Questions · 10 so far
We read Saugeen Shores' financial reports and meeting minutes, and compared its numbers with 76 similar Ontario towns. These are the things that stood out.
These are unusual enough that residents deserve a clear answer from council.
+86%running the town office, 2019 to 2024
Saugeen Shores spent $2.7M on running the town office in 2019 and $5.0M in 2024. Prices only went up about 18% in that time. Only 7 of 76 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.
$225,892,712tangible capital assets at December 31, 2024, the amount the auditors say they could not fully check for completeness
A "qualified" opinion means the auditors said the statements are fair except for specific problems they could not check or that break the accounting rules. MNP LLP gave one for 2023 and again for 2024. They could not confirm that the Town has recorded all of its capital assets (roads, buildings, pipes) or that it holds title to them. The Town has also not yet put a legal obligation to retire assets, such as closing a landfill, into its books, as a new accounting standard requires.
Found by reading the town's own documents · 5 sources
November 28, 2025date of the auditors' report on both the 2023 and the 2024 statements
The auditors' reports on both the 2023 and the 2024 statements, as posted, are dated November 28, 2025. The 2023 report says the 2022 statements were audited by another auditor, with an opinion dated April 8, 2024. The statements for the year ended December 31, 2023 were therefore signed nearly two years after the year ended. We did not find 2025 statements on the Town's budget and finance page on October 5, 2026.
Found by reading the town's own documents · 3 sources
$26,938,448long-term debt at December 31, 2024, up from $14,506,750 a year earlier
Long-term debt (money the Town has borrowed and must repay) rose from $14,506,750 at the end of 2023 to $26,938,448 at the end of 2024, mostly from one new 30-year loan of $14,166,666. The Town's own plans show much more borrowing to come for the Aquatic and Wellness Centre, roads, water and buildings.
Found by reading the town's own documents · 5 sources
$6,456,197net financial assets at December 31, 2024, down from $26,538,877 a year earlier
Net financial assets (what the Town has in cash and investments minus what it owes) dropped from $26,538,877 to $6,456,197 in 2024, a fall of about three-quarters (worked out by us). Reserves, the money council sets aside for specific purposes, fell from $42,710,011 to $35,095,228. The Town's own plans say its non-obligatory reserves (the ones council can choose how to use) will fall to under $5 million before they rebuild.
Found by reading the town's own documents · 5 sources
$49,945,950estimated budget for the centre in the Town's 2024 statements, up from $48,947,790 in the 2023 statements
The Town's statements put the cost of the Aquatic and Wellness Centre (now called the Pryde Aquatic and Wellness Centre) at $48,947,790 at the end of 2023 and at $49,945,950 at the end of 2024. The December 2024 budget report spoke of $42 million of debt for it; a year later the 2026 report listed a further $28.3 million.
Found by reading the town's own documents · 5 sources
$16,368,776development charges held at December 31, 2024 and not yet counted as income
The 2024 budget expected $4,000,000 of development charges (fees on new buildings that pay for growth) as income. The statements recognized $395,013. The Town explains this in its deferred revenue schedule: development charges are counted as income only when spent, and the unspent balance at the end of 2024 was $16,368,776.
Found by reading the town's own documents · 2 sources
+11%town property tax, 2023 to 2024
In 2024, Saugeen Shores collected $2.5M more in its own property tax than in 2023. That is a 11% jump, while prices went up about 2.4%. Only 13 of 76 similar towns raised theirs by more. Almost all of it came from a higher tax rate (up 8% for homes); the value of homes on the tax roll grew only 3.3%.
Found automatically from the town's financial reports · 4 sources
Background that helps make sense of the rest.
$39,436,164spent on capital assets in 2024, against a budget of $68,192,489
The 2024 budget planned $68,192,489 of capital spending, and the Town spent $39,436,164. It also planned to borrow $38,000,773 and borrowed $14,166,666. Work in progress (assets still being built) was $42,141,853 at year end. This looks like projects running behind their plan, which the Town's statements partly explain.
Found by reading the town's own documents · 3 sources
$1,525,354Future Infrastructure Special Levy for 2026, up from $988,291 in 2025
Besides the general tax levy, the Town charges a Future Infrastructure Special Levy to save for replacing roads, pipes and buildings. It rose from $988,291 in 2025 to $1,525,354 in 2026. The Town says it will keep growing "to the required funding level by 2032". The Town has published what this means for an average home.
