offer affordable housing for 20 years. The Province's contribution was $1,517,500. The statements also say the Town "has many old mine sites and tailing ponds", that the Province's mines ministry has always taken responsibility for the cost, and that management's opinion is that all contaminated sites have been remedied and the Town is not responsible for future liabilities. The statements record no amount for either.
A guarantee can turn into a bill if the housing organization cannot keep to the agreement, and the Town's cushion is small (see the separate question). Residents are told management's view, but not what the guarantee ends or what would happen if a site were found to need work.
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 Cobalt? Send us your answer and we will publish it with this question.
Note 11, Contingent liabilities, Guarantee: "The Town became guarantor for a Provincial Contribution Agreement between [a non-profit housing organization] and the Province of Ontario in March 2010 for the purpose of offering affordable housing for a period of 20 years. The contribution from the Province was $1,517,500." Contaminated and hazardous sites: "The Corporation of the Town of Cobalt has many old mine sites and tailing ponds throughout its municipality." "It is of management's opinion that all contaminated sites have been remedied by MNDM and that the Town is not responsible for future liabilities, if any, related to old mine sites or tailing ponds."
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Note 11, Contingent liabilities, PDF page 17 (printed page 15, image)
Note 11, Contingent liabilities, Funding agreements: "Under the terms of various funding agreements, the Town could have provincial and federal grants become repayable if it is determined that funding was applied towards ineligible costs or if other terms of the agreements were not met. At year end management is of the opinion that all conditions have been met, and funding was applied towards eligible costs."
The Corporation of the Town of Cobalt, Consolidated Financial Statements, December 31, 2025 (Kemp Elliott & Blair LLP, August 18, 2026) · Note 11, Contingent liabilities, PDF page 16 (printed page 14, image)
−$2.0Mnet financial position, 2025
In 2019, Cobalt had $511K more in cash and money owed to it than it owed to others. By 2025 it was −$2.0M. About 26% of that change ($664K) is a new accounting rule from 2023: towns must now record the future cost of closing things like a landfill. That is not new spending or borrowing. Even leaving that out, only 1 of 31 similar towns are in a weaker position.
| Year | Net financial position |
|---|---|
| 2019 | $511K |
| 2020 | $254K |
| 2021 | −$208K |
| 2022 | −$354K |
| 2023 | −$1.4M |
| 2024 | −$2.0M |
| 2025 | −$2.0M |
This number is one of the clearest signs of whether a town is living within its means. The accounting-rule part is a bill that will come due when the landfill closes, not money already spent. The rest is real borrowing and spending of savings.
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 Cobalt? Send us your answer and we will publish it with this question.
Net financial assets: 2019 $511K, 2020 $254K, 2021 −$208K, 2022 −$354K, 2023 −$1.4M, 2024 −$2.0M, 2025 −$2.0M.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 70, line 9945 · archived copy
Future landfill and similar closing costs recorded: $664K. Long-term debt: $1.5M. Temporary loans: $0.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 70, lines 2920, 2699, 2099 · archived copy