Questions · 14 so far
We read Renfrew's financial reports and meeting minutes, and compared its numbers with 88 similar Ontario towns. These are the things that stood out.
These are unusual enough that residents deserve a clear answer from council.
+15%town property tax, 2023 to 2024
In 2024, Renfrew collected $1.5M more in its own property tax than in 2023. That is a 15% jump, while prices went up about 2.4%. Only 6 of 88 similar towns raised theirs by more. Almost all of it came from a higher tax rate (up 14% for homes); the value of homes on the tax roll grew only 0.6%.
Found automatically from the town's financial reports · 4 sources
+125%running the town office, 2019 to 2024
Renfrew spent $1.6M on running the town office in 2019 and $3.5M in 2024. Prices only went up about 18% in that time. Only 1 of 88 similar towns had faster growth here.
Found automatically from the town's financial reports · 3 sources
+97%parks, arena and library, 2019 to 2024
Renfrew spent $2.0M on parks, arena and library in 2019 and $3.9M in 2024. Prices only went up about 18% in that time. Only 4 of 88 similar towns had faster growth here.
Found automatically from the town's financial reports · 3 sources
$381per home on council, 2024
Renfrew spent about $381 per home on council in 2024. The typical similar town spent $53. Only 2 of 88 similar towns spent more.
Found automatically from the town's financial reports · 1 source
$8,341per home on long-term debt, 2024
Renfrew spent about $8,341 per home on long-term debt in 2024. The typical similar town spent $904. None of the 88 similar towns spent more.
Found automatically from the town's financial reports · 1 source
There may well be a good reason. It is still worth asking what it is.
$966,445increase in the 2026 tax levy, to $13,460,726 (7.735%)
The levy is the part of the Town's budget that property taxes must raise: spending, minus grants, user fees and money taken from savings. The Town's own recap shows the 2026 levy at $13,460,726, up $966,445 from $12,494,281 in 2025. The Town breaks the rise into three parts: operating costs added $1,128,295, a bigger yearly payment into savings for capital projects added $150,483, and smaller payments into operating savings took off $312,333. The Town also says that after the Mayor proposed the budget on January 12, 2026, council had 30 days to propose changes, that period ended on February 12, 2026 with no amendments proposed, and the budget is deemed adopted.
Found by reading the town's own documents · 5 sources
$34,138,519net long-term liabilities at the end of 2024, up from $26,974,446
Long-term debt is money the Town has borrowed and must repay over years. The audited 2024 statements show net long-term liabilities of $34,138,519, against $26,974,446 a year earlier. Almost all of the rise is temporary financing for a construction loan: $20,000,000 drawn by the end of 2024, up from $12,000,000, with a maximum of $20,029,807, to be turned into long-term debt once construction is complete. The Town's 2026 recap lists a $20,000,000 loan for the Ma-te-Way expansion, over 30 years at 4.60%, issued in 2025. The statements also show net financial liabilities (what the Town owes minus its financial assets) of $28,302,343 at the end of 2024, against $25,799,589 a year earlier.
Found by reading the town's own documents · 3 sources
$1,091,576estimated borrowing room left for 2026, down from $1,512,523 in 2025
Ontario sets a yearly limit on how much of its income a town may commit to debt payments, called the Annual Repayment Limit (ARL). The Town's 2026 recap says the 2026 budget lists borrowing of $5,315,348 for two road projects: $3,520,000 for Munroe Avenue and $1,795,348 for Harry Street (Part 1). At an assumed 20 years and 5%, new yearly payments would be $420,947. The Town shows its limit falling from $1,512,523 for 2025 to an estimated $1,091,576. A separate debt list in the same recap shows total 2026 debt payments of $3,599,628.72.
Found by reading the town's own documents · 2 sources
$5,327,365asset retirement obligation at the end of 2024, which the auditor could not confirm
An audit opinion is the auditor's verdict on whether the statements are fair. A qualified opinion means the auditor was happy with the statements except for one named problem. For both 2023 and 2024 the auditor, MacKillican & Associates, wrote that the Town does not have up to date asset retirement obligation cost estimates, so it could not tell whether the liability needed an adjustment. (An asset retirement obligation is the cost of cleaning up or closing an asset later, here a landfill and contaminated properties.) The liability is $5,327,365 at the end of 2024: $2,088,791 for the landfill and $3,238,574 for properties. The 2023 report is dated 8 October 2024. The 2024 report is dated 27 January 2026. The Town's fourth-quarter 2025 report says staff were working with the auditors on the 2024 statements, for completion in the fourth quarter and presentation in early 2026.
