Questions · 9 so far
We read Magnetawan's financial reports and meeting minutes, and compared its numbers with 20 similar Ontario towns. These are the things that stood out.
These are unusual enough that residents deserve a clear answer from council.
+134%roads and snow, 2019 to 2025
Magnetawan spent $1.6M on roads and snow in 2019 and $3.8M in 2025. Prices only went up about 21% in that time. Only 1 of 20 similar towns had faster growth here.
Found automatically from the town's financial reports · 3 sources
There may well be a good reason. It is still worth asking what it is.
$4,535,670spent on transportation services in 2025, against a budget of $3,458,927
The audited statements show the Municipality's transportation services (road maintenance, culverts, bridges, winter control and streetlights) cost $4,535,670 in 2025. The budget in the same statement was $3,458,927, and the year before the cost was $2,782,139. The statements say their budget figures were adjusted to match the way the statements are prepared, and the budget reconciliation lists amortization (the yearly wearing-out of assets) as part of that budget. Amortization for this service was $703,738 in 2025 and $682,964 in 2024, so it does not explain the gap. We did not find the Municipality's own explanation.
Found by reading the town's own documents · 5 sources
$(1,225,362)general surplus (deficit) at December 31, 2025, against $38,898 a year earlier
The statements split the Municipality's accumulated surplus into pieces. The part called the general surplus was $38,898 at the end of 2024 and $(1,225,362) at the end of 2025, a deficit. The statements show the main reason: $(2,318,011) for the net change in tangible capital assets (what was spent on buildings, roads and equipment beyond the money set aside for it). The Municipality's own budget planned to borrow $1,700,000 in 2025, but the only debt in the statements is a $130,000 loan that ends in December 2026. The reserve for asset management, money saved for replacing assets, fell from $4,289,959 to $2,876,197.
Found by reading the town's own documents · 4 sources
$3,870,998approximate contract for the new fire hall and a bridge, with about $2,958,700 left to complete at December 31, 2025
The audited statements say that during 2025 the Municipality entered a contract for the new fire hall and a bridge for approximately $3,870,998 plus taxes, with approximately $2,958,700 plus taxes still to be completed at December 31, 2025. The 2026 budget carries $2,780,189 on a fire department capital line, against $391,549 spent in 2025 on a line budgeted at $3,218,000. Over the year, cash fell from $3,312,067 to $2,008,841 and trade payables (bills owed to suppliers) rose from $92,101 to $1,303,364. A payment of $348,209.50 ("Draw #8") to the builder is on the October 7, 2026 list of accounts. We did not find a published total project budget or a report that shows total cost so far.
Found by reading the town's own documents · 5 sources
$2,853,537estimated landfill closure and after-care cost at December 31, 2025, up from $2,545,923
The statements record a legal duty to close and look after the Municipality's landfill sites, called an asset retirement obligation. The landfill part of it grew from $2,545,923 to $2,853,537 in 2025, and the whole obligation from $2,749,760 to $3,057,374, partly through a remeasurement adjustment of $231,236. The statements list reserves for waste disposal ($324,618) and landfill rehabilitation ($638,710). These are the only waste or landfill reserves named in the statements. The statements do not say how the rest will be paid.
Found by reading the town's own documents · 3 sources
+89%parks, arena and library, 2019 to 2025
Magnetawan spent $532K on parks, arena and library in 2019 and $1.0M in 2025. Prices only went up about 21% in that time. Only 3 of 20 similar towns had faster growth here.
Found automatically from the town's financial reports · 3 sources
$947Kowed in unpaid property tax, end of 2025
At the end of 2025, $947K of property tax had been billed but not paid. That is 12% of everything billed. Only 4 of 20 similar towns had a higher share. A year earlier it was $861K.
Found automatically from the town's financial reports · 2 sources
Background that helps make sense of the rest.
The auditor signed the 2024 statements on June 25, 2025 and the 2025 statements on August 19, 2026. Both opinions are clean ("present fairly"). We did not find a reason for the later date in the documents we read.
Found by reading the town's own documents · 2 sources
$900,186net financial assets at December 31, 2025, down from $3,340,994 (budget: $(824,356))
Net financial assets are what the Municipality owns in cash, investments and amounts owed to it, minus what it owes. They fell by $2,440,808 in 2025, mainly because of capital spending of $2,986,308. The budget in the same statement planned a bigger fall, to $(824,356), a net debt. So the result was better than planned. We include it as context for the fire hall questions above.
