$6,064,721fall in cash during 2024, from $20,932,330 to $14,867,609
Cash is money in the bank. The Town ended 2023 with $20,932,330 and ended 2024 with $14,867,609. Over the same year it spent $11,750,670 buying or building capital assets (roads, pipes, buildings), and reserves (savings set aside by Council for set purposes) fell from $17,250,381 to $15,682,247. The statements also show "unfinanced capital projects" of $4,323,504, up from $2,588,981. That is capital work already paid for with no matching grant, reserve or loan set aside. The Town's own note says its budget is not prepared on the same basis as its statements, so some of the gap is accounting.
$11,595,003capital commitments signed after December 31, 2024, on top of $9,496,000 for the water tank
The 2024 statements list a commitment of $9,496,000 for an elevated water storage tank, of which $5,076,868 had been spent. They also list a $2,099,003 commitment for the Confederation Bridge, with nothing spent yet, and say that after year end the Town signed agreements for other capital projects worth $11,595,003. The Town's 2024 budget assumed $3,631,000 of new long-term borrowing. The statements show none was taken that year. Loan payments due in 2025 are $2,236,206, against $960,706 paid in 2024. The statements do not say how the new commitments will be funded.
$6,144,788accounts receivable at December 31, 2024, up from $3,487,191
Taxes receivable (property tax bills not yet paid) rose from $1,098,033 to $2,431,271. Accounts receivable (other money owed to the Town) rose from $3,487,191 to $6,144,788. Together that is about $3,990,835 more owed at the end of 2024 than a year before (worked out by us). The cash flow statement shows these two increases took $1,333,238 and $2,657,597 out of cash. We did not find the Town's explanation in the statements.
$1,465,657development charges "adjustment" in 2024, with no explanation in the note
Development charges are fees collected from builders to pay for the growth they cause. The law restricts how they can be used, so the statements report them as deferred revenue. At the start of 2024 the Town held $2,257,237. During the year it collected $98,363 (against $1,135,249 the year before), recognized $437,855 as revenue, and then shows an "Adjustments" line of $(1,465,657). The balance at December 31, 2024 was $547,484. The note does not say what the adjustment was.