Found by reading the town's own documents · 2 sources
+86%running the town office, 2019 to 2024
Saugeen Shores spent $2.7M on running the town office in 2019 and $5.0M in 2024. Prices only went up about 18% in that time. Only 7 of 76 similar towns had faster growth here.
| Year | Running the town office | Prices (inflation) |
|---|---|---|
| 2019 | +0% | +0% |
| 2020 | +4% | +1% |
| 2021 | +26% | +4% |
| 2022 | +42% | +11% |
| 2023 | +77% | +16% |
| 2024 | +86% | +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 Saugeen Shores? Send us your answer and we will publish it with this question.
Running the town office: 2019 $2.7M, 2020 $2.8M, 2021 $3.4M, 2022 $3.9M, 2023 $4.8M, 2024 $5.0M.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 40 · archived copy
Biggest driver: Office and administration, from $2.4M to $4.7M.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 40 · archived copy
Typical growth among similar towns: 48%. Saugeen Shores ranks 8th of 77.
Ontario Financial Information Return (FIR), 2024, 76 similar municipalities · Schedule 40 · archived copy
$225,892,712tangible capital assets at December 31, 2024, the amount the auditors say they could not fully check for completeness
A "qualified" opinion means the auditors said the statements are fair except for specific problems they could not check or that break the accounting rules. MNP LLP gave one for 2023 and again for 2024. They could not confirm that the Town has recorded all of its capital assets (roads, buildings, pipes) or that it holds title to them. The Town has also not yet put a legal obligation to retire assets, such as closing a landfill, into its books, as a new accounting standard requires.
Tangible capital assets are almost all of what the Town owns on paper. If the list of them is incomplete, the yearly cost of wearing them out (amortization) and the Town's accumulated surplus could both be off. Council, lenders and residents rely on these numbers when they plan roads, water and borrowing.
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 Saugeen Shores? Send us your answer and we will publish it with this question.
The auditors' report on the 2024 statements is headed "Qualified Opinion". Its basis says: "The completeness and existence of tangible capital assets is not susceptible to satisfactory audit verification", because the Town "is unable to determine if all the tangible assets have been recorded and whether the town has title to all the tangible capital assets that have been recorded."
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Independent Auditor's Report, Basis for Qualified Opinion, PDF page 4
The same report says the Town has not adopted PS 3280 Asset Retirement Obligations, and "it is not possible to quantify the impact of this departure from Canadian public sector accounting standards". Because of that, the Town accounts for its landfill closure and post-closure liability under the withdrawn standard PS 3270.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Independent Auditor's Report, Basis for Qualified Opinion, PDF page 4
Tangible capital assets were $225,892,712 at December 31, 2024 (2023: $194,784,228), out of total non-financial assets of $226,232,732.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Consolidated Statement of Financial Position, PDF page 7
The Town's own accounting policy note says: "Management intends to complete an assessment of the asset retirement obligation and update the capital asset listing." It gives no date.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Summary of Significant Accounting Policies, Asset Retirement Obligation, PDF page 13
The 2023 statements carry the same kind of qualification ("Basis for Qualified Opinion"), and say the 2022 statements were audited by another auditor who also expressed a qualified opinion.
Saugeen Shores Financial Information, December 31, 2023 (MNP LLP) · Independent Auditor's Report, Basis for Qualified Opinion and Other Matter, PDF pages 4 and 5
November 28, 2025date of the auditors' report on both the 2023 and the 2024 statements
The auditors' reports on both the 2023 and the 2024 statements, as posted, are dated November 28, 2025. The 2023 report says the 2022 statements were audited by another auditor, with an opinion dated April 8, 2024. The statements for the year ended December 31, 2023 were therefore signed nearly two years after the year ended. We did not find 2025 statements on the Town's budget and finance page on October 5, 2026.
Residents use audited statements to see whether the Town is on solid ground. The longer the wait, the less use they are before decisions are made, such as borrowing for a large project or voting in an 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 Saugeen Shores? Send us your answer and we will publish it with this question.
