Questions · 11 so far
We read Thorold's financial reports and meeting minutes, and compared its numbers with 25 similar Ontario places. These are the things that stood out.
These are unusual enough that residents deserve a clear answer from council.
+94%parks, arena and library, 2019 to 2025
Thorold spent $3.0M on parks, arena and library in 2019 and $5.9M in 2025. Prices only went up about 21% in that time. Only 1 of 25 similar places had faster growth here.
Found automatically from the city's financial reports · 3 sources
$11Mowed in unpaid property tax, end of 2025
At the end of 2025, $11M of property tax had been billed but not paid. That is 16% of everything billed. None of the 25 similar places had a higher share. A year earlier it was $8.3M.
Found automatically from the city's financial reports · 2 sources
There may well be a good reason. It is still worth asking what it is.
8.14%gross levy change in the 2026 operating budget, with "growth" of -4.65% and a net levy change of 3.49%
The levy is the amount of money the City raises from property taxes. The 2026 operating budget summary puts taxation at $26,448,509, up from $24,457,573 in 2025, a rise of $1,990,936 or 8.1%. The same summary prints three percentages at the bottom: "GROSS LEVY CHANGE 8.14%", "GROWTH -4.65%" and "NET LEVY CHANGE 3.49%". The first minus the second gives the third (worked out by us). The summary does not say in words what these three lines mean, or what the new homes and businesses are expected to add.
Found by reading the city's own documents · 2 sources
$843,033licences and permits revenue in 2025, against a budget of $1,855,065
The 2025 budget counted on $1,855,065 from licences and permits. The audited statements show $843,033, and $958,729 the year before. Over the same year, the building code reserve (money by law set aside only for running the building permit service) fell from $3,492,928 to $2,327,080. The statements do not explain the gap.
Found by reading the city's own documents · 3 sources
$5,771,513spent on capital assets in 2025, against a budget of $36,944,206
Capital spending means building or replacing long-lasting things such as roads, pipes and buildings. The 2025 budget planned to buy $36,944,206 of these assets. The statements show $5,771,513 bought, and $16,712,635 in 2024. The City says projects in progress at December 31, 2025 have future costs of about $33,424,392. Development charges are fees paid by builders to pay for the roads, pipes and parks that growth needs. The City held $41,792,512 of them at the end of 2025, and recognized $1,257,540 of capital development charge revenue against a budget of $9,146,947.
Found by reading the city's own documents · 5 sources
$19,123,000held in principal protected notes at December 31, 2025, out of $40,480,043 of investments
The City invests money it does not need right away. At December 31, 2025 the book value of its portfolio was $40,480,043. The largest part, $19,123,000, was in principal protected notes (PPNs), and another $2,000,000 in step-up notes. A principal protected note promises to return the amount put in, but what it earns on top can depend on a market or index, which makes it harder to value than a plain savings certificate. About 47% of the portfolio is in PPNs (worked out by us). The statements say all investments are recorded at cost. The market value of the whole portfolio was $42,917,310.
Found by reading the city's own documents · 3 sources
$11,042,437taxes receivable at December 31, 2025, up from $8,284,563 (both worked out by us from two printed lines)
At the end of 2025 the City was owed property taxes shown on two lines of its statement of financial position: $7,340,024 and $3,702,413. A year earlier the same two lines were $5,398,607 and $2,885,956. Together they rose from $8,284,563 to $11,042,437, about 33% (worked out by us). The allowance for taxes that may never be collected was $1,752,590 in both years. Penalties and interest on taxes brought in $1,377,173 against a budget of $945,804. The 2026 budget raises that line to $1,194,804.
Found by reading the city's own documents · 4 sources
$1,821,150budgeted spending on the Community Improvement Plan line in 2026, against $621,164 in the 2025 column
A community improvement plan is a program that gives grants or tax breaks to property owners to encourage building or repairs in an area. The 2026 operating budget lists "G824 COMM. IMPROVEMENT PLAN" at $1,821,150 of spending, against $621,164 in the 2025 column, with revenue of $1,546,986 against $347,000. The net cost to taxpayers is $274,164 in both years. The statements also say the City has five signed tax increment based grant agreements, with $844,199 left to pay. The budget pages we read do not say what the new revenue is.
