$8,685,000spent on professional fees in 2024 (printed as 8,685 thousand), against a 2024 budget of $5,219,520
"Professional fees" is a line in the budget book for money paid to outside firms and agencies. The 2025 budget book set the 2024 budget for this line at $5,219,520. The 2026 budget book shows 2024 actual spending of $8,685 thousand, about 66% above that (worked out by us). The biggest single piece is Victoria Manor, the City's long-term care home, which is run day to day by a private company. Its professional fees were $3,469 thousand in 2024 against a 2024 budget of $1,730,363, and the 2025 budget was set back down to $1,642,978. Planning's consultant line is also set at $1,433 thousand for 2026, up from $450 thousand in 2025. The City does not say, in the pages we read, what is inside the Manor's line. Its 2026 priorities say it wants to reduce reliance on staffing agencies. The Manor still cost the City less than budgeted in 2024, because provincial grants were higher than budgeted.
$1,139,474operating fund deficit at the end of 2024, after a surplus of $3,204,934 in 2023
The audited statements show a large annual surplus for 2024 ($31,188,096), but that is the full-accounting figure, which counts assets that were built or handed over to the City. The "operating fund", the day-to-day money, finished 2024 at a deficit of $1,139,474 (a surplus of $3,204,934 in 2023). The City's 2026 budget says its actual 2024 spending was $257,254 thousand against $256,117 thousand of revenue, a gap of $1,136 thousand, and that the City cannot budget for a deficit. The September 2025 staff slides show a "prior years deficit" of $1,139,474 in the 2025 figures. In the statements, 2024 spending in total was above the budget too: expenses were $291,028,291 against a budget of $269,349,468 (a gap of about $21.7 million, worked out by us), and Protection to persons and property (police, fire and similar) was $46,754,706 against a budget of $37,610,202. The statements say the budget was prepared on a different basis and restated.
$3,393,140cash at December 31, 2024, down from $27,162,950 a year earlier
At the end of 2023 the City held $27,162,950 in cash. At the end of 2024 it held $3,393,140. Investments fell too, from $73,120,648 to $62,738,229. The cash flow statement shows $83,449,422 spent on buying or building assets in 2024. The City's own accounts also show a "capital fund deficit" for projects waiting to be paid for by debentures (borrowing repaid over many years) of $21,513,324, double the $10,781,773 a year earlier. Net debt (what the City owes less its financial assets) rose to $139,008,666 from $113,090,923, while borrowed debt fell to $108,165,138 from $121,781,239. The 2026 budget plans about $127 million of tax-supported capital work and forecasts the City's debt servicing ratio at 4.40% in 2026 and 10% in 2035, which is the limit the City has set itself (the legislated limit it prints is 25%).
$16,359,800estimated future workplace-injury claims, with $nil set aside in a reserve
The City insures its own workplace-injury claims (through the WSIB) rather than paying a premium. Its statements estimate the claims still to be paid at $16,359,800 and say the City has "$nil set aside in a reserve" for them. Separately, the City owes about $31,370,637 for closing its landfills (28,111,184) and removing asbestos from buildings when they are renovated or torn down (3,259,454), and says it has not designated funds for either. These are future costs recorded as debts now. The City's own statements show them as negative amounts in its accumulated surplus (money that would have to be found later). The City holds reserves of $56,275,993, and its 2026 budget lists a general tax rate stabilization reserve of $1,078,768 and a general contingency reserve of $6,730,281.