Found by reading the town's own documents · 4 sources
$260,000budgeted for corporate legal costs in 2025, against $48,081.46 spent by January 9, 2026, and $30,000 for 2026
In the Mayor's 2026 budget, the corporate management legal line was $260,000 in the 2025 budget, had $48,081.46 spent against it at the date of the January 9, 2026 run, and is $30,000 for 2026. The line for other professional services in the same section went the other way: $25,000 budgeted for 2025, $81,019.99 spent to the same date, and $25,000 for 2026. These 2025 actuals were printed before the year was audited. The audited 2024 statements say the Town is involved in various liability claims and has recorded no amount for them because the outcome cannot yet be determined. The Town's fourth-quarter 2025 report lists "Prepare undertakings for the standpipe legal claim" among the environmental services tasks ahead.
Found by reading the town's own documents · 3 sources
$20.7Mover budget, according to the Town's own third-party review (August 6, 2024)
In 2023 council ordered an outside review of the expansion of the Ma-te-Way recreation centre. WSCS Consulting's final report, dated August 6, 2024, says the project was estimated to come in at $38.7M, was over budget by $20.7M, and would carry financing costs of an additional $15-19M over 30 years. It says council approved a budget of $18M in 2021 and secured grant funding of $11.8 million. The review says the budgets were unrealistic from the outset and that council did not insist on regular written reporting. The Town accepted all of the review's recommendations and said a work plan was being developed. The loan that now finances the project appears in the Town's 2026 debt list as $20,000,000 over 30 years.
Found by reading the town's own documents · 3 sources
Background that helps make sense of the rest.
$18,587,869advances on the loan the Town guarantees for RPGI, at the end of 2024
A guarantee means the Town promises to repay a loan if the borrower cannot. The audited 2024 statements say the Town has agreed to guarantee a loan for Renfrew Power Generation Inc. (RPGI), a company the Town owns outright and that generates electric power for the benefit of the Town's residents. Advances on the loan stood at $18,587,869 at the end of 2024, down from $19,946,830. The statements record no liability for it. RPGI's own long-term debt is shown as $21,070,936.
Found by reading the town's own documents · 2 sources
$7,236,424surplus in 2024, against a budgeted shortfall of $2,269,675
A surplus is what is left when a year's revenue is more than its spending. The 2024 statement of operations shows the budgeted result as a shortfall of $2,269,675 and the actual result as a surplus of $7,236,424. The 2023 surplus was $7,124,757. The statements explain that budget figures were reclassified to match public sector accounting rules and that the Town does not budget activity within reserves. The Town's own budget page says municipalities are not allowed to budget for deficits.
Found by reading the town's own documents · 3 sources
−$28.3Mnet financial position, 2024
In 2019, Renfrew had $2.2M more in cash and money owed to it than it owed to others. By 2024 it was −$28.3M. About 17% of that change ($5.3M) is a new accounting rule from 2023: towns must now record the future cost of closing things like a landfill. That is not new spending or borrowing. Even leaving that out, only 0 of 88 similar towns are in a weaker position.
Found automatically from the town's financial reports · 2 sources
+15%town property tax, 2023 to 2024
In 2024, Renfrew collected $1.5M more in its own property tax than in 2023. That is a 15% jump, while prices went up about 2.4%. Only 6 of 88 similar towns raised theirs by more. Almost all of it came from a higher tax rate (up 14% for homes); the value of homes on the tax roll grew only 0.6%.
| Year | Town property tax |
|---|---|
| 2019 | $8.9M |
| 2020 | $9.2M |
| 2021 | $9.1M |
| 2022 | $9.8M |
| 2023 | $10.2M |
| 2024 | $11.7M |
A big one-year jump usually means something changed: a new cost, a service that grew, savings being rebuilt, or a problem from earlier years being paid for now. Residents should be able to see exactly which. Spread across every home, it is about $365 more each year.
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 Renfrew? Send us your answer and we will publish it with this question.
Town property tax: $10,184,054 in 2023, $11,677,210 in 2024.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 10, line 9940 · archived copy
Typical increase among 88 similar Ontario towns: 7.3%. Renfrew ranks 7th highest.
