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Not the full picture. Built from public records, which leave things out.Read by hand, Oct 2026DetailsThis is built from public records, which leave a lot out, and some of it may be wrong or out of date. Check the sources, and tell us if you spot a mistake. What this site can't tell you
Read by hand. We read Newmarket's own documents for this site in October 2026; the Sources page lists which ones. The comparisons with other places still come from the Province's yearly reports.

Questions · 9 so far

Things worth asking about

We read Newmarket's financial reports and meeting minutes, and compared its numbers with 7 similar Ontario towns. These are the things that stood out.

What these are, and what they are not. A question here means a number or practice is unusual, or harder to see than it should be. It does not mean anyone did anything wrong. Most unusual numbers turn out to have ordinary explanations, and every question lists some. The only way to know is to ask.
Worth asking

Worth asking

There may well be a good reason. It is still worth asking what it is.

Worth askingMoney health

Why does the Town's development charge fund show a deficit of $15,371,335, and how will it be repaid?

$15,371,335development charge deficit at December 31, 2025, shown as nil in the audited statements

Development charges are fees the Town collects on new buildings to pay for the roads, parks and other things growth needs. The Town keeps them in a reserve fund (savings set aside for one purpose). The Town's own year-end statement says the fund started 2025 with $10,024,112, took in $5,868,406 in fees, was charged interest of $845,468 and paid out $30,418,385 for projects, which left a deficit of $15,371,335. In the audited statements the balance is shown as nil, because accounting rules do not allow a negative balance, and the deficit is tracked inside the Town. The Town has explained why: it built growth projects before the fees arrived, most of the money went to Mulock Park, and fewer buildings are going up. It says it is looking at outside financing or putting some projects off, and that it is updating its Fiscal Strategy (its long-term money plan).

Found by reading the town's own documents · 7 sources

Worth askingRising costs

What will Mulock Park cost in total, and who is paying for it?

$26,736,610spent on Mulock Park design and construction in 2025, of which $20,246,610 came from development charges

The Town names Mulock Park as the main reason cash fell in 2025, as the reason it owes more to contractors, and as the main use of development charge money. The Town's development charge statement shows $26,736,610 spent in 2025 on "Mulock Park Design and Construction": $20,246,610 from development charges and $6,490,000 from other sources. The documents we could read do not give the park's total cost or its approved budget. The 2026 budget book is on the Town's meeting portal, which refused a scripted download, so we could not read it.

Found by reading the town's own documents · 4 sources

Worth askingMoney health

How will the Town pay for about $185,200,000 of committed project work when its spare cash has fallen by almost half?

$185,200,000approximate value of major-project purchase commitments at December 31, 2025 (2024: $117,100,000)

The Town's notes say it had signed contracts for major construction and repair projects worth approximately $185,200,000 at the end of 2025, up from $117,100,000 a year earlier. In the same year, its cash fell from $98,363,548 to $69,708,838. The part of cash that is not set aside for anything ("unrestricted and undesignated") fell from $52,996,030 to $28,336,037, which is a fall of about 46% (worked out by us). The Town's capital fund balance went from negative $4,304,336 to negative $21,399,157. The Town's own answer is that it holds large reserve funds and investments, can borrow within a limit it has set itself, and is updating its Fiscal Strategy.

Found by reading the town's own documents · 6 sources

Worth askingRising costs

Why did transportation spending come in at $27,956,805 against a budget of $16,633,509, after running over in 2024 too?

$27,956,805spent on transportation services in 2025, against a budget of $16,633,509

In the audited statements, transportation services (roads, snow clearing, operations and capital project engineering) cost $27,956,805 in 2025 against a budget of $16,633,509. In 2024 the budget was $16,250,851 and the actual was $19,565,616. The statements say the budget shown has been rearranged to fit accounting rules and "may not be comparable" with actual amounts, because capital project budgets run over several years, so some of the gap is accounting. The Town's discussion names higher winter salt and sand costs and sidewalk repair work as reasons costs rose across the Town. It does not say how much of the transportation gap each explains.

Found by reading the town's own documents · 5 sources

Worth askingOpenness

Why does the Town budget investment income at $2,578,076 when it has earned more than $11 million in each of the last two years?

$11,053,925investment income in 2025, against a budget of $2,578,076

Investment income (interest and gains on savings) was budgeted at $2,578,076 for 2025 and came in at $11,053,925. In 2024 it was budgeted at $4,971,337 and came in at $12,245,534. The Town explains why income fell from 2024 to 2025 (bank interest rates dropped from 4.13% to 2.95%), but not why the budget is so far below what it earns. The Town holds $111,783,787 of investments, including $20,000,000 of principal protected notes whose value was marked up by $8,444,000 over their cost without being sold.

