Questions · 9 so far
We read East Ferris' financial reports and meeting minutes, and compared its numbers with 22 similar Ontario towns. These are the things that stood out.
These are unusual enough that residents deserve a clear answer from council.
$1.4Min savings at the end of 2024
Towns keep savings (called reserves) to pay for new trucks, roof repairs and surprises. East Ferris had $1.4M saved at the end of 2024, down from $2.0M in 2019. That is 16% of one year's spending. Only 1 of 22 similar towns had less, compared with what they spend.
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.
$6,102,696the Cassellholme redevelopment commitment at December 31, 2025
Cassellholme is the long-term care home that East Ferris and other municipalities fund together. Its rebuild is paid for by a loan, and each municipality is responsible for its share. The 2025 statements say the Municipality "identified that a financial liability related to the East Nipissing District Home for the Aged redevelopment commitment should have been recognized in prior periods." To fix this, the 2024 numbers were restated (changed after they were first published). Municipal debt for 2024 went from $6,864,846 to $12,704,733, and the accumulated surplus (everything the Municipality owns less what it owes) went from $25,263,318 to $19,423,431. At the end of 2025 the commitment is $6,102,696. The Municipality also guarantees part of the loan, up to $4,298,322.
Found by reading the town's own documents · 4 sources
$3,250,000municipal debt issued in 2025, against $190,000 in the budget reconciliation
The 2025 cash flow statement shows $3,250,000 of municipal debt issued. The budget reconciliation in the same statements lists "Municipal debt issued" of $190,000. Three new term loans, all ending in 2030, carry interest of 4.41%, 4.37% and 4.02%. The statements also show $1,540,000 held in guaranteed investment certificates (a bank savings product that pays a fixed rate) earning 2.50% to 2.80%. Cash at the start of 2025 was $185,706, and $600,000 of short-term borrowing was repaid during the year.
Found by reading the town's own documents · 4 sources
$495,146deficit before capital grants in 2025 (budget: $803,451)
Before capital grants, the statements show a deficit (spending more than revenue) in each of the last three years: $15,535 in 2023, $640,879 in 2024 and $495,146 in 2025. Each year ends in a surplus only because government grants for building projects are added below that line: $548,183 from the province and $425,409 from the federal government in 2025. The Municipality's own budget for 2025 also planned a deficit before these grants, of $803,451. Part of the deficit is amortization (the yearly wear on roads, buildings and equipment, which is a bookkeeping cost, not cash paid), at $1,571,913 in 2025.
Found by reading the town's own documents · 3 sources
$1,479,907total reserves at December 31, 2025
A reserve is money a town sets aside for a later purpose. At the end of 2025 East Ferris's reserves total $1,479,907, spread over nine funds. The largest, for future capital (building and replacing things), holds $503,437. The "Fire and emergency services equipment" reserve holds $69,217. The Mayor's 2026 newsletter says land for a new fire hall was bought in 2025 and that design is the next step. The statements show net debt (what the Municipality owes less its financial assets) of $14,425,727 at the end of 2025.
Found by reading the town's own documents · 3 sources
October 5, 2026date of the auditor's report on the 2025 statements
The auditor's report is dated October 5, 2026 for the year ending December 31, 2025. The 2024 statements carry an auditor's report dated July 8, 2025. The 2023 statements, as posted, carry an auditor's report dated May 27, 2025, which is more than a year after that year ended. Dates this late mean residents had no audited picture of the Municipality's finances for most of each following year.
Found by reading the town's own documents · 3 sources
2021the only budget heading on the Budget page, with no document under it
The Municipality's Budget page says "Each year, Council approves a balanced budget" and explains the operating and capital budgets, but the only heading under it is "2021 Budget", with nothing inside. We did not find a 2025 or 2026 budget on the site. The Mayor's 2026 newsletter says "the Municipality's 2026 Budget is in the final stages of approval." Without the budget, the budget columns in the audited statements cannot be checked against what Council passed.
Found by reading the town's own documents · 2 sources
Background that helps make sense of the rest.
No amount giventhe statements do not estimate the cost of the contaminated site
The 2025 statements list two possible costs that are not counted in the numbers. The Municipality says it has identified a possible liability for a contaminated site known as the St. Theresa School Site, and that it "is not possible at this time to determine the amount, if any." It also says it is involved in "certain legal matters and litigations" whose results cannot yet be known, and Council's view is that any liability is unlikely to be material.
Found by reading the town's own documents · 1 source
$535,391landfill closure and care obligation at December 31, 2025
The Municipality records a $535,391 obligation to close and care for its landfill (a rubbish dump) after it is full. It estimates 65% of capacity remains (226,000 m3) and about 58 years of life. The notes say the most recent waste capacity study for the landfill site was performed in a report dated February 2014.