Ontario Financial Information Return (FIR), 2024, 88 similar municipalities · Schedule 10, line 9940 · archived copy
Residential tax rate (town share): 1.081% in 2023, 1.231% in 2024. Residential assessment: $599M to $602M.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 22, residential (RT) · archived copy
Prices (inflation) rose 2.4% over the same year.
+125%running the town office, 2019 to 2024
Renfrew spent $1.6M on running the town office in 2019 and $3.5M in 2024. Prices only went up about 18% in that time. Only 1 of 88 similar towns had faster growth here.
| Year | Running the town office | Prices (inflation) |
|---|---|---|
| 2019 | +0% | +0% |
| 2020 | +7% | +1% |
| 2021 | +15% | +4% |
| 2022 | +40% | +11% |
| 2023 | +100% | +16% |
| 2024 | +125% | +18% |
Change since the first year shown. The grey line is how much prices rose overall, for comparison.
Money spent running the office is money not spent on roads, water or safety. When office costs grow much faster than the services people see, it is fair to ask what the extra money is buying.
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 Renfrew? Send us your answer and we will publish it with this question.
Running the town office: 2019 $1.6M, 2020 $1.7M, 2021 $1.8M, 2022 $2.2M, 2023 $3.1M, 2024 $3.5M.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 40 · archived copy
Biggest driver: Council, from $569K to $1.6M.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 40 · archived copy
Typical growth among similar towns: 42%. Renfrew ranks 2nd of 89.
Ontario Financial Information Return (FIR), 2024, 88 similar municipalities · Schedule 40 · archived copy
+97%parks, arena and library, 2019 to 2024
Renfrew spent $2.0M on parks, arena and library in 2019 and $3.9M in 2024. Prices only went up about 18% in that time. Only 4 of 88 similar towns had faster growth here.
| Year | Parks, arena and library | Prices (inflation) |
|---|---|---|
| 2019 | +0% | +0% |
| 2020 | +2% | +1% |
| 2021 | +3% | +4% |
| 2022 | +13% | +11% |
| 2023 | +46% | +16% |
| 2024 | +97% | +18% |
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 Renfrew? Send us your answer and we will publish it with this question.
Parks, arena and library: 2019 $2.0M, 2020 $2.0M, 2021 $2.1M, 2022 $2.3M, 2023 $2.9M, 2024 $3.9M.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 40 · archived copy
Biggest driver: Arena and buildings, from $1.3M to $2.8M.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 40 · archived copy
Typical growth among similar towns: 38%. Renfrew ranks 5th of 89.
Ontario Financial Information Return (FIR), 2024, 88 similar municipalities · Schedule 40 · archived copy
$381per home on council, 2024
Renfrew spent about $381 per home on council in 2024. The typical similar town spent $53. Only 2 of 88 similar towns spent more.
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.
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 Renfrew? Send us your answer and we will publish it with this question.
Council per home: Renfrew $381; typical similar town $53; ranked 3rd highest of 89.
Ontario Financial Information Return (FIR), 2024, 88 similar municipalities · Schedule 40 and Schedule 2 · archived copy
$8,341per home on long-term debt, 2024
Renfrew spent about $8,341 per home on long-term debt in 2024. The typical similar town spent $904. None of the 88 similar towns spent more.
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.
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 Renfrew? Send us your answer and we will publish it with this question.
Long-term debt per home: Renfrew $8,341; typical similar town $904; ranked 1st highest of 89.
Ontario Financial Information Return (FIR), 2024, 88 similar municipalities · Schedule 40 and Schedule 2 · archived copy
$966,445increase in the 2026 tax levy, to $13,460,726 (7.735%)
The levy is the part of the Town's budget that property taxes must raise: spending, minus grants, user fees and money taken from savings. The Town's own recap shows the 2026 levy at $13,460,726, up $966,445 from $12,494,281 in 2025. The Town breaks the rise into three parts: operating costs added $1,128,295, a bigger yearly payment into savings for capital projects added $150,483, and smaller payments into operating savings took off $312,333. The Town also says that after the Mayor proposed the budget on January 12, 2026, council had 30 days to propose changes, that period ended on February 12, 2026 with no amendments proposed, and the budget is deemed adopted.