Found by reading the town's own documents · 1 source
+134%roads and snow, 2019 to 2025
Magnetawan spent $1.6M on roads and snow in 2019 and $3.8M in 2025. Prices only went up about 21% in that time. Only 1 of 20 similar towns had faster growth here.
| Year | Roads and snow | Prices (inflation) |
|---|---|---|
| 2019 | +0% | +0% |
| 2020 | +13% | +1% |
| 2021 | +33% | +4% |
| 2022 | +8% | +11% |
| 2023 | +19% | +16% |
| 2024 | +28% | +18% |
| 2025 | +134% | +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 Magnetawan? Send us your answer and we will publish it with this question.
Roads and snow: 2019 $1.6M, 2020 $1.9M, 2021 $2.2M, 2022 $1.8M, 2023 $1.9M, 2024 $2.1M, 2025 $3.8M.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 40 · archived copy
Biggest driver: Gravel roads, from $891K to $2.4M.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 40 · archived copy
Typical growth among similar towns: 31%. Magnetawan ranks 2nd of 21.
Ontario Financial Information Return (FIR), 2025, 20 similar municipalities · Schedule 40 · archived copy
$4,535,670spent on transportation services in 2025, against a budget of $3,458,927
The audited statements show the Municipality's transportation services (road maintenance, culverts, bridges, winter control and streetlights) cost $4,535,670 in 2025. The budget in the same statement was $3,458,927, and the year before the cost was $2,782,139. The statements say their budget figures were adjusted to match the way the statements are prepared, and the budget reconciliation lists amortization (the yearly wearing-out of assets) as part of that budget. Amortization for this service was $703,738 in 2025 and $682,964 in 2024, so it does not explain the gap. We did not find the Municipality's own explanation.
Roads are the biggest service in a small municipality's budget. A cost that is about a third above budget, and over 60 percent above the year before (both worked out by us), is worth understanding before the next budget is set.
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 Magnetawan? Send us your answer and we will publish it with this question.
Consolidated Statement of Operations: Transportation services expenses of $3,458,927 (budget, unaudited), $4,535,670 (2025 actual) and $2,782,139 (2024 actual).
Municipality of Magnetawan, Financial Report, December 31, 2025 · Consolidated Statement of Operations and Accumulated Surplus, printed page 2 (PDF page 8)
Segmented information, 2025, Transportation Services column: materials, contracted services, rents and financial expenses $3,223,931; amortization of tangible capital assets $703,738; total expenses $4,535,670.
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 23, Segmented Information, printed page 24 (PDF page 30)
Segmented information, 2024, Transportation Services column: materials, contracted services, rents and financial expenses $1,563,219; amortization of tangible capital assets $682,964; total expenses $2,782,139.
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 23, Segmented Information (continued), printed page 25 (PDF page 31)
Note 21 says the budget figures "have been adjusted to conform with this basis of accounting" and lists "Less: Amortization of tangible capital assets (1,159,758)" in the step from the budget by-law to the budget surplus of $1,621,592.
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 21, Budget Figures, printed page 23 (PDF page 29)
Ontario Community Infrastructure Fund: $279,062 at the start of 2025, $307,815 received during the year, $564,706 recognized as revenues, $22,171 left at December 31, 2025.
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 8, Deferred Revenues - Other, printed page 15 (PDF page 21)
$(1,225,362)general surplus (deficit) at December 31, 2025, against $38,898 a year earlier
The statements split the Municipality's accumulated surplus into pieces. The part called the general surplus was $38,898 at the end of 2024 and $(1,225,362) at the end of 2025, a deficit. The statements show the main reason: $(2,318,011) for the net change in tangible capital assets (what was spent on buildings, roads and equipment beyond the money set aside for it). The Municipality's own budget planned to borrow $1,700,000 in 2025, but the only debt in the statements is a $130,000 loan that ends in December 2026. The reserve for asset management, money saved for replacing assets, fell from $4,289,959 to $2,876,197.
A negative general surplus means more has been spent than has been saved or borrowed for so far. It has to be repaid from future taxes, reserves or borrowing, so residents should 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 Magnetawan? Send us your answer and we will publish it with this question.
Accumulated surplus: General (see note (a) below) $(1,225,362) in 2025 and $38,898 in 2024. Asset management reserve $2,876,197 (2025) and $4,289,959 (2024). Total reserves $4,909,242 (2025) and $5,944,098 (2024).