Found by reading the town's own documents · 5 sources

Worth askingHow decisions are made

What will the Town receive for selling its electricity company, and what will it do with the money?

$59,340,267what the Town's share of Newmarket Hydro Holdings Inc. is carried at, at December 31, 2025

The Town owns Newmarket Hydro Holdings Inc., which owns most of the local electricity distributor, and the statements carry the Town's share at $59,340,267. On January 10, 2026, the Councils of Newmarket and the Township of Tay signed an agreement to sell their electricity interests to Alectra Inc. Council approved going ahead after a 45-day period, which ended on February 26, 2026, in which the terms were tested with other possible buyers. The sale needs the approval of the Ontario Energy Board. The audited statements and the Town's discussion do not say what price the Town will receive or what it plans to do with the money. The Town says it expects closing in late 2026 or early 2027.

Found by reading the town's own documents · 4 sources

Worth askingOpenness

What did the speed camera program, legal consulting and a land purchase add to the Town's 2025 costs, and what did the cameras bring in?

$49,987,594contracted and general services in 2025, up from $46,252,326 in 2024

The Town says contracted and general services rose by $3.7 million in 2025 "primarily due to higher costs for legal consulting, ASE operations, a land purchase, sidewalk rehabilitation and maintenance work, and special events." ASE is automated speed enforcement, the speed camera program, which began in late 2024 and which the Province ended in November 2025. The Town also says its user charges include fines from the cameras, and that salaries rose partly to staff the program. The statements show contracted services in the Corporate support area at $9,153,642, up from $6,927,206, and user charges in the same area at $7,389,292, up from $826,036. The Town does not say whether those user charges are camera fines, and it gives no amount for any of the items it names.

Found by reading the town's own documents · 3 sources

Good to know

Good to know

Background that helps make sense of the rest.

Good to knowHow decisions are made

Why does Council's pay policy aim above the middle of nine comparison municipalities, and has the review it calls for been done?

$876,568.97total cost to the Town of the nine members of Council in 2025, pay, benefits and expenses (the Mayor and Deputy Mayor are also paid by York Region and the Mayor by NT Power, shown separately)

The Town's Council Compensation policy says it will keep pay at "66.67th percentile of the marketplace at a minimum", which means higher than about two out of three of the comparison towns, using the nine municipalities the Town uses for its staff pay reviews. It says a full market review is done "the 3rd year of each 4 year term of Council". In 2025 each of the seven ward councillors was paid $55,894.21 by the Town, plus benefits and expenses that brought the Town's cost for each one to between $76,606.99 and $87,843.54. The nine members together cost the Town $876,568.97 for the year. We did not find a published report of the market review.

Found by reading the town's own documents · 3 sources

Each question in full

Worth askingFound by reading the town's documents

Why does the Town's development charge fund show a deficit of $15,371,335, and how will it be repaid?

$15,371,335development charge deficit at December 31, 2025, shown as nil in the audited statements

Development charges are fees the Town collects on new buildings to pay for the roads, parks and other things growth needs. The Town keeps them in a reserve fund (savings set aside for one purpose). The Town's own year-end statement says the fund started 2025 with $10,024,112, took in $5,868,406 in fees, was charged interest of $845,468 and paid out $30,418,385 for projects, which left a deficit of $15,371,335. In the audited statements the balance is shown as nil, because accounting rules do not allow a negative balance, and the deficit is tracked inside the Town. The Town has explained why: it built growth projects before the fees arrived, most of the money went to Mulock Park, and fewer buildings are going up. It says it is looking at outside financing or putting some projects off, and that it is updating its Fiscal Strategy (its long-term money plan).

Why it matters

The idea behind these fees is that growth pays for growth. When the fund is short, the gap is covered some other way, with other Town savings, borrowing or later fees, and the Town pays interest on it in the meantime. Residents are entitled to know how large the gap could get and who will cover it.

It could be because…

  • Running ahead of the fees is normal when a big growth project is built first and the fees come in over many years. The Town says every project paid for this way is within its 2022 Development Charges Background Study.
  • The Town says the provincial changes (Bill 17) delay when residential fees are collected, by an estimated two to four years, so the money is late rather than lost.
  • One account is short while another is not: the table shows Parks and Recreation owing $47,677,659 while Engineering Services holds $33,405,634. The overall deficit is smaller than the Parks and Recreation gap.
  • The Town says it is already updating its Fiscal Strategy and studying outside financing and delaying projects.

Questions you could ask

  1. How large does the Town expect the development charge deficit to be at the end of 2026 and 2027, and what interest will it be charged on it each year?
  2. Which Town savings or borrowing cover the gap today, and when will Council see the updated Fiscal Strategy?
  3. Which capital projects could be put off if development charge money stays low?
  4. Why does the Parks and Recreation account owe $47,677,659 while Engineering Services holds $33,405,634, and what rule lets one account carry another?