A levy rise of this size lands on every property tax bill. The Town's recap puts the estimated total tax on a home assessed at $172,000 at $3,456.37, against $3,302.55 the year before. Since May 1, 2025 the Mayor has held strong mayor powers, and the Town's own timeline shows that under them the Mayor proposes the budget and council has a set number of days to amend it. Residents can fairly ask how much of the rise was debated in public.
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 Renfrew? Send us your answer and we will publish it with this question.
Tax Levy & Estimated Rate Comparison: "2025 Levy $ 12,494,281.00", "2026 Levy $ 13,460,726.00", 7.735%, $ 966,445.00. Breakdown of Levy Increase: Operating Costs $ 1,128,295.00 (9.03%); Capital Reserve Contributions $ 150,483.00 (1.20%); Operating Reserve Contributions -$ 312,333.00 (-2.50%).
Town of Renfrew 2026 Budget Recap, February 12, 2026 · slide 12 (PDF page 12), Tax Levy & Estimated Rate Comparison
On the same slide, for an MPAC median single family home assessed at 172,000: total taxes 3,302.55 in 2025 and 3,456.37 in 2026. The Town rate is shown as 0.01331763 in 2025 and 0.01421191 in 2026, a rise of 6.71%. The slide notes that the calculation uses estimates and does not include any changes to county or education taxes.
Town of Renfrew 2026 Budget Recap, February 12, 2026 · slide 12 (PDF page 12), Tax Rate Comparison (2025 vs 2026)
Budget page: "The Mayor's budget was proposed on January 12, 2026 and the 30-day Council Amendment Period expired on February 12, 2026, with no amendments proposed. The 2026 Budget is now deemed adopted."
Town of Renfrew, Town Budget page · first paragraph under the 2026 Municipal Budget heading
Strong mayor page: "Effective May 1, 2025, the Mayor of the Town of Renfrew has assumed 'strong mayor powers and duties' as outlined in Part VI.1 of the Municipal Act."
Town of Renfrew, Strong Mayor Powers page · the only paragraph on the page
Mayor's proposed budget, Total Taxation: 2025 budget (12,494,281.00), 2026 budget (13,460,726.00), change (966,445.00).
MDE 2026-001, Proposed 2026 Mayoral Budget · PDF page 4, Total Taxation
$34,138,519net long-term liabilities at the end of 2024, up from $26,974,446
Long-term debt is money the Town has borrowed and must repay over years. The audited 2024 statements show net long-term liabilities of $34,138,519, against $26,974,446 a year earlier. Almost all of the rise is temporary financing for a construction loan: $20,000,000 drawn by the end of 2024, up from $12,000,000, with a maximum of $20,029,807, to be turned into long-term debt once construction is complete. The Town's 2026 recap lists a $20,000,000 loan for the Ma-te-Way expansion, over 30 years at 4.60%, issued in 2025. The statements also show net financial liabilities (what the Town owes minus its financial assets) of $28,302,343 at the end of 2024, against $25,799,589 a year earlier.
Debt is paid back from taxes and fees for decades. A loan this size is a fixed cost for the next 30 years, whatever else the Town needs to pay for. The Town's tangible capital assets are large, so the debt buys real buildings, but residents are the ones paying it down.
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 Renfrew? Send us your answer and we will publish it with this question.
Note 10: "The balance of net long term liabilities of $ 34,138,519 (2023 - $ 26,974,446)". Temporary financing, "maximum loan amount of $ 20,029,807 to be debentured once construction is complete", balance 20,000,000 in 2024 and 12,000,000 in 2023.
Town of Renfrew, Consolidated Financial Statements, December 31, 2024 · Note 10 Net Long Term Liabilities, PDF pages 16 and 17
Consolidated Statement of Changes in Net Financial Assets (Liabilities): "Net financial assets (liabilities) at the end of the year" $ (29,764,839) budget, $ (28,302,343) actual for 2024, $ (25,799,589) for 2023.
Town of Renfrew, Consolidated Financial Statements, December 31, 2024 · Consolidated Statement of Changes in Net Financial Assets (Liabilities), PDF page 8 (printed page 5)
Debt listing: MA-TE-WAY EXPANSION PROJECT $20,000,000.00, term 30, issued 2025, 4.60%, maturing 2055.