Found by reading the town's own documents · 1 source
$1.4Min savings at the end of 2024
Towns keep savings (called reserves) to pay for new trucks, roof repairs and surprises. East Ferris had $1.4M saved at the end of 2024, down from $2.0M in 2019. That is 16% of one year's spending. Only 1 of 22 similar towns had less, compared with what they spend.
| Year | Savings (reserves) |
|---|---|
| 2019 | $2.0M |
| 2020 | $1.5M |
| 2021 | $1.4M |
| 2022 | $1.5M |
| 2023 | $1.4M |
| 2024 | $1.4M |
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 East Ferris? Send us your answer and we will publish it with this question.
Savings (reserves and reserve funds): 2019 $2.0M, 2020 $1.5M, 2021 $1.4M, 2022 $1.5M, 2023 $1.4M, 2024 $1.4M.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 70, line 6420 · archived copy
Typical among similar towns: savings equal to 58% of a year's spending. East Ferris: 16%.
Ontario Financial Information Return (FIR), 2024, 22 similar municipalities · Schedules 40 and 70 · archived copy
$6,102,696the Cassellholme redevelopment commitment at December 31, 2025
Cassellholme is the long-term care home that East Ferris and other municipalities fund together. Its rebuild is paid for by a loan, and each municipality is responsible for its share. The 2025 statements say the Municipality "identified that a financial liability related to the East Nipissing District Home for the Aged redevelopment commitment should have been recognized in prior periods." To fix this, the 2024 numbers were restated (changed after they were first published). Municipal debt for 2024 went from $6,864,846 to $12,704,733, and the accumulated surplus (everything the Municipality owns less what it owes) went from $25,263,318 to $19,423,431. At the end of 2025 the commitment is $6,102,696. The Municipality also guarantees part of the loan, up to $4,298,322.
A debt that is not on the books makes a town look richer than it is. Here the debt was added back with a full explanation, and the auditor's opinion is clean, which is how a correction should look. What residents may still want to know is how big the bill is, when it arrives and how it will be paid for, because it is now the largest piece of the Municipality's debt.
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 East Ferris? Send us your answer and we will publish it with this question.
Note 3, Prior Period Adjustment: "During the year, the Municipality identified that a financial liability related to the East Nipissing District Home for the Aged redevelopment commitment should have been recognized in prior periods." For 2024: Municipal debt as previously stated $6,864,846, adjustment $5,839,887, restated $12,704,733. Accumulated surplus as previously stated 25,263,318, adjustment (5,839,887), restated 19,423,431.
Financial Report, December 31, 2025 · Note 3, PDF page 18 (printed page 12)
Note 10, Municipal Debt: "East Nipissing District Home for the Aged redevelopment commitment (i)" 6,102,696 in 2025 and 5,839,887 in 2024. Total municipal debt $15,862,014 (2024: $12,704,733). The note says the Municipality will pay its share of interest during construction and of principal and interest after, and that the present value of the expected payments is $6,102,696.
Financial Report, December 31, 2025 · Note 10, PDF pages 20 and 21 (printed pages 14 and 15)
Note 20, Guarantor: the total construction cost of $57,695,599 is financed by Ontario Infrastructure and Lands Corporation. If the Board of Management for the District of Nipissing East fails to pay, the nine participating municipalities are each responsible up to their share. "The Municipality's guaranteed proportion of this debt is $4,298,322 (7.45%)."
Financial Report, December 31, 2025 · Note 20, PDF page 28 (printed page 22)
As first published, the 2024 statements showed "Accumulated surplus, end of year" of $25,263,318, and the same guarantee note ($4,298,322) was already printed.
Financial Report, December 31, 2024 · Statement of Operations, PDF page 8 (printed page 2); Note 19, PDF page 27
$3,250,000municipal debt issued in 2025, against $190,000 in the budget reconciliation
The 2025 cash flow statement shows $3,250,000 of municipal debt issued. The budget reconciliation in the same statements lists "Municipal debt issued" of $190,000. Three new term loans, all ending in 2030, carry interest of 4.41%, 4.37% and 4.02%. The statements also show $1,540,000 held in guaranteed investment certificates (a bank savings product that pays a fixed rate) earning 2.50% to 2.80%. Cash at the start of 2025 was $185,706, and $600,000 of short-term borrowing was repaid during the year.