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 Newmarket? Send us your answer and we will publish it with this question.

The records that would answer this can be requested: Development charge reserve fund forecast and financing options, with wording you can copy.

The evidence

  1. Discussion: the development charge reserve funds "started the year with $10,024,112. The Town collected $5,868,406 in contributions, and interest expense of ($845,468) was incurred during 2025. Total funding of capital and operating expenditures amounted to $30,418,385, resulting in a year-end deficit balance of ($15,371,335)." The report says the interest was charged "as the development charge reserve is in a deficit position, reflecting that growth-related capital expenditures were incurred in advance of related development charge collections." It adds that "Majority of the capital funding was allocated to the Mulock Park capital project." It also says "All capital projects and expenditures funded by development charges are within the parameters of the 2022 Development Charges Background Study." (One sentence in the report prints the deficit as $15,371,355; the Appendix A table prints $15,371,335, which we use.)

    Town of Newmarket, Treasurer's Statement of Development Charges and Reserve Funds, INFO-2026-21 (June 19, 2026) · Report, page 1 to 2 (Discussion); Appendix A, PDF page 5

  2. Appendix A, balances at December 31, 2025 by service: Parks & Recreation (47,677,659), Fire (7,170,022), Library 5,175,715, Engineering Services 33,405,634, Municipal Parking 953,537, Total (15,371,335).

    Town of Newmarket, Treasurer's Statement of Development Charges and Reserve Funds, INFO-2026-21 (June 19, 2026) · Appendix A, Statement of Development Charge Reserve Funds Transactions, PDF page 5

  3. The report says an audit adjustment was recorded "to comply with Public Sector Accounting Standards (PSAS), which required development charges to be reported as deferred revenue and would not allow disclosure of a deficit balance. Accordingly, the $15,371,355 deficit was reclassified, and the reserve fund balance was presented as zero for financial statement purposes, while the underlying deficit continues to be tracked internally." It says mitigating measures being explored include "potential external financing options and/or deferral of capital projects until development activity improves."

    Town of Newmarket, Treasurer's Statement of Development Charges and Reserve Funds, INFO-2026-21 (June 19, 2026) · Report, page 2 (Discussion) and page 3 (Budget Impact)

  4. Bill 17 (Protect Ontario by Building Faster and Smarter Act, 2025): the report says residential development charges are deferred to occupancy and that this change "is expected to delay revenue collection by 2-4 years (estimated). While the funds will eventually be recovered, the delay affects municipalities' ability to finance and deliver growth-related infrastructure in the short term."

    Town of Newmarket, Treasurer's Statement of Development Charges and Reserve Funds, INFO-2026-21 (June 19, 2026) · Report, page 2 (Discussion)

  5. Note 14, obligatory reserve funds: Development charges, balance December 31, 2024 10,024,112, inflows 5,022,938, outflows 15,047,050, balance December 31, 2025 "-" (nil). Total deferred revenue 27,759,131 (2024: 37,302,049).

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Note 14, Deferred revenue, PDF page 30 (printed page 26)

  6. Note 14 in the year before: Development charges, balance December 31, 2023 34,268,505, inflows 7,164,142, outflows 31,408,535, balance December 31, 2024 10,024,112.

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2024 (KPMG LLP, June 23, 2025) · Note 14, Deferred revenue, PDF page 30 (printed page 26)

  7. The Town's discussion says: "Deferred revenues totalled $27.8 million (2025) compared to $37.3 million (2024). The decrease is primarily due to lower development charge collections and higher capital spending." It closes by saying that "To navigate emerging economic uncertainty, including the volatility and projected reduction of Development Charge (DC) revenue, the Town is currently updating its Fiscal Strategy."

    Town of Newmarket, 2025 Financial Statements Discussion and Analysis (FSDA) · Deferred revenue, page 5; Conclusion, page 14

↑ All questions

Worth askingFound by reading the town's documents

What will Mulock Park cost in total, and who is paying for it?

$26,736,610spent on Mulock Park design and construction in 2025, of which $20,246,610 came from development charges

The Town names Mulock Park as the main reason cash fell in 2025, as the reason it owes more to contractors, and as the main use of development charge money. The Town's development charge statement shows $26,736,610 spent in 2025 on "Mulock Park Design and Construction": $20,246,610 from development charges and $6,490,000 from other sources. The documents we could read do not give the park's total cost or its approved budget. The 2026 budget book is on the Town's meeting portal, which refused a scripted download, so we could not read it.

Why it matters

A single project took a large share of the year's capital money and used up the fund set aside for growth. Residents and the next Council need to know the full price, how much is already spent, and what is left to pay.