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 13, Accumulated Surplus, printed page 19 (PDF page 25)
Note 13(a) reconciles the general surplus: opening balance $38,898; annual surplus $(138,943); transfer to reserves $1,034,856; net change in tangible capital assets $(2,318,011); closing balance $(1,225,362).
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 13(a), General Surplus (Deficit), printed page 19 (PDF page 25)
The budget reconciliation for 2025 includes "Municipal debt proceeds (1,700,000)".
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 21, Budget Figures, printed page 23 (PDF page 29)
Municipal debt is one debenture loan of $130,000 at December 31, 2025 ($260,000 in 2024), maturing December 1, 2026. No other debt is listed.
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 10, Municipal Debt, printed page 16 (PDF page 22)
$3,870,998approximate contract for the new fire hall and a bridge, with about $2,958,700 left to complete at December 31, 2025
The audited statements say that during 2025 the Municipality entered a contract for the new fire hall and a bridge for approximately $3,870,998 plus taxes, with approximately $2,958,700 plus taxes still to be completed at December 31, 2025. The 2026 budget carries $2,780,189 on a fire department capital line, against $391,549 spent in 2025 on a line budgeted at $3,218,000. Over the year, cash fell from $3,312,067 to $2,008,841 and trade payables (bills owed to suppliers) rose from $92,101 to $1,303,364. A payment of $348,209.50 ("Draw #8") to the builder is on the October 7, 2026 list of accounts. We did not find a published total project budget or a report that shows total cost so far.
This is the largest single project in the documents we read. A published total cost and a plan for paying for it let residents see whether it is on track.
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 Magnetawan? Send us your answer and we will publish it with this question.
Note 15, Commitments: "During the year the Municipality entered into a contract for the new Fire Hall and a bridge for approximately $3,870,998 plus applicable taxes. At December 31, 2025, there was approximately $2,958,700 plus applicable taxes remaining to be completed."
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 15, Commitments, printed page 20 (PDF page 26)
Cash was $2,008,841 at December 31, 2025 and $3,312,067 at December 31, 2024. Authorized credit facilities total $500,000, unsecured, with $0 used at December 31, 2025 (2024 - $0), at interest of 4.95%.
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 3, Cash and Cash Equivalents, printed page 12 (PDF page 18)
Accounts payable and accrued liabilities: trade payables $1,303,364 (2025) and $92,101 (2024); total $1,741,901 (2025) and $417,438 (2024).
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 7, Accounts Payable and Accrued Liabilities, printed page 14 (PDF page 20)
2026 budget, Fire Department: account 1-4-2000-8000 FD - CAPITAL EXPENDITURES, printed as 3,218,000, 391,549 and 2,780,189, with a change of 2,388,640 (610.05 percent).
Municipality of Magnetawan, Final Budget (report date April 17, 2026) · page 8, Fire Department, account 1-4-2000-8000
List of accounts for the October 7, 2026 meeting: DOMM CONSTRUCTION, 08242026, "FIRE HALL - DRAW #8", 348,209.50.
Council agenda package, October 7, 2026 · Accounts, item 5.1, PDF page 273
$2,853,537estimated landfill closure and after-care cost at December 31, 2025, up from $2,545,923
The statements record a legal duty to close and look after the Municipality's landfill sites, called an asset retirement obligation. The landfill part of it grew from $2,545,923 to $2,853,537 in 2025, and the whole obligation from $2,749,760 to $3,057,374, partly through a remeasurement adjustment of $231,236. The statements list reserves for waste disposal ($324,618) and landfill rehabilitation ($638,710). These are the only waste or landfill reserves named in the statements. The statements do not say how the rest will be paid.
Closing a landfill is a real future cost. The amount grows as sites fill and as cost estimates rise, and it is paid by future residents unless money is set aside.
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 Magnetawan? Send us your answer and we will publish it with this question.
Asset retirement obligations: balance at the beginning of 2025 $2,749,760; remeasurement adjustment $231,236; accretion expense $76,378; balance at the end of the year $3,057,374. Landfill $2,853,537 (2025) and $2,545,923 (2024).
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 11, Asset Retirement Obligations, printed page 16 (PDF page 22)
Reserves: Waste disposal $324,618 (2025) and $294,619 (2024); Landfill Rehabilitation $638,710 (2025) and $588,710 (2024). Unfunded liabilities include Asset retirement obligations $(3,057,374).