Borrowing at about 4% while holding savings that earn about 2.5% costs a little each year. It can also be sensible, for example when a lender requires the money to be taken up before it is spent. The size of the gap between the budget and the real loans is what stands out, and the budget the Municipality adopted is not posted.
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 East Ferris? Send us your answer and we will publish it with this question.
Statement of Cash Flows 2025: "Municipal debt issued" 3,250,000 (2024: -). "Temporary borrowings repaid" (600,000). "Municipal debt repaid" (355,528). "Acquisition of other investments" (1,514,000). "Cash and cash equivalents, beginning of year" 185,706.
Financial Report, December 31, 2025 · Consolidated Statement of Cash Flows, PDF page 9 (printed page 3)
Note 22, Budget Figures, reconciliation for 2025: "Municipal debt issued" (190,000); "Municipal debt repaid" 336,313; "Acquisition of tangible capital assets" 1,993,550.
Financial Report, December 31, 2025 · Note 22, PDF page 29 (printed page 23)
Note 10: a term loan at 4.41% maturing August 22, 2030 with a balance of 2,078,093; a term loan at 4.37% maturing August 22, 2030 with 486,626; a term loan at 4.02% maturing December 8, 2030 with 650,000. All three show no balance for 2024.
Financial Report, December 31, 2025 · Note 10, PDF pages 20 and 21 (printed pages 14 and 15)
Note 5, Other Investments: Guaranteed Investment Certificates maturing January 30, 2026 to December 30, 2026, bearing interest ranging from 2.50% to 2.80%, $1,540,000 (2024: $26,000).
Financial Report, December 31, 2025 · Note 5, PDF page 19 (printed page 13)
$495,146deficit before capital grants in 2025 (budget: $803,451)
Before capital grants, the statements show a deficit (spending more than revenue) in each of the last three years: $15,535 in 2023, $640,879 in 2024 and $495,146 in 2025. Each year ends in a surplus only because government grants for building projects are added below that line: $548,183 from the province and $425,409 from the federal government in 2025. The Municipality's own budget for 2025 also planned a deficit before these grants, of $803,451. Part of the deficit is amortization (the yearly wear on roads, buildings and equipment, which is a bookkeeping cost, not cash paid), at $1,571,913 in 2025.
Capital grants can only be spent on building and replacing things, not on running costs. If the cost of running the Municipality keeps growing and tax revenue does not, the gap has to be closed by higher taxes or fewer services, or by finding more grants.
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 East Ferris? Send us your answer and we will publish it with this question.
Statement of Operations 2025: "Annual deficit before other" budget (803,451), actual (495,146), 2024 actual (640,879). "Net taxation" budget 7,443,161, actual 7,445,552. "Total expenses" budget 10,713,008, actual 10,555,234. Grants related to capital, Provincial 548,183 and Federal 425,409 (2024: 937,672 and 1,028,719). "Annual surplus" 215,637.
Financial Report, December 31, 2025 · Consolidated Statement of Operations and Accumulated Surplus, PDF page 8 (printed page 2)
Statement of Cash Flows 2025: "Amortization of tangible capital assets" 1,571,913. "Cash and cash equivalents provided by operating transactions" 2,757,930 (2024: 1,660,488).
Financial Report, December 31, 2025 · Consolidated Statement of Cash Flows, PDF page 9 (printed page 3)
Statement of Operations 2024 as first published: "Annual deficit before other" budget (888,120), actual (640,879), 2023 actual (15,535).
Financial Report, December 31, 2024 · Consolidated Statement of Operations and Accumulated Surplus, PDF page 8 (printed page 2)
$1,479,907total reserves at December 31, 2025
A reserve is money a town sets aside for a later purpose. At the end of 2025 East Ferris's reserves total $1,479,907, spread over nine funds. The largest, for future capital (building and replacing things), holds $503,437. The "Fire and emergency services equipment" reserve holds $69,217. The Mayor's 2026 newsletter says land for a new fire hall was bought in 2025 and that design is the next step. The statements show net debt (what the Municipality owes less its financial assets) of $14,425,727 at the end of 2025.
Small reserves mean large one-time costs are usually paid by borrowing or by a tax increase in the same year. Residents deciding how much to pay for a building they will use for decades may want to know how it will be paid for.
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 East Ferris? Send us your answer and we will publish it with this question.
Note 14, Accumulated Surplus: "Sustainable capital stabilization" 503,437; "Operating stabilization" 280,000; "Tax stabilization" 154,039; "Fire and emergency services equipment" 69,217 (2024: -); "Total reserves" 1,479,907 (2024: 1,359,244).