It could be because…

  • Mulock Park is a large, many-year park, so one year's spending is only part of the total.
  • Parks that serve new residents can properly be paid for from development charges. The Town says all projects funded this way are within its 2022 Development Charges Background Study.
  • Part of the higher amounts owed to contractors is holdbacks, which the Town explains are amounts held back from contractors until the work is substantially complete.
  • Other governments are putting money in: the Town's discussion mentions contributions from York Region to a related path and funding for Mulock House.

Questions you could ask

  1. What is the approved total budget for Mulock Park and Mulock House, what has been spent to the end of 2025, and what is still to come?
  2. Has the park's budget been increased since it was first approved, and by how much?
  3. How much of the total comes from development charges, from grants and from other governments, and how much from Town reserves or 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 Newmarket? Send us your answer and we will publish it with this question.

The records that would answer this can be requested: Mulock Park total budget and spending, with wording you can copy.

The evidence

  1. Appendix A, 4. Parks and Recreation: "Mulock Park Design and Construction", development charges 20,246,610, other sources of funding 6,490,000, total project actual 26,736,610. "Mulock Drive Multi-Use Path" development charges 261,469, other sources 1,335,449, total 1,596,918.

    Town of Newmarket, Treasurer's Statement of Development Charges and Reserve Funds, INFO-2026-21 (June 19, 2026) · Appendix A, Parks and Recreation project list, PDF page 5

  2. The Town says: "The decrease in cash is primarily attributable to increased expenditures related to the Mulock Park capital project, and lower development charge collections due to soft development market conditions." It says accrued liabilities increased by $7.6 million, "mainly due to higher construction holdbacks related to the Mulock Park capital projects."

    Town of Newmarket, 2025 Financial Statements Discussion and Analysis (FSDA) · Cash & investments and Accrued liabilities, page 4

  3. The Town says tangible capital assets rose by $62.3 million, including "major capital projects, including Mulock Park and House, the Queen Street bridge replacement, Haskett park and trail improvements". "The approved 2025 capital budget totalled $74.6 million and was subsequently revised to $101.4 million during the year to reflect timing changes and the acceleration of certain projects. Total capital spending in 2025 was $78.6 million."

    Town of Newmarket, 2025 Financial Statements Discussion and Analysis (FSDA) · Non-financial assets, page 6

  4. The Town says rent and other revenue rose "mainly due to contributions from York Region for Mulock Drive Multi-Use Pathway capital project", and that Canada Community Building Fund contributions were higher "to support the Mulock House Adaptive Re-use capital project."

    Town of Newmarket, 2025 Financial Statements Discussion and Analysis (FSDA) · Revenues, page 11

↑ All questions

Worth askingFound by reading the town's documents

How will the Town pay for about $185,200,000 of committed project work when its spare cash has fallen by almost half?

$185,200,000approximate value of major-project purchase commitments at December 31, 2025 (2024: $117,100,000)

The Town's notes say it had signed contracts for major construction and repair projects worth approximately $185,200,000 at the end of 2025, up from $117,100,000 a year earlier. In the same year, its cash fell from $98,363,548 to $69,708,838. The part of cash that is not set aside for anything ("unrestricted and undesignated") fell from $52,996,030 to $28,336,037, which is a fall of about 46% (worked out by us). The Town's capital fund balance went from negative $4,304,336 to negative $21,399,157. The Town's own answer is that it holds large reserve funds and investments, can borrow within a limit it has set itself, and is updating its Fiscal Strategy.

Why it matters

Contracts already signed have to be paid. If cash and development charge money are short, the money comes from reserves or new borrowing, and that can mean higher taxes or fees or projects put off. The Town's long-term debt is small today ($23,866,925), so it has choices, but residents should know which ones it is leaning towards.

It could be because…

  • The commitments are spread over several years and are not all due at once.
  • Behind the cash there are $111,783,787 of investments and $121,054,785 of reserve funds that Council has set aside for specific purposes.
  • The Town says its debt servicing is far below its own limit, and that it has "additional estimated borrowing capacity of $272 million" within that limit, so borrowing is a real option.
  • A negative capital fund balance can be a timing gap that later fees, grants or borrowing fill.

Questions you could ask

  1. In which years do the $185,200,000 of commitments fall due, and which of them are paid for by development charges?
  2. What mix of reserves, grants and borrowing will pay for them, and will the Town borrow?
  3. When will Council see the updated Fiscal Strategy, and will it show the effect on taxes and water rates?

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 Newmarket? Send us your answer and we will publish it with this question.

The evidence

  1. Note 20, Contractual obligations: "The total purchase commitment from such contracts amounted to approximately $185,200,000 (2024 - $117,100,000), of which expenses of approximately $54,800,000 (2024 - $65,300,000) were outstanding as at December 31, 2025."

