$9,477,213building and long-term loan transferred to a non-profit on February 19, 2026
In January 2024 the Municipality signed a construction contract for a seniors complex, estimated at $9,801,350 plus HST (the harmonized sales tax), subject to adjustments. It borrowed through a bank construction loan at the bank's prime rate plus 0.5%. At the end of 2025 the loan stood at $9,450,000, and the statements carry both the building and the loan at $9,450,000. On February 19, 2026 the Municipality handed the building and the long-term loan, $9,477,213, to French River Non-Profit Senior Housing Corporation, which will manage it. The statements for 2024 and 2025 do not say who paid the monthly interest on the construction loan, what the final cost was, or whether the Municipality is still on the hook for the loan.
$247,997total expenses over budget in 2025 (worked out by us), after $342,297 over in 2024
Amortization is the yearly share of a building's or road's cost, counted as an expense even though no cash leaves. Budgets often leave it out, which makes actual spending look higher. Here it does not explain the gap. The statements print total expenses of $11,206,612 for 2025 against a budget of $10,958,615, and $10,539,147 for 2024 against $10,196,850. That is $247,997 over in 2025 and $342,297 over in 2024 (both worked out by us). The 2025 adopted budget counted amortization of $1,428,980, and the statements show $1,415,245 of amortization actually charged, which is less. The biggest gaps (worked out by us) were transportation services, $201,986 over in 2025 and $292,621 over in 2024, and protection services, $130,596 over in 2025 and $135,450 over in 2024. Revenue also came in above budget in both years, but the 2025 annual surplus was $873,821 against a budget of $1,204,019.
$1,490,343landfill closure and care obligation at the end of 2025, against a closure reserve of $727,899
When a landfill is full the Municipality has to cover it and watch the site for years. Accounting rules make it record that future bill as a debt now, called an asset retirement obligation. At the end of 2025 the landfill part was $1,490,343, up from $1,419,956 the year before. The reserve set aside for "Landfill- site closure" was $727,899, about half of that (worked out by us). The Municipality's own statements list the whole obligation as unfunded. Engineers told Council in April 2025 that a planned expansion could add 32 years of space, with an estimated closure date of 2068, which would push the closing bill far into the future.
$3,914,516total reserves at the end of 2025, down from $4,216,377
Reserves are savings set aside for named purposes such as buildings and vehicles. The statements show total reserves of $3,914,516 at the end of 2025, down from $4,216,377 a year before, a fall of $301,861 (worked out by us). The Buildings reserve fell from $431,794 to $104,557, and the Vehicles reserve fell from $68,024 to nothing. The 2025 budget planned to take $2,351,008 out of reserves and put $1,488,162 in. The 2026 budget plans $1,503,424 out and $1,528,542 in.