The auditors' report on the 2024 statements is signed "Owen Sound, November 28, 2025" by MNP LLP.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Independent Auditor's Report, signature block, PDF page 6
The auditors' report on the 2023 statements is also signed "Owen Sound, Ontario ... November 28, 2025". Its Other Matter says the 2022 statements "were audited by another auditor who expressed a qualified opinion on those statements on April 8, 2024".
Saugeen Shores Financial Information, December 31, 2023 (MNP LLP) · Independent Auditor's Report, Other Matter, PDF page 5; signature block, PDF page 6
The Town's budget and finance page lists "2024 Financial Statements" as the newest audited statements, above 2023 and earlier years. We did not find a 2025 entry on October 5, 2026.
Town of Saugeen Shores, Budget and Finance page · Financial Statements section (as read October 5, 2026)
$26,938,448long-term debt at December 31, 2024, up from $14,506,750 a year earlier
Long-term debt (money the Town has borrowed and must repay) rose from $14,506,750 at the end of 2023 to $26,938,448 at the end of 2024, mostly from one new 30-year loan of $14,166,666. The Town's own plans show much more borrowing to come for the Aquatic and Wellness Centre, roads, water and buildings.
Every borrowed dollar is repaid with interest from taxes and fees. The Town's December 2024 report said total debt would reach 67% of its Annual Repayment Limit, the cap the province sets on how much of its income can go to debt payments. The room left for surprises, such as a cost increase or a grant that does not arrive, shrinks as borrowing rises.
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 Saugeen Shores? Send us your answer and we will publish it with this question.
Long-term debt (Note 6) was $26,938,448 at December 31, 2024 and $14,506,750 at December 31, 2023.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Consolidated Statement of Financial Position, PDF page 7
The new loan is from Ontario Infrastructure and Land Corporation, 4.73%, "payable $444,344 semi-annually, principal and interest, due July 2054", balance $14,166,666. The cash flow statement shows "Additions to long-term liabilities" of $14,166,666 in 2024.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Note 6 Long-Term Debt, PDF page 18; Statement of Cash Flows, PDF page 10
Principal due on the debt: 2025 $1,643,504, 2026 $1,492,586, 2027 $1,241,077, 2028 $1,108,903, 2029 $1,151,843, and thereafter $20,300,535.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Note 6 Long-Term Debt (continued), PDF page 19
The staff report of December 9, 2024 says the 2025 budget includes "2025 proceeds from debt of $44,047,727". It adds: "Annual loan payments will hit a high of over $10 million based on 5% interest rate to support total debt equal to 67% of our Annual Repayment Limit of $16 million", and that the "Debt plan needs to be evaluated project by project on an annual basis to make sure debt is scaling appropriately with revenues."
Staff Report, Final Budget Report 2025 (December 9, 2024) · Recommendation, PDF page 1; Background/Analysis, debt summary, PDF page 4
The staff report of December 8, 2025 lists planned debt including the Aquatic and Wellness Centre "$28.3 million incremental debt in Q4 2025 / Q1 2026", road reconstruction "$8.95 million in 2026-2027", the water treatment plant "$5 million debt in 2026", and "$10 million debt in 2027-2028" for the transmission line and second reservoir. It says the $10 million loan for the Southampton wastewater plant is "no longer required due to provincial Housing Enabling Water System Fund grant". The 2026 budget has "Proceeds from debt of $9,950,000".
Staff Report, Final 2026 Business Plan and Budget Report (December 8, 2025) · Background/Analysis, debt summary, PDF page 4; budget summary item 3, PDF page 5
$6,456,197net financial assets at December 31, 2024, down from $26,538,877 a year earlier
Net financial assets (what the Town has in cash and investments minus what it owes) dropped from $26,538,877 to $6,456,197 in 2024, a fall of about three-quarters (worked out by us). Reserves, the money council sets aside for specific purposes, fell from $42,710,011 to $35,095,228. The Town's own plans say its non-obligatory reserves (the ones council can choose how to use) will fall to under $5 million before they rebuild.
Reserves are the Town's cushion for repairs, emergencies and shortfalls. A low point is the time when a surprise costs the most, and it is also a time the Town is planning to borrow heavily.