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Note 20, PDF page 33 (printed page 29)

  2. Note 4, Cash and cash equivalents: "Unrestricted and undesignated" 28,336,037 (2024: 52,996,030). Cash and cash equivalents 69,708,838 (2024: 98,363,548).

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Note 4, PDF page 20 (printed page 16)

  3. Note 22, Accumulated surplus: "Capital fund balance" (21,399,157) (2024: (4,304,336)). "Reserve funds for capital purposes" (2,187,509) (2024: 2,208,447). Total reserve funds 121,054,785. Note 5: investments 111,783,787.

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Note 22, PDF page 34 (printed page 30); Statement of Financial Position, PDF page 5

  4. The Town says: "The approved 2025 capital budget totalled $74.6 million and was subsequently revised to $101.4 million during the year." On debt: "Based on an assumed annual interest rate of 3% and a 20-year term, the Town has additional estimated borrowing capacity of $272 million while remaining within its 10% debt servicing limit."

    Town of Newmarket, 2025 Financial Statements Discussion and Analysis (FSDA) · Non-financial assets, page 6; Long-term debt, page 5

  5. The Town says its "actual debt servicing cost as a percentage of own source revenues was 1.4% (2024 - 3.2%)" against a policy limit of "10% of the Town's own source revenues".

    Town of Newmarket, 2025 Financial Statements Discussion and Analysis (FSDA) · Long-term debt, page 5

  6. Consolidated Statement of Financial Position: "Long-term debt (note 15) 23,866,925" (2024 25,629,979).

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Statement of Financial Position, PDF page 5; also Note 15, PDF page 31

↑ All questions

Worth askingFound by reading the town's documents

Why did transportation spending come in at $27,956,805 against a budget of $16,633,509, after running over in 2024 too?

$27,956,805spent on transportation services in 2025, against a budget of $16,633,509

In the audited statements, transportation services (roads, snow clearing, operations and capital project engineering) cost $27,956,805 in 2025 against a budget of $16,633,509. In 2024 the budget was $16,250,851 and the actual was $19,565,616. The statements say the budget shown has been rearranged to fit accounting rules and "may not be comparable" with actual amounts, because capital project budgets run over several years, so some of the gap is accounting. The Town's discussion names higher winter salt and sand costs and sidewalk repair work as reasons costs rose across the Town. It does not say how much of the transportation gap each explains.

Why it matters

A line that is 68% over its budget (worked out by us from the two figures) in one year, and over in the year before, makes the budget a poor guide to what roads cost. Residents cannot tell from the statements how much is a one-off, how much is capital work counted as an expense, and how much is a rise in everyday costs.

It could be because…

  • The budget in the statements is the Council budget rearranged for accounting. Work that is not counted as a capital asset when finished is an expense in the statements.
  • Replacing old assets can create write-offs. The statements show a loss of $1,209,807 on disposals in the roads and sidewalks area, and the Town names the Queen Street bridge replacement among its 2025 projects.
  • Winter salt and sand, and sidewalk repairs, are named by the Town as reasons costs rose.

Questions you could ask

  1. How much of the $11,323,296 gap between budget and actual (worked out by us) is capital work counted as an expense, how much is the $1,209,807 write-off, and how much is higher everyday costs?
  2. Which projects does the write-off relate to?
  3. Why was the transportation budget about $3,300,000 under in 2024 and about $11,300,000 under in 2025 (both worked out by us)?

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 Newmarket? Send us your answer and we will publish it with this question.

The evidence

  1. Statement of operations, expenses: Transportation services, budget 16,633,509, actual 2025 27,956,805, actual 2024 19,565,616. Total expenses: budget 160,678,028, actual 168,246,021.

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Consolidated Statement of Operations, PDF page 6 (printed page 2)

  2. Statement of operations, 2024: Transportation services, budget 16,250,851, actual 2024 19,565,616, actual 2023 17,603,431.

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2024 (KPMG LLP, June 23, 2025) · Consolidated Statement of Operations, PDF page 6 (printed page 2)

  3. Note 1(r), Budget figures: "The budgets established for capital investment in tangible capital assets are on a project-oriented basis, the costs of which may be carried out over one or more years and, therefore, may not be comparable with current year's actual amounts." Note 2: "Less capitalized tangible capital assets (73,550,606)".

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Note 1(r), PDF page 17; Note 2, PDF page 19

  4. Schedule 2, Roads, bridges and sidewalks, 2025 (2024): salaries and wages 4,075,039 (3,094,157); capital repairs and maintenance 1,654,577 (992,567); annual surplus (deficit) (2,165,472) in 2025 against a surplus of 633,712 in 2024; gain (loss) on disposal of tangible capital assets (1,209,807) ((48,770)).