Town of Renfrew 2026 Budget Recap, February 12, 2026 · slide 16 (PDF page 16), Debt Listing and Internal Borrowing
$1,091,576estimated borrowing room left for 2026, down from $1,512,523 in 2025
Ontario sets a yearly limit on how much of its income a town may commit to debt payments, called the Annual Repayment Limit (ARL). The Town's 2026 recap says the 2026 budget lists borrowing of $5,315,348 for two road projects: $3,520,000 for Munroe Avenue and $1,795,348 for Harry Street (Part 1). At an assumed 20 years and 5%, new yearly payments would be $420,947. The Town shows its limit falling from $1,512,523 for 2025 to an estimated $1,091,576. A separate debt list in the same recap shows total 2026 debt payments of $3,599,628.72.
Once the limit is used up, a town cannot borrow for roads, pipes or buildings without special approval. The Town has just taken a $20,000,000 loan and plans more, so the room that is left shapes what it can do in the years after the 2026 election.
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 Renfrew? Send us your answer and we will publish it with this question.
The records that would answer this can be requested: Annual Repayment Limit worksheet for 2026, with wording you can copy.
"ARL - borrowing in 2026": "The 2026 Budget Capital Summary lists borrowing $5,315,348 for two capital projects: $3,520,000 for Munroe Ave. Reconstruction, $1,795,348 for Harry St.(Part 1)". Estimate at 20 yrs, 5%: Principal $158,786, Interest $262,161, annual repayment obligations for new debt $420,947. "ARL 2025 $ 1,512,523"; "Revised ARL 2026 - estimate $ 1,091,576".
Town of Renfrew 2026 Budget Recap, February 12, 2026 · slide 15 (PDF page 15), ARL - borrowing in 2026
Debt Listing and Internal Borrowing: "Total Debt Payments for 2026 per Category" with a total of 3,599,628.72.
Town of Renfrew 2026 Budget Recap, February 12, 2026 · slide 16 (PDF page 16), Debt Listing and Internal Borrowing
$5,327,365asset retirement obligation at the end of 2024, which the auditor could not confirm
An audit opinion is the auditor's verdict on whether the statements are fair. A qualified opinion means the auditor was happy with the statements except for one named problem. For both 2023 and 2024 the auditor, MacKillican & Associates, wrote that the Town does not have up to date asset retirement obligation cost estimates, so it could not tell whether the liability needed an adjustment. (An asset retirement obligation is the cost of cleaning up or closing an asset later, here a landfill and contaminated properties.) The liability is $5,327,365 at the end of 2024: $2,088,791 for the landfill and $3,238,574 for properties. The 2023 report is dated 8 October 2024. The 2024 report is dated 27 January 2026. The Town's fourth-quarter 2025 report says staff were working with the auditors on the 2024 statements, for completion in the fourth quarter and presentation in early 2026.
Clean, on-time statements are how residents and lenders check the Town's books. A year-old estimate for a liability of more than $5 million means the real figure could be higher or lower. The 2024 statements were signed about thirteen months after the year ended, and no 2025 statements were posted when we looked.
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 Renfrew? Send us your answer and we will publish it with this question.
Independent Auditor's Report, 2024: "Qualified Opinion". Basis for Qualified Opinion: "The Town does not have up to date asset retirement obligation cost estimates. As a result, we were unable to determine if any adjustment is necessary to the asset retirement obligation liability." The report is signed "27 January 2026".
Town of Renfrew, Consolidated Financial Statements, December 31, 2024 · Independent Auditor's Report, PDF pages 4 and 5
Note 18: asset retirement obligation at year end, Landfill $ 2,088,791 (2023 - $ 2,003,448), Properties 3,238,574 (2023 - 3,104,758), balance end of year $ 5,327,365 (2023 - $ 5,108,206).
Town of Renfrew, Consolidated Financial Statements, December 31, 2024 · Note 18 Asset Retirement Obligation (Continued), PDF page 21
Independent Auditor's Report, 2023: "Qualified Opinion", with the same Basis for Qualified Opinion about up to date asset retirement obligation cost estimates. The report is signed "8 October 2024".
Town of Renfrew, Consolidated Financial Statements, December 31, 2023 · Independent Auditor's Report, PDF pages 4 and 5
Finance and Corporate Services, Strategic Plan progress: "Staff have been working with the Town's external auditing firm regarding the preparation of the 2024 Financial Statements for completion Q4 and presentation of statements early Q1 2026."