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 Saugeen Shores? Send us your answer and we will publish it with this question.
Net financial assets were $6,456,197 at December 31, 2024 and $26,538,877 at December 31, 2023.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Consolidated Statement of Financial Position, PDF page 7
The 2024 budget amount for net financial assets at the end of the year was $ (22,744,179), a negative figure; the actual was $6,456,197.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Consolidated Statement of Changes in Net Financial Assets, PDF page 9
Total reserves and reserve funds were $35,095,228 (2023: $42,710,011). The Legacy reserve fund was $3,790,522 (2023: $7,955,527). The budget expected "Net transfers from (to) reserves" of $13,030,421; the actual was $7,614,783.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Note 9 Reserves, PDF page 23; Note 10 Budget Amounts, PDF page 24
The December 9, 2024 staff report says: "Non-Obligatory Reserves will fall to a low of $3 million before returning to $25 million by 2033".
Staff Report, Final Budget Report 2025 (December 9, 2024) · Background/Analysis, PDF page 4
The December 8, 2025 staff report says: "Non-Obligatory Reserves will fall to below $5 million before returning to over $40 million by 2034". It adds that "The use of reserves ... and debt allows the measured dedicated Future Infrastructure Special Levy to grow to the required funding level by 2032."
Staff Report, Final 2026 Business Plan and Budget Report (December 8, 2025) · Background/Analysis, PDF page 4
$49,945,950estimated budget for the centre in the Town's 2024 statements, up from $48,947,790 in the 2023 statements
The Town's statements put the cost of the Aquatic and Wellness Centre (now called the Pryde Aquatic and Wellness Centre) at $48,947,790 at the end of 2023 and at $49,945,950 at the end of 2024. The December 2024 budget report spoke of $42 million of debt for it; a year later the 2026 report listed a further $28.3 million.
It is the biggest single project in the Town's plans. How it is paid for (reserves, debt, grants, donations) decides how much it adds to taxes for decades, and the cost of running it is new.
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 Saugeen Shores? Send us your answer and we will publish it with this question.
Contractual commitments, 2023: the Town "has committed to constructing an aquatics and wellness centre with an estimated budget of $48,947,790 to be funded from reserves and debt." Expenses incurred were $1,433,540, with $47,514,250 remaining.
Saugeen Shores Financial Information, December 31, 2023 (MNP LLP) · Note 20 Contractual Commitments, PDF page 30
Contractual commitments, 2024: an estimated budget of $49,945,950 "to be funded from reserves and debt", expenses incurred to December 31, 2024 of $22,480,723, with $26,465,227 remaining to be spent.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Note 19 Contractual Commitments, PDF page 29
Long-term receivables include "Pledges for Aquatic and Wellness Centre, due 2025 to 2029" of $440,000.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Note 3 Long-term Receivables, PDF page 16
The December 9, 2024 staff report lists "A further $18 million of debt in 2025 for the AWC (for a total of $42 million)".
Staff Report, Final Budget Report 2025 (December 9, 2024) · Background/Analysis, debt summary, PDF page 4
The December 8, 2025 staff report lists "Aquatic and Wellness Centre - $28.3 million incremental debt in Q4 2025 / Q1 2026", and names "Pryde AWC: Managing operations and programming for the Pryde Aquatic & Wellness Centre in its inaugural year" as a 2026 priority.
Staff Report, Final 2026 Business Plan and Budget Report (December 8, 2025) · Background/Analysis, PDF pages 2 and 4
$16,368,776development charges held at December 31, 2024 and not yet counted as income
The 2024 budget expected $4,000,000 of development charges (fees on new buildings that pay for growth) as income. The statements recognized $395,013. The Town explains this in its deferred revenue schedule: development charges are counted as income only when spent, and the unspent balance at the end of 2024 was $16,368,776.
Development charges can only be used for growth-related projects. A large unspent balance can be a sign of projects running late, and it affects how much the Town must borrow or collect from taxes for the same projects.
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 Saugeen Shores? Send us your answer and we will publish it with this question.