Financial Report, December 31, 2025 · Note 14, PDF page 25 (printed page 19)
Statement of Change in Net Debt: "Net debt, end of year" (14,425,727) in 2025 and (13,943,139) in 2024 (restated); "Acquisition of tangible capital assets" budget (1,993,550), actual (2,426,971).
Financial Report, December 31, 2025 · Consolidated Statement of Change in Net Debt, PDF page 10 (printed page 4)
"Planning will also move forward for the design of our new Fire Hall. Land for this facility was purchased in 2025, and the design phase is the next step."
Mayor's Newsletter: A Look Ahead to 2026 · Page 1, text column on 2026 projects
October 5, 2026date of the auditor's report on the 2025 statements
The auditor's report is dated October 5, 2026 for the year ending December 31, 2025. The 2024 statements carry an auditor's report dated July 8, 2025. The 2023 statements, as posted, carry an auditor's report dated May 27, 2025, which is more than a year after that year ended. Dates this late mean residents had no audited picture of the Municipality's finances for most of each following year.
Audited statements are the check on whether a town's own numbers can be trusted. The sooner they are signed after year end, the more useful they are to voters and to Council while it is deciding a 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 East Ferris? Send us your answer and we will publish it with this question.
Independent Auditor's Report, North Bay, Ontario: "October 5, 2026". The management report is also dated October 5, 2026.
Financial Report, December 31, 2025 · Independent Auditor's Report, PDF page 6; Management report, PDF page 3
Independent Auditor's Report on the 2024 statements, North Bay, Ontario: "July 8, 2025".
Financial Report, December 31, 2024 · Independent Auditor's Report, PDF page 6; Management report, PDF page 3
Independent Auditor's Report on the 2023 statements, North Bay, Ontario: "May 27, 2025". The management report is dated May 27, 2025.
Financial Report, December 31, 2023 · Independent Auditor's Report, PDF page 6; Management report, PDF page 3
2021the only budget heading on the Budget page, with no document under it
The Municipality's Budget page says "Each year, Council approves a balanced budget" and explains the operating and capital budgets, but the only heading under it is "2021 Budget", with nothing inside. We did not find a 2025 or 2026 budget on the site. The Mayor's 2026 newsletter says "the Municipality's 2026 Budget is in the final stages of approval." Without the budget, the budget columns in the audited statements cannot be checked against what Council passed.
The budget is the promise to taxpayers about the year's spending. When it is not posted, residents cannot compare it with what happened, as the audited statements do 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 East Ferris? Send us your answer and we will publish it with this question.
Budget page: "Each year, Council approves a balanced budget that is split into two areas: operating and capital." The only collapsible section is headed "2021 Budget" and has no content.
Budget page, Municipality of East Ferris · Page text, read October 7, 2026
"Council is pleased to share that the Municipality's 2026 Budget is in the final stages of approval."
No amount giventhe statements do not estimate the cost of the contaminated site
The 2025 statements list two possible costs that are not counted in the numbers. The Municipality says it has identified a possible liability for a contaminated site known as the St. Theresa School Site, and that it "is not possible at this time to determine the amount, if any." It also says it is involved in "certain legal matters and litigations" whose results cannot yet be known, and Council's view is that any liability is unlikely to be material.
A cleanup of contaminated land can run to a large sum, and the Municipality could be responsible for it. Residents are entitled to know how the Municipality would pay and whether anyone else shares the 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 East Ferris? Send us your answer and we will publish it with this question.
Note 15, Contingencies: "The Municipality has identified a potential liability for a contaminated site known as the St. Theresa School Site. It is not possible at this time to determine the amount, if any, of any liability or remediation costs that may be required." Legal Matters: "The Municipality is involved in certain legal matters and litigations, the outcomes of which are not presently determinable."
Financial Report, December 31, 2025 · Note 15, PDF page 26 (printed page 20)
$535,391landfill closure and care obligation at December 31, 2025
The Municipality records a $535,391 obligation to close and care for its landfill (a rubbish dump) after it is full. It estimates 65% of capacity remains (226,000 m3) and about 58 years of life. The notes say the most recent waste capacity study for the landfill site was performed in a report dated February 2014.
The closing cost and the date the dump is full both depend on how much space is left. A twelve-year-old study may not match how much is actually being dumped now.
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 East Ferris? Send us your answer and we will publish it with this question.
Note 12, Asset Retirement Obligations: Landfill 535,391 (2024: 595,907). "The most recent waste capacity study for the landfill site was performed in a report dated February 2014." East Ferris 2025: 65% (226,000 m3), 58 years, 25 years post-closure care.
Financial Report, December 31, 2025 · Note 12, PDF pages 22 and 23 (printed pages 16 and 17)