2025 Q4 Quarterly Report, Town of Renfrew · Finance & Corporate Services, Strategic Plan & Corporate Plan Progress, PDF page 21
$260,000budgeted for corporate legal costs in 2025, against $48,081.46 spent by January 9, 2026, and $30,000 for 2026
In the Mayor's 2026 budget, the corporate management legal line was $260,000 in the 2025 budget, had $48,081.46 spent against it at the date of the January 9, 2026 run, and is $30,000 for 2026. The line for other professional services in the same section went the other way: $25,000 budgeted for 2025, $81,019.99 spent to the same date, and $25,000 for 2026. These 2025 actuals were printed before the year was audited. The audited 2024 statements say the Town is involved in various liability claims and has recorded no amount for them because the outcome cannot yet be determined. The Town's fourth-quarter 2025 report lists "Prepare undertakings for the standpipe legal claim" among the environmental services tasks ahead.
Legal costs are hard to predict, and a budget line that is far off in either direction can hide what the Town expects. Residents can fairly ask what the Town has in mind when it cuts a legal line by almost nine-tenths while claims are still open.
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 Renfrew? Send us your answer and we will publish it with this question.
The records that would answer this can be requested: Legal costs charged to the corporate management budget in 2025, with wording you can copy.
Corporate Management, account 1-4-3025-5100 CM - LEGAL: 2025 budget 260,000.00, 2025 actual 48,081.46, variance 211,918.54, 2026 budget 30,000.00, change (230,000.00). Account 1-4-3025-5150 CM - OTHER PROFESSIONAL SERVICES: 25,000.00, 81,019.99, (56,019.99), 2026 budget 25,000.00. The report header is dated Jan 09, 2026.
MDE 2026-001, Proposed 2026 Mayoral Budget · PDF page 9, Corporate Management, accounts 5100 and 5150 (column headings on page 1)
Note 7 Contingent Liabilities: "The Town is currently involved in various liability claims. Because the outcome of these matters cannot yet be determined, no amounts have been recorded in the accounts."
Town of Renfrew, Consolidated Financial Statements, December 31, 2024 · Note 7 Contingent Liabilities, PDF page 15
Environmental Services, look ahead: "Prepare undertakings for the standpipe legal claim".
2025 Q4 Quarterly Report, Town of Renfrew · Development & Environment, Look Ahead, Environmental Services, PDF page 20
$20.7Mover budget, according to the Town's own third-party review (August 6, 2024)
In 2023 council ordered an outside review of the expansion of the Ma-te-Way recreation centre. WSCS Consulting's final report, dated August 6, 2024, says the project was estimated to come in at $38.7M, was over budget by $20.7M, and would carry financing costs of an additional $15-19M over 30 years. It says council approved a budget of $18M in 2021 and secured grant funding of $11.8 million. The review says the budgets were unrealistic from the outset and that council did not insist on regular written reporting. The Town accepted all of the review's recommendations and said a work plan was being developed. The loan that now finances the project appears in the Town's 2026 debt list as $20,000,000 over 30 years.
This is the largest project in the Town's history, and an independent reviewer hired by council found that the planning and oversight fell short. Whether the Town has put the fixes in place matters for every large project it takes on next, including the 2026 road work that it plans to borrow for.
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 Renfrew? Send us your answer and we will publish it with this question.
Executive Summary: "The Ma-te-Way Expansion is estimated to come in at $38.7M and was delayed two years. The project is over budget by $20.7M plus financing costs of an additional $15-19M." The review says council did not insist on regular written reporting, and that the project is "115% over budget and delayed two years".
Ma-te-Way Activity Centre Expansion Project, Third-Party Review: Final Report, August 6, 2024 · A.1 Summary of Findings, PDF pages 3 and 4
Background: "In 2021, Council approved a budget of $18M and secured grant funding of $11.8 million". The Certificate of Substantial Completion was issued on March 1, 2024. The review says the project is expected to be "approximately $20.7 million over budget, exclusive of financing costs of an additional $15-19 million over the next 30 years". All recommendations were accepted by the Town and a work plan was being developed.
Ma-te-Way Activity Centre Expansion Project, Third-Party Review: Final Report, August 6, 2024 · A.2 Background, PDF pages 5 and 6
Debt listing: MA-TE-WAY EXPANSION PROJECT $20,000,000.00, term 30, issued 2025, 4.60%, maturing 2055.