Found by reading the city's own documents · 2 sources
+93%police, fire and safety, 2019 to 2025
Thorold spent $4.8M on police, fire and safety in 2019 and $9.2M in 2025. Prices only went up about 21% in that time.
Found automatically from the city's financial reports · 2 sources
+144%water, sewers and garbage, 2019 to 2025
Thorold spent $5.6M on water, sewers and garbage in 2019 and $13.6M in 2025. Prices only went up about 21% in that time.
Found automatically from the city's financial reports · 2 sources
Background that helps make sense of the rest.
$4,113,414the Park's annual deficit for 2025 as reported by the Park, which the City shares
Canada Games Park is a large sports centre in Thorold owned jointly by Brock University, the City of St. Catharines, the City of Thorold and the Region of Niagara. The City's statements record a 25% share. The Park reported revenue of $3,648,766 and expenses of $7,762,180 for 2025, an annual deficit of $4,113,414 (2024: $5,391,235). The notes do not say how much of the expenses is the yearly wearing-out of the building (amortization, which is not a cash cost). The notes also say the Park's revenues and operating costs are shared in equal one-third shares by three members, while the City holds 25%. Of the Park's deficit, the notes record contributions from the City of $383,827 in 2025.
Found by reading the city's own documents · 3 sources
+94%parks, arena and library, 2019 to 2025
Thorold spent $3.0M on parks, arena and library in 2019 and $5.9M in 2025. Prices only went up about 21% in that time. Only 1 of 25 similar places had faster growth here.
| Year | Parks, arena and library | Prices (inflation) |
|---|---|---|
| 2019 | +0% | +0% |
| 2020 | −17% | +1% |
| 2021 | −3% | +4% |
| 2022 | +49% | +11% |
| 2023 | +51% | +16% |
| 2024 | +91% | +18% |
| 2025 | +94% | +21% |
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 Thorold? Send us your answer and we will publish it with this question.
Parks, arena and library: 2019 $3.0M, 2020 $2.5M, 2021 $3.0M, 2022 $4.5M, 2023 $4.6M, 2024 $5.8M, 2025 $5.9M.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 40 · archived copy
Biggest driver: Arena and buildings, from $1.6M to $3.1M.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 40 · archived copy
Typical growth among similar places: 80%. Thorold ranks 2nd of 26.
Ontario Financial Information Return (FIR), 2025, 25 similar municipalities · Schedule 40 · archived copy
$11Mowed in unpaid property tax, end of 2025
At the end of 2025, $11M of property tax had been billed but not paid. That is 16% of everything billed. None of the 25 similar places had a higher share. A year earlier it was $8.3M.
| Year | Unpaid property tax at year end |
|---|---|
| 2019 | $3.7M |
| 2020 | $4.0M |
| 2021 | $4.8M |
| 2022 | $5.2M |
| 2023 | $6.4M |
| 2024 | $8.3M |
| 2025 | $11M |
When taxes go unpaid, everyone else carries the cost, and the city may borrow to cover the gap. The Province's financial indicators treat 10% to 15% as a moderate risk and more than 15% as a high risk. Collection is the city's job, so a rising number is worth asking about.
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 Thorold? Send us your answer and we will publish it with this question.
Taxes receivable: 2019 $3.7M, 2020 $4.0M, 2021 $4.8M, 2022 $5.2M, 2023 $6.4M, 2024 $8.3M, 2025 $11M. Of the 2025 total, $3.3M was from earlier years.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 70, lines 0610 to 0699 · archived copy
Typical among similar places: 7.3% of taxes billed.
