$38,820,460surplus in 2024, against a budgeted $15,121,275
A surplus is what is left when a year's revenue is more than its spending. The 2024 audited statements budget a surplus of $15,121,275 and show $38,820,460. Revenue came in $12,965,664 above the budget and spending $10,733,521 below it (both worked out by us). Inside spending, salaries and benefits were $12,216,133 above the budget (worked out by us) while contracted services were $18,203,086 below it (worked out by us). The year before the result went the other way: the 2023 statements budgeted a surplus of $61,173,470 and showed $45,431,013 (restated later to $47,079,296).
$388.0 milliondebt issued plus debt approved but not issued, in the 2026 budget
At the end of 2024 the City owed $237,747,159 in long term debt, up from $162,350,479 a year earlier, and it issued $92,843,300 of new debt in 2024. The 2026 budget says another $204.9 million has been approved but not issued, which makes a total debt load of $388.0 million. It says room under the City's own debt limit was $38.3 million at the end of 2025 and falls to $19.3 million by the end of 2026. It also says Council's 2012 direction was to limit new tax-supported debt costs and any capital levy increase to 1% a year of the all-inclusive tax increase. The 2026 budget puts 2.00% of its increase into tax-supported debt, and says that follows a 2021 guideline report.
$91,900,000total project budget in the 2026 budget book
The draft 2025 budget listed construction costs for the Police Stations Renovation and Expansion project of $13,000,000 for 2025, $23,000,000 for 2026 and $12,000,000 for 2027 (together $48,000,000, worked out by us) and said both police buildings would be finished by 2027. The 2026 budget book lists the project at a total project budget of $91,900,000 and asks Council to pre-commit another $25,400,000 for 2028. It says a Class C cost estimate (an early estimate with a wide margin) was completed by the construction manager, and points to Report FCSFPM25-065 of November 17, 2025.
$10,514,387uncommitted reserve balance in the 2026 budget table, against $154,271,196 committed
A reserve is money set aside for a purpose. The reserves section of the 2026 budget is headed "$4.9 million at October 2025", its text says "$10.3 million in uncommitted balances", and the table's last column adds to 10,514,387. The three balance columns of the table add to $167,473,507 (worked out by us) of which $154,271,196 is already committed, and three reserves are committed for more than they hold: the WSIB reserve (workplace injury costs) by $14,404,353, the employee benefits reserve by $18,533,002 and the landfill closure reserve by $14,655,981. Together that is $47,593,336 (worked out by us). The 2024 statements list unfunded employee future benefits of $53,163,068.