Note 11 Other Income: "Development charges" 2024 budget $4,000,000, 2024 actual $395,013, 2023 actual $2,573,044.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Note 11 Other Income, PDF page 24
Schedule of Deferred Revenue, development charges: opening $13,883,056, received $2,100,136, investment income $780,597, recognized $(395,013), ending $16,368,776.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Schedule of Deferred Revenue, PDF page 35
+11%town property tax, 2023 to 2024
In 2024, Saugeen Shores collected $2.5M more in its own property tax than in 2023. That is a 11% jump, while prices went up about 2.4%. Only 13 of 76 similar towns raised theirs by more. Almost all of it came from a higher tax rate (up 8% for homes); the value of homes on the tax roll grew only 3.3%.
| Year | Town property tax |
|---|---|
| 2019 | $16.9M |
| 2020 | $18.8M |
| 2021 | $19.5M |
| 2022 | $20.8M |
| 2023 | $22.7M |
| 2024 | $25.1M |
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 $272 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 Saugeen Shores? Send us your answer and we will publish it with this question.
Town property tax: $22,657,937 in 2023, $25,109,898 in 2024.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 10, line 9940 · archived copy
Typical increase among 76 similar Ontario towns: 7.0%. Saugeen Shores ranks 14th highest.
Ontario Financial Information Return (FIR), 2024, 76 similar municipalities · Schedule 10, line 9940 · archived copy
Residential tax rate (town share): 0.695% in 2023, 0.747% in 2024. Residential assessment: $2.7B to $2.8B.
Ontario Financial Information Return (FIR), 2019 to 2024 · Schedule 22, residential (RT) · archived copy
Prices (inflation) rose 2.4% over the same year.
$39,436,164spent on capital assets in 2024, against a budget of $68,192,489
The 2024 budget planned $68,192,489 of capital spending, and the Town spent $39,436,164. It also planned to borrow $38,000,773 and borrowed $14,166,666. Work in progress (assets still being built) was $42,141,853 at year end. This looks like projects running behind their plan, which the Town's statements partly explain.
When the plan is much bigger than what is spent, the budget is a weaker guide to what will really happen to taxes, debt and reserves in 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 Saugeen Shores? Send us your answer and we will publish it with this question.
"Acquisition of tangible capital assets": 2024 budget (68,192,489), 2024 actual (39,436,164), 2023 actual (19,960,753).
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Consolidated Statement of Changes in Net Financial Assets, PDF page 9
Note 10 shows "Proceeds from issuance of long-term debt" of $38,000,773 budgeted for 2024 and $14,166,666 actual.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Note 10 Budget Amounts, PDF page 24
The net book value of tangible capital assets under construction was $42,141,853 (2023: $16,739,698). Contractual commitments note: other awarded capital contracts not completed at year end were about $5,731,891, to be completed in 2025.
Saugeen Shores Financial Information, December 31, 2024 (MNP LLP) · Note 7, PDF page 22; Note 19 Contractual Commitments, PDF page 29
$1,525,354Future Infrastructure Special Levy for 2026, up from $988,291 in 2025
Besides the general tax levy, the Town charges a Future Infrastructure Special Levy to save for replacing roads, pipes and buildings. It rose from $988,291 in 2025 to $1,525,354 in 2026. The Town says it will keep growing "to the required funding level by 2032". The Town has published what this means for an average home.
A special levy that grows every year is a promise of higher bills for several years, and it is separate from the headline tax-rate increase.
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 Saugeen Shores? Send us your answer and we will publish it with this question.
The 2025 report sets the tax levy at "$24,494,116" (an increase of $1,650,332) and the rate-based Future Infrastructure Special Levy up by $512,558 to a total of $988,291. It puts the estimated combined blended tax rate increase at 4.1%, or $183 for an average household assessed at $314,000.
Staff Report, Final Budget Report 2025 (December 9, 2024) · Recommendation and Report Summary, PDF page 1
The 2026 report sets a tax levy increase of $1,500,466 to a total of $25,984,488 and a Special Levy increase of $526,928 to a total of $1,525,354. It puts the estimated blended tax rate increase at 3.82%, which is $202 for an average household assessed at $314,000, with a $49 special levy increase.
Staff Report, Final 2026 Business Plan and Budget Report (December 8, 2025) · Report Summary, PDF page 1; Background/Analysis, PDF page 3; budget summary, PDF page 5