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Schedule 2, Segment Disclosures, PDF page 43 (printed page 39)

  5. The Town describes transportation services as "Roads and Road Maintenance, Snowplowing, Operations, and Capital Projects Engineering". It says materials, goods and supplies rose by $0.7 million "primarily due to higher costs for winter control materials (salt and sand)", and contracted services rose by $3.7 million partly for "sidewalk rehabilitation and maintenance work".

    Town of Newmarket, 2025 Financial Statements Discussion and Analysis (FSDA) · Expenses, pages 12 to 14

↑ All questions

Worth askingFound by reading the town's documents

Why does the Town budget investment income at $2,578,076 when it has earned more than $11 million in each of the last two years?

$11,053,925investment income in 2025, against a budget of $2,578,076

Investment income (interest and gains on savings) was budgeted at $2,578,076 for 2025 and came in at $11,053,925. In 2024 it was budgeted at $4,971,337 and came in at $12,245,534. The Town explains why income fell from 2024 to 2025 (bank interest rates dropped from 4.13% to 2.95%), but not why the budget is so far below what it earns. The Town holds $111,783,787 of investments, including $20,000,000 of principal protected notes whose value was marked up by $8,444,000 over their cost without being sold.

Why it matters

A low budget for income makes the year look better than planned when the real result arrives. If the extra income is counted on to fund spending, the Town may be relying on money that is not in the budget. If it is set aside, residents should be able to see where it went.

It could be because…

  • The Town may budget interest cautiously on purpose, because rates move.
  • The Town says investment income earned on unspent development charges and other restricted funds is added to those funds instead of the budget, so some of the income is not available for general spending.
  • Part of the income is from a professionally managed fund held with ONE Investment, whose gains are unpredictable.
  • The principal protected notes guarantee the original money at maturity (2030 to 2032), but the markup of $8,444,000 is not cash today.

Questions you could ask

  1. How does the Town set its investment income budget, and why is it so far below what it has earned in the last two years?
  2. How much of the $11,053,925 is interest on money set aside in reserve funds and development charges, and how much is available for general spending?
  3. What are the terms of the $20,000,000 of principal protected notes, and what could the Town receive or lose if it had to sell before maturity?

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 Newmarket? Send us your answer and we will publish it with this question.

The evidence

  1. Statement of operations: Investment, budget 2,578,076, actual 2025 11,053,925, actual 2024 12,245,534.

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Consolidated Statement of Operations, PDF page 6 (printed page 2)

  2. Statement of operations, 2024: Investment, budget 4,971,337, actual 2024 12,245,534, actual 2023 8,376,333.

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2024 (KPMG LLP, June 23, 2025) · Consolidated Statement of Operations, PDF page 6 (printed page 2)

  3. Note 5: investments are GICs 28,778,253, Bonds 20,000,000, Portfolio investments 31,992,206, PPNs 20,000,000, cash held in investment accounts 2,569,328, book value 103,339,787; accumulated remeasurement gains on PPNs 8,444,000; total 111,783,787. A "realized capital gain and investment income of $3,987,032" was recorded on the ONE Investment funds. PPNs provide returns "while also guaranteeing 100% principal protection at maturity" with maturities "ranging from 2030 to 2032".

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Note 5, Investments, PDF pages 20 to 21 (printed pages 16 to 17)

  4. Note 1(q): "Investment income earned on unspent development charges and other obligatory reserve funds is added to the fund balance and forms part of the deferred revenue balance."

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Note 1(q), PDF page 16

  5. The Town says: "Investment income was $11.1 million in 2025 (2024 - $12.2 million) down $1.1 million from 2024. The decrease reflects lower bank interest rates, which declined to 2.95% at the end of 2025 from 4.13% at the end of 2024." It says the increase in investments is "primarily driven by unrealized capital gains on principal protected notes (PPNs)".

    Town of Newmarket, 2025 Financial Statements Discussion and Analysis (FSDA) · Investment income, page 11; Cash & investments, page 4

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Worth askingFound by reading the town's documents

What will the Town receive for selling its electricity company, and what will it do with the money?

$59,340,267what the Town's share of Newmarket Hydro Holdings Inc. is carried at, at December 31, 2025

The Town owns Newmarket Hydro Holdings Inc., which owns most of the local electricity distributor, and the statements carry the Town's share at $59,340,267. On January 10, 2026, the Councils of Newmarket and the Township of Tay signed an agreement to sell their electricity interests to Alectra Inc. Council approved going ahead after a 45-day period, which ended on February 26, 2026, in which the terms were tested with other possible buyers. The sale needs the approval of the Ontario Energy Board. The audited statements and the Town's discussion do not say what price the Town will receive or what it plans to do with the money. The Town says it expects closing in late 2026 or early 2027.

Why it matters

This is one of the largest one-time decisions a town makes: it turns a long-held asset into cash, and ends the yearly income the Town gets from it ($1,340,721 in dividends in 2025). The Town expects the sale to close around the time of the October 26, 2026 election, so the choice of what to do with the money may fall to a new Council.

