$10,820,510borrowed on a temporary construction loan at December 31, 2024, unchanged from a year earlier
A construction loan is short-term borrowing that covers building costs until grants, gifts or long-term debt arrive. At December 31, 2024 the Town had used $10,820,510 of a $15,000,000 facility to build a recreation complex, the same amount as a year earlier. The statements say how it will be repaid has not been set. They also list $6,730,244 for the new arena as "unfinanced", meaning spent but not yet paid for by a grant, gift or long-term loan. All unfinanced projects together came to $12,664,868, up from $9,573,500.
December 15, 2025date the 2024 audited statements went to Council
The audited statements are the Town's official yearly accounts. The 2023 statements were put to Council on May 20, 2025 and the 2024 statements on December 15, 2025. The Town's slide says the 2024 statements were due to the Ministry by December 31, 2025 under an extension given to all municipalities, and that about one third of municipalities were working toward that date. As of October 7, 2026 the Town's budget page lists statements only for 2020, 2021 and 2022, and budget material only to 2024. We did not find the 2025 or 2026 budget there. We also found no council agendas for 2026 on the agendas page.
$(247,690)balance of the fiscal policy reserve at December 31, 2024
A reserve is money set aside for a purpose. Note 11 shows the "Fiscal policy" reserve at (247,690), a negative balance, compared with 202,010 a year earlier. The "Planning and development" reserve fell from 211,610 to 13,114. The Town explains the second: community improvement grants of $245k were paid from a reserve for them. We found no Town explanation for the first. Total reserves were $6,412,922, of which $5,071,745 (about 79 percent, worked out by us) is the water and sewer reserve.
$1,184,346cash and short-term deposits at December 31, 2024, down from $3,163,849
At the end of 2024 cash and short-term deposits were $1,184,346, down from $3,163,849. Taxes owing to the Town rose to $864,466. In October 2025 staff wrote that unpaid taxes were higher than in prior years, pushing interest on them $20,000 over budget, and that a $2.0 million grant received in November and a fire truck loan on December 15, 2025 would ease "the pressure that has been on the cash balance for most of this year".