Town of Renfrew 2026 Budget Recap, February 12, 2026 · slide 16 (PDF page 16), Debt Listing and Internal Borrowing
$18,587,869advances on the loan the Town guarantees for RPGI, at the end of 2024
A guarantee means the Town promises to repay a loan if the borrower cannot. The audited 2024 statements say the Town has agreed to guarantee a loan for Renfrew Power Generation Inc. (RPGI), a company the Town owns outright and that generates electric power for the benefit of the Town's residents. Advances on the loan stood at $18,587,869 at the end of 2024, down from $19,946,830. The statements record no liability for it. RPGI's own long-term debt is shown as $21,070,936.
The guarantee is not counted as a Town debt, but it is a promise backed by taxpayers. If RPGI's income ever fell short, the Town would have to step in. It is useful for residents to know how likely that is and how the guarantee is watched.
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Note 7 Contingent Liabilities: "The Town has agreed to guarantee a loan for Renfrew Power Generation Inc. There were advances of $ 18,587,869 (2023 - $ 19,946,830) on the loan."
Town of Renfrew, Consolidated Financial Statements, December 31, 2024 · Note 7 Contingent Liabilities, PDF page 15
Note 4: Renfrew Power Generation Inc. (RPGI) (100%) is a government business enterprise; its principal business is "the generation of electric power for the benefit of the Town of Renfrew's residents". Condensed figures for 2024: long term debt 21,070,936 (2023: 22,093,364), net income $ 1,124,063, dividends declared and paid $ (70,000).
Town of Renfrew, Consolidated Financial Statements, December 31, 2024 · Note 4 Investment in Government Business Enterprises, PDF pages 13 and 14
$7,236,424surplus in 2024, against a budgeted shortfall of $2,269,675
A surplus is what is left when a year's revenue is more than its spending. The 2024 statement of operations shows the budgeted result as a shortfall of $2,269,675 and the actual result as a surplus of $7,236,424. The 2023 surplus was $7,124,757. The statements explain that budget figures were reclassified to match public sector accounting rules and that the Town does not budget activity within reserves. The Town's own budget page says municipalities are not allowed to budget for deficits.
A budget is the promise made to taxpayers about what the year will cost. A gap this wide between the promise and the result may be mostly accounting, as the statements suggest, but residents can ask how much of the surplus is cash that is available and how much is, for example, grant money that must be spent on capital projects.
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Consolidated Statement of Operations and Accumulated Surplus, 2024: "Excess (shortfall) of revenue over expenses" $ (2,269,675) budget, $ 7,236,424 actual, $ 7,124,757 for 2023.
Town of Renfrew, Consolidated Financial Statements, December 31, 2024 · Consolidated Statement of Operations and Accumulated Surplus, PDF page 7 (printed page 4)
Note 8 Budget Figures: "the Town does not budget activity within reserves and reserve funds, with the exception being those transactions which affect either operations or capital investments. Budget figures have been reclassified for the purpose of these financial statements to comply with PSAB reporting requirements."
Town of Renfrew, Consolidated Financial Statements, December 31, 2024 · Note 8 Budget Figures, PDF page 16
Budget page: "Unlike provincial and federal government levels, municipalities are not allowed to budget for deficits, and revenues must equal expenditures."
Town of Renfrew, Town Budget page · first paragraph of the page
−$28.3Mnet financial position, 2024
In 2019, Renfrew had $2.2M more in cash and money owed to it than it owed to others. By 2024 it was −$28.3M. About 17% of that change ($5.3M) is a new accounting rule from 2023: towns must now record the future cost of closing things like a landfill. That is not new spending or borrowing. Even leaving that out, only 0 of 88 similar towns are in a weaker position.
| Year | Net financial position |
|---|---|
| 2019 | $2.2M |
| 2020 | $4.3M |
| 2021 | $7.3M |
| 2022 | −$8.1M |
| 2023 | −$25.8M |
| 2024 | −$28.3M |
This number is one of the clearest signs of whether a town is living within its means. The accounting-rule part is a bill that will come due when the landfill closes, not money already spent. The rest is real borrowing and spending of savings.
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Net financial assets: 2019 $2.2M, 2020 $4.3M, 2021 $7.3M, 2022 −$8.1M, 2023 −$25.8M, 2024 −$28.3M.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 70, line 9945 · archived copy
Future landfill and similar closing costs recorded: $5.3M. Long-term debt: $34.1M. Temporary loans: $0.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 70, lines 2920, 2699, 2099 · archived copy