It could be because…

  • The price may not be fixed until the Ontario Energy Board decides, so the Town may not be able to give a final number yet.
  • The price may be in a Council report we could not read, because the Town's meeting portal refused a scripted download.
  • Council may decide how to use the money after the sale closes, as the Town's Fiscal Strategy is being updated.
  • Income from the company has been uneven: $1,308,422 in 2025 against a budget of $2,000,000, and $2,799,827 in 2024.

Questions you could ask

  1. What price will the Town receive for its share, and how is it set?
  2. What does Council plan to do with the money, and will it go to the development charge shortfall, to debt, to reserves or to lower taxes?
  3. How will the Town replace the yearly dividend of about $1,340,721?

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 Newmarket? Send us your answer and we will publish it with this question.

The evidence

  1. Note 27, Subsequent event: "On January 10, 2026, the Councils of the Town and the Township of Tay ("Tay") approved and executed a securities purchase agreement with Alectra Inc. for the sale of their electricity distribution interests." The "go shop" period expired on February 26, 2026, and "Council approved proceeding with the transaction with Alectra." Completion "is subject to approval by the Ontario Energy Board".

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Note 27, Subsequent event, PDF page 39 (printed page 35)

  2. Note 10: total investment in Newmarket Hydro Holdings Inc. 59,340,267 (2024: 59,363,902); dividends received during the year 1,340,721 (2024: 1,332,099); net income 1,308,422 (2024: 2,799,827).

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Note 10, PDF pages 24 to 25 (printed pages 20 to 21)

  3. Statement of operations: Income from Newmarket Hydro Holdings Inc., budget 2,000,000, actual 2025 1,308,422, actual 2024 2,799,827.

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Consolidated Statement of Operations, PDF page 6 (printed page 2)

  4. The Town says: "The closing of the transaction is expected to occur in late 2026 or early 2027, contingent upon receiving OEB approval."

    Town of Newmarket, 2025 Financial Statements Discussion and Analysis (FSDA) · Accumulated surplus, page 7

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Worth askingFound by reading the town's documents

What did the speed camera program, legal consulting and a land purchase add to the Town's 2025 costs, and what did the cameras bring in?

$49,987,594contracted and general services in 2025, up from $46,252,326 in 2024

The Town says contracted and general services rose by $3.7 million in 2025 "primarily due to higher costs for legal consulting, ASE operations, a land purchase, sidewalk rehabilitation and maintenance work, and special events." ASE is automated speed enforcement, the speed camera program, which began in late 2024 and which the Province ended in November 2025. The Town also says its user charges include fines from the cameras, and that salaries rose partly to staff the program. The statements show contracted services in the Corporate support area at $9,153,642, up from $6,927,206, and user charges in the same area at $7,389,292, up from $826,036. The Town does not say whether those user charges are camera fines, and it gives no amount for any of the items it names.

Why it matters

The Town says several different things pushed costs up, but not how much each did. Fines from speed cameras are public money, and residents are entitled to see what they brought in, what the program cost, and what it was spent on.

It could be because…

  • A land purchase is a one-time cost and would not repeat.
  • Legal consulting can rise when the Town is involved in development appeals or other hearings, and the Town does not usually publish amounts by case.
  • The camera program is over, so its operating costs and its fine income end with it.
  • The jump in user charges in the Corporate support area may have another cause. We cannot tell from the statements.

Questions you could ask

  1. How much did the speed camera program bring in during 2024 and 2025, how much did it cost (staff, vendor and other), and how was the net money used?
  2. How much was spent on legal consulting in 2024 and 2025, and how much of the increase was for development hearings and appeals?
  3. What land did the Town buy that was counted as an expense in 2025, and for how much?

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 Newmarket? Send us your answer and we will publish it with this question.

The records that would answer this can be requested: Automated speed enforcement revenue and costs, 2024 and 2025, with wording you can copy.

The evidence

  1. The Town says: "Contracted and general services increased by $3.7 million compared to 2024, primarily due to higher costs for legal consulting, ASE operations, a land purchase, sidewalk rehabilitation and maintenance work, and special events." It says 2025 salaries "included staffing costs to support the Automated Speed Enforcement (ASE) program that was implemented in late 2024. The program was discontinued by the Province in November 2025."

    Town of Newmarket, 2025 Financial Statements Discussion and Analysis (FSDA) · Expenses, page 13

  2. The Town says user charges of $83.6 million (2024 - $70.9 million) "include water, wastewater, and stormwater revenues, recreation program revenues, license fees, fines from automated speed enforcement and building permit fees."