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 13, Accumulated Surplus, printed page 19 (PDF page 25)
"The most recent waste capacity study for the landfill site was performed in a report dated April 2, 2025." The note also says changes in estimates "would be recognized prospectively".
Municipality of Magnetawan, Financial Report, December 31, 2025 · Note 11, Landfill (Continued), printed page 17 (PDF page 23)
+89%parks, arena and library, 2019 to 2025
Magnetawan spent $532K on parks, arena and library in 2019 and $1.0M in 2025. Prices only went up about 21% in that time. Only 3 of 20 similar towns had faster growth here.
| Year | Parks, arena and library | Prices (inflation) |
|---|---|---|
| 2019 | +0% | +0% |
| 2020 | −6% | +1% |
| 2021 | +6% | +4% |
| 2022 | +48% | +11% |
| 2023 | +52% | +16% |
| 2024 | +52% | +18% |
| 2025 | +89% | +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 Magnetawan? Send us your answer and we will publish it with this question.
Parks, arena and library: 2019 $532K, 2020 $498K, 2021 $564K, 2022 $786K, 2023 $809K, 2024 $808K, 2025 $1.0M.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 40 · archived copy
Biggest driver: Parks, from $179K to $410K.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 40 · archived copy
Typical growth among similar towns: 48%. Magnetawan ranks 4th of 21.
Ontario Financial Information Return (FIR), 2025, 20 similar municipalities · Schedule 40 · archived copy
$947Kowed in unpaid property tax, end of 2025
At the end of 2025, $947K of property tax had been billed but not paid. That is 12% of everything billed. Only 4 of 20 similar towns had a higher share. A year earlier it was $861K.
| Year | Unpaid property tax at year end |
|---|---|
| 2019 | $414K |
| 2020 | $437K |
| 2021 | $367K |
| 2022 | $573K |
| 2023 | $608K |
| 2024 | $861K |
| 2025 | $947K |
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 Magnetawan? Send us your answer and we will publish it with this question.
Taxes receivable: 2019 $414K, 2020 $437K, 2021 $367K, 2022 $573K, 2023 $608K, 2024 $861K, 2025 $947K. Of the 2025 total, $205K was from earlier years.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 70, lines 0610 to 0699 · archived copy
Typical among similar towns: 10.1% of taxes billed.
Ontario Financial Information Return (FIR), 2025, 20 similar municipalities · Schedules 26 and 70 · archived copy
The auditor signed the 2024 statements on June 25, 2025 and the 2025 statements on August 19, 2026. Both opinions are clean ("present fairly"). We did not find a reason for the later date in the documents we read.
Timely audited statements let council and residents see the year's result while it still matters for the next budget. A later date is context, not a sign of a problem.
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 Magnetawan? Send us your answer and we will publish it with this question.
Auditor's report on the 2025 consolidated statements: opinion that they "present fairly, in all material respects"; signed "North Bay, Ontario ... August 19, 2026".
Municipality of Magnetawan, Financial Report, December 31, 2025 · Independent Auditor's Report, PDF pages 4 and 6
Auditor's report on the 2024 consolidated statements, signed "North Bay, Ontario ... June 25, 2025".
Municipality of Magnetawan, Financial Report, December 31, 2024 · Independent Auditor's Report, PDF page 6
$900,186net financial assets at December 31, 2025, down from $3,340,994 (budget: $(824,356))
Net financial assets are what the Municipality owns in cash, investments and amounts owed to it, minus what it owes. They fell by $2,440,808 in 2025, mainly because of capital spending of $2,986,308. The budget in the same statement planned a bigger fall, to $(824,356), a net debt. So the result was better than planned. We include it as context for the fire hall questions above.
This figure shows how much room the Municipality has before it must borrow. It is positive, but it fell by about 73 percent in a year (worked out by us), and the fire hall and bridge still had about $2,958,700 left to complete.
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 Magnetawan? Send us your answer and we will publish it with this question.
Consolidated Statement of Change in Net Financial Assets: acquisition of tangible capital assets $(6,946,700) (budget) and $(2,986,308) (2025 actual); increase (decrease) in net financial assets $(4,165,350) budget and $(2,440,808) actual; net financial assets (debt), end of year $(824,356) budget, $900,186 (2025) and $3,340,994 (2024).
Municipality of Magnetawan, Financial Report, December 31, 2025 · Consolidated Statement of Change in Net Financial Assets, printed page 4 (PDF page 10)