22 monthsfrom the end of 2023 to the auditor's report date of November 6, 2025 (worked out by us)
Audited statements are the City's yearly accounts, checked by an outside accounting firm. The auditor's report on the 2021 statements is dated July 12, 2022. The report on the 2022 statements is dated March 26, 2024, on 2023 it is dated November 6, 2025, and on 2024 it is dated March 24, 2026. Counting from December 31 of each year, that is about 6, 15, 22 and 15 months (worked out by us). The firm that signed also changed: MNP LLP signed for 2021 and KPMG LLP for 2022 to 2024. When we read the City's financial statements page on October 5, 2026, the newest year posted was 2024. The City's own budget book shows what the delay touches: the debt limit it was working from in late 2025 was worked out from its 2023 return to the Province, and its yearly debt and reserve reports are presented with the statements.
$89,221,543net debt at the end of 2024, up from $68,395,494 a year earlier
Net debt is what the City owes, minus the money and investments it holds. A surplus is revenue left over after the year's spending. Both can be true at once, because a surplus does not count the cost of buildings and roads the City buys, and net debt does. In 2024 the City bought $70,530,726 of capital assets, against a budget of $46,165,780. Net debt ended the year at $89,221,543, against a budget of $86,199,231. Cash fell from $19,248,611 to $2,329,635, but investments rose from $68,521,106 to $83,742,899, so cash and investments together barely moved ($87,769,717 to $86,072,534, worked out by us). Of the cash left, $644,232 was not set aside for any purpose. The City's own notes show $12,743,145 of capital spending not yet paid for, and the budget book explains that the City uses its own cash during construction and borrows when projects are done.
$24,850,051estimated debt payments in 2029, 15.17% of revenue, against $12,209,898 in 2026
The City's long-term debt (loans taken to pay for buildings and roads) was $66,267,224 at the end of 2024, up from $50,370,805. After year end it took on $26,217,000 more. The 2026 budget book estimates debt of about $97.8 million at the end of 2025, with $12.2 million a year in payments, which is 79.1% of the City's own limit (10% of its own-source revenue). The book also says Council has already approved $72.8 million of debt that has not yet been issued, and the City plans to finance another $144.6 million. Its own table shows yearly principal and interest payments rising from $12,209,898 in 2026 to $24,850,051 in 2029, or 15.17% of revenue, against its own 10% limit and the Province's 25% limit. The City's long-term financial plan recommends raising its own limit from 10% to 15%.
$16,018,947levy increase at the start of the draft 2026 budget's list of changes (16.97%), cut to $5,024,549 (5.32%)
Reserves are money set aside for future needs, such as replacing roads or buildings. The draft 2026 budget book says choices made to balance the 2025 budget left a $7.7 million increase to carry into 2026: in 2025 the City drew $1.65 million from operating reserves and $3.46 million from capital reserves, deferred $1.22 million of spending and postponed $1.37 million in contributions to reserves. Its list of changes to the 2026 budget starts at a levy increase of 16,018,947 (16.97%) and ends at 5,024,549 (5.32%). Along the way it cut contributions to reserves by $2,017,999, moved $3,890,411 of debt payments onto reserves and the Canada Community Building Fund, delayed or stretched $1,353,005 of debt payments and deferred $1,674,624 of capital. The City says it borrowed $800,000 from its Working Reserve in 2025 to cover salary increases, and the Tax Stabilization Reserve holds $300,000 against a goal of $3 million by 2025.