    Town of Newmarket, 2025 Financial Statements Discussion and Analysis (FSDA) · Revenues, page 9

  3. Schedule 2, Corporate support and governance, 2025 (2024): user charges 7,389,292 (826,036); contracted and general services 9,153,642 (6,927,206). Consolidated contracted and general services 49,987,594 (46,252,326).

    The Corporation of the Town of Newmarket, Consolidated Financial Statements, December 31, 2025 (KPMG LLP, June 22, 2026) · Schedule 2, Segment Disclosures (continued), PDF page 44 (printed page 40)

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Good to knowFound by reading the town's documents

Why does Council's pay policy aim above the middle of nine comparison municipalities, and has the review it calls for been done?

$876,568.97total cost to the Town of the nine members of Council in 2025, pay, benefits and expenses (the Mayor and Deputy Mayor are also paid by York Region and the Mayor by NT Power, shown separately)

The Town's Council Compensation policy says it will keep pay at "66.67th percentile of the marketplace at a minimum", which means higher than about two out of three of the comparison towns, using the nine municipalities the Town uses for its staff pay reviews. It says a full market review is done "the 3rd year of each 4 year term of Council". In 2025 each of the seven ward councillors was paid $55,894.21 by the Town, plus benefits and expenses that brought the Town's cost for each one to between $76,606.99 and $87,843.54. The nine members together cost the Town $876,568.97 for the year. We did not find a published report of the market review.

Why it matters

Council adopted this policy itself, and it says it aims to be paid more than most comparison towns. The public can only judge whether that is fair if the review is published and shows who the nine towns are and what they pay. The election is on October 26, 2026.

It could be because…

  • A target above the middle is common for councils that want to attract candidates, and a review may exist that we did not find.
  • Most of the extra cost is benefits, not pay: car allowance, group benefits and pension contributions are listed separately.
  • The policy is dated 2008 and the review may be reported through a Council report we could not read, because the meeting portal refused a scripted download.

Questions you could ask

  1. Was the market review required by the policy done in 2024 or 2025, and will the report, the nine comparison towns and their pay be published?
  2. Why does every member receive a car allowance in addition to pay, and what does the Town's expense policy say it covers?
  3. What would Council cost if it were paid at the middle of the nine comparison towns instead of at the 66.67th percentile?

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 Newmarket? Send us your answer and we will publish it with this question.

The evidence

  1. Purpose: the Town "will act to conduct a full market assessment on the compensation package for Members of Council the 3rd year of each 4 year term of Council to affect and maintain a policy line relative to pay of 66.67th percentile of the marketplace at a minimum." The comparison is "conducted with the 9 comparator municipalities identified for the purposes of staff salary review."

    Town of Newmarket, Council Compensation policy CO-1.03 · Policy CO-1.03, Purpose and Procedures 2 and 3, page 1

  2. Appendix A, 2025 payments to Members of Council: Christina Bisanz remuneration 55,894.21, benefits per T4 7,779.46, other benefit costs 13,552.66, remuneration and benefits 77,226.33, other expenses 3,896.99, total 81,123.32. Victor Woodhouse total 76,606.99; Trevor Morrison total 87,843.54. All nine members: total 876,568.97.

    Town of Newmarket, Statement of Remuneration & Expenses, INFO-2026-07 (2025 payments) · Appendix A, section 1, PDF page 6

  3. Appendix C, benefits per T4: for each of the seven ward councillors, a car allowance of 6,524.57, and a communication allowance of 1,200.00 for five of them; John Taylor car allowance 14,163.04 and total benefits per T4 15,652.92. Other benefits (OMERS, CPP, EHT and group benefits) total 162,614.17 for the nine members.

    Town of Newmarket, Statement of Remuneration & Expenses, INFO-2026-07 (2025 payments) · Appendix C, Benefits for Members of Council, PDF pages 15 to 16

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Good to knowFound automatically from financial reports

Why does Newmarket spend more than most similar towns on garbage, dump and recycling?

$111per home on garbage, dump and recycling, 2025

Newmarket spent about $111 per home on garbage, dump and recycling in 2025. The typical similar town spent $0. Only 1 of 7 similar towns spent more.

Why it matters

Spending more than neighbours is not wrong by itself. It might buy better service. But it is the first place to look for costs that could be lower, such as contracts that were not competitively bid.

It could be because…

  • Geography: more roads, more snow, a bigger area or a landfill of its own.
  • Accounting: some towns record the same cost in a different category.
  • A one-time cost in this year.

Questions you could ask

  1. What makes this cost higher here than in similar towns?
  2. When were the main contracts in this area last put out to competitive tender?

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 Newmarket? Send us your answer and we will publish it with this question.

The evidence

  1. Garbage, dump and recycling per home: Newmarket $111; typical similar town $0; ranked 2nd highest of 8.

    Ontario Financial Information Return (FIR), 2025, 7 similar municipalities · Schedule 40 and Schedule 2 · archived copy

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