Ontario Financial Information Return (FIR), 2025, 25 similar municipalities · Schedules 26 and 70 · archived copy
8.14%gross levy change in the 2026 operating budget, with "growth" of -4.65% and a net levy change of 3.49%
The levy is the amount of money the City raises from property taxes. The 2026 operating budget summary puts taxation at $26,448,509, up from $24,457,573 in 2025, a rise of $1,990,936 or 8.1%. The same summary prints three percentages at the bottom: "GROSS LEVY CHANGE 8.14%", "GROWTH -4.65%" and "NET LEVY CHANGE 3.49%". The first minus the second gives the third (worked out by us). The summary does not say in words what these three lines mean, or what the new homes and businesses are expected to add.
Whether an owner of an existing home sees a rise of 8% or of 3% depends on how much of the new money comes from newly built property. The budget pages we read print the numbers but not the explanation.
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 Thorold? Send us your answer and we will publish it with this question.
Operating budget summary, "0001 TAXATION": 2026 net -26,448,509; 2025 net -24,457,573; variance -1,990,936; "8.1%". "0002 SUPPLEMENTARY TAXATION": 2026 net -1,633,923; 2025 net -1,424,200; variance -209,723; "14.7%".
City of Thorold, 2026 Budget, Operating Budget Summary · Page 1 of 3, general revenues (taxation and supplementary taxation lines)
Operating budget summary, last lines: "Total consolidated" gross 42,391,057 in 2026 against 38,479,584.55 in 2025, variance 3,911,472, "10.7%". Then "GROSS LEVY CHANGE 8.14%", "GROWTH -4.65%", "NET LEVY CHANGE 3.49%".
City of Thorold, 2026 Budget, Operating Budget Summary · Page 3 of 3, bottom of the summary
$843,033licences and permits revenue in 2025, against a budget of $1,855,065
The 2025 budget counted on $1,855,065 from licences and permits. The audited statements show $843,033, and $958,729 the year before. Over the same year, the building code reserve (money by law set aside only for running the building permit service) fell from $3,492,928 to $2,327,080. The statements do not explain the gap.
When revenue is budgeted at about twice what arrives, something else has to give: spending is cut, a reserve is used, or taxes make up the difference. A reserve that shrinks is worth watching in a city that is planning to grow.
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 Thorold? Send us your answer and we will publish it with this question.
Note 16, User charges, operating: "Licences and permits" budget 2025 1,855,065; actual 2025 843,033; actual 2024 958,729.
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 16 "User charges", PDF page 24
Note 4, Deferred revenue - obligatory reserve funds: "Building code" 2025 2,327,080; 2024 3,492,928.
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 4, PDF page 16
Operating budget summary, "G221 BUILDING CONTROL DIVISION": 2026 gross expenditure 2,674,021, revenue -2,566,961, net 107,060; 2025 gross 2,615,805, revenue -2,615,805.
City of Thorold, 2026 Budget, Operating Budget Summary · Page 1 of 3, protection to persons and property
$5,771,513spent on capital assets in 2025, against a budget of $36,944,206
Capital spending means building or replacing long-lasting things such as roads, pipes and buildings. The 2025 budget planned to buy $36,944,206 of these assets. The statements show $5,771,513 bought, and $16,712,635 in 2024. The City says projects in progress at December 31, 2025 have future costs of about $33,424,392. Development charges are fees paid by builders to pay for the roads, pipes and parks that growth needs. The City held $41,792,512 of them at the end of 2025, and recognized $1,257,540 of capital development charge revenue against a budget of $9,146,947.
Residents were told about a large building plan. If most of it is late, the services growth needs may arrive later than promised, and money collected from builders sits unused. Delays can also raise costs.
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 Thorold? Send us your answer and we will publish it with this question.
Statement of changes in net financial assets: "Acquisition of tangible capital assets" budget 2025 (36,944,206); actual 2025 (5,771,513); actual 2024 (16,712,635).
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Consolidated Statement of Changes in Net Financial Assets, PDF page 8
Note 23, Commitments: "The estimated future capital expense commitments based on projects in progress at December 31, 2025 is approximately $ 33,424,392 (2024 - $ 33,300,791). These projects will be financed by grants, subsidies and long term liabilities in future years."
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 23 "Commitments", PDF page 29
Note 4, Deferred revenue - obligatory reserve funds: "Development charges" 2025 41,792,512; 2024 38,552,044.
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 4, PDF page 16
Note 16, User charges, capital: "Development charges" budget 2025 9,146,947; actual 2025 1,257,540; actual 2024 10,459,872.
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 16 "User charges", PDF page 24
Note 25, Budget: the budget was prepared on a modified accrual basis and adjusted for the statements; the adjustments include "Acquisition of tangible capital assets 36,944,206".
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 25 "Budget", PDF page 31
$19,123,000held in principal protected notes at December 31, 2025, out of $40,480,043 of investments
The City invests money it does not need right away. At December 31, 2025 the book value of its portfolio was $40,480,043. The largest part, $19,123,000, was in principal protected notes (PPNs), and another $2,000,000 in step-up notes. A principal protected note promises to return the amount put in, but what it earns on top can depend on a market or index, which makes it harder to value than a plain savings certificate. About 47% of the portfolio is in PPNs (worked out by us). The statements say all investments are recorded at cost. The market value of the whole portfolio was $42,917,310.
The money belongs to taxpayers and backs reserves for future needs. Residents should be able to see what the City owns, who issued it, when it ends, and what rule allowed it.
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 Thorold? Send us your answer and we will publish it with this question.
The records that would answer this can be requested: List of investments held at December 31, 2025, with wording you can copy.
Note 2, Portfolio investments: book value 2025 "PPNs 19,123,000" (market value 20,187,587); "Step-ups 2,000,000" (market value 1,949,866); "GICs $ 8,622,273"; "Bonds 10,484,770"; "Equity Fund 250,000"; total "$ 40,480,043", market value total "$ 42,917,310". Book value of PPNs in 2024: 14,107,000.
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 2 "Portfolio investments", PDF page 15
Note 2, text under the table: investments "carry an effective interest rates from 1.50% to 5.30% and maturity dates ranging from May, 2026 to November, 2035", and "all of the Municipality's investments are recorded at cost."
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 2 "Portfolio investments", PDF page 15
Note 18, Other revenues, operating: "Investment income" budget 2025 703,000; actual 2025 791,796; actual 2024 1,005,810. "Investment income - reserves and reserve funds" budget 1,475,112; actual 1,062,186; actual 2024 1,423,893.
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 18 "Other revenues", PDF page 26
$11,042,437taxes receivable at December 31, 2025, up from $8,284,563 (both worked out by us from two printed lines)
At the end of 2025 the City was owed property taxes shown on two lines of its statement of financial position: $7,340,024 and $3,702,413. A year earlier the same two lines were $5,398,607 and $2,885,956. Together they rose from $8,284,563 to $11,042,437, about 33% (worked out by us). The allowance for taxes that may never be collected was $1,752,590 in both years. Penalties and interest on taxes brought in $1,377,173 against a budget of $945,804. The 2026 budget raises that line to $1,194,804.
Unpaid taxes are money the City has counted as income but not yet received. If owners fall behind, the City may need to write some off, which costs everyone else. A fixed allowance against a growing balance is worth a question.
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 Thorold? Send us your answer and we will publish it with this question.
Consolidated Statement of Financial Position, financial assets, "Taxes receivable (Note 3)": 7,340,024 (2024: 5,398,607) and 3,702,413 (2024: 2,885,956), on the two lines under that heading.
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Consolidated Statement of Financial Position, PDF page 6
Note 3, Taxes receivable: "an allowance for doubtful accounts in the amount of $ 1,752,590 (2024 - $ 1,752,590) and have penalties and interest receivable of $ 2,475,271 (2024 - $ 2,255,874)."
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 3 "Taxes receivable", PDF page 16
Note 18, Other revenues, operating: "Penalties and interest on taxes" budget 2025 945,804; actual 2025 1,377,173; actual 2024 1,130,298.
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 18 "Other revenues", PDF page 26
Operating budget summary, "0741 PENALTIES & INTEREST-TAXES": 2026 net -1,194,804; 2025 net -945,804; variance -249,000; "26.3%".
City of Thorold, 2026 Budget, Operating Budget Summary · Page 1 of 3, other revenues
$1,821,150budgeted spending on the Community Improvement Plan line in 2026, against $621,164 in the 2025 column
A community improvement plan is a program that gives grants or tax breaks to property owners to encourage building or repairs in an area. The 2026 operating budget lists "G824 COMM. IMPROVEMENT PLAN" at $1,821,150 of spending, against $621,164 in the 2025 column, with revenue of $1,546,986 against $347,000. The net cost to taxpayers is $274,164 in both years. The statements also say the City has five signed tax increment based grant agreements, with $844,199 left to pay. The budget pages we read do not say what the new revenue is.
Grants to private owners are public money. When a line triples, residents should know who pays, whether it is taxes or fees from builders, and how the grants are chosen. The net cost is unchanged, so the question is what the new revenue is and whether it could be used elsewhere.
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 Thorold? Send us your answer and we will publish it with this question.
The records that would answer this can be requested: Community Improvement Plan budget detail for 2026, with wording you can copy.
Operating budget summary, "G824 COMM. IMPROVEMENT PLAN": 2026 gross expenditure 1,821,150; revenue -1,546,986; net 274,164. 2025 gross 621,164; revenue -347,000; net 274,164. Expenditure variance 1,199,986.
City of Thorold, 2026 Budget, Operating Budget Summary · Page 3 of 3, planning and development
Note 23, Commitments, "Tax increment based grants": "There are currently five signed agreements with a term spanning ten years each. At December 31, 2025, the total amount remaining to be paid from these agreements is $ 844,199". Payments: 2026 211,946; 2027 211,946; 2028 207,062; 2029 200,887; 2030 12,358.
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 23 "Commitments", PDF page 30
+93%police, fire and safety, 2019 to 2025
Thorold spent $4.8M on police, fire and safety in 2019 and $9.2M in 2025. Prices only went up about 21% in that time.
| Year | Police, fire and safety | Prices (inflation) |
|---|---|---|
| 2019 | +0% | +0% |
| 2020 | +14% | +1% |
| 2021 | +22% | +4% |
| 2022 | +30% | +11% |
| 2023 | +49% | +16% |
| 2024 | +75% | +18% |
| 2025 | +93% | +21% |
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 Thorold? Send us your answer and we will publish it with this question.
Police, fire and safety: 2019 $4.8M, 2020 $5.5M, 2021 $5.8M, 2022 $6.2M, 2023 $7.2M, 2024 $8.4M, 2025 $9.2M.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 40 · archived copy
Biggest driver: Fire department, from $3.6M to $5.5M.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 40 · archived copy
+144%water, sewers and garbage, 2019 to 2025
Thorold spent $5.6M on water, sewers and garbage in 2019 and $13.6M in 2025. Prices only went up about 21% in that time.
| Year | Water, sewers and garbage | Prices (inflation) |
|---|---|---|
| 2019 | +0% | +0% |
| 2020 | +58% | +1% |
| 2021 | +59% | +4% |
| 2022 | +69% | +11% |
| 2023 | +76% | +16% |
| 2024 | +110% | +18% |
| 2025 | +144% | +21% |
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 Thorold? Send us your answer and we will publish it with this question.
Water, sewers and garbage: 2019 $5.6M, 2020 $8.8M, 2021 $8.9M, 2022 $9.4M, 2023 $9.9M, 2024 $11.8M, 2025 $13.6M.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 40 · archived copy
Biggest driver: Sewage treatment, from $4.0M to $7.6M.
Ontario Financial Information Return (FIR), 2019 to 2025 · Schedule 40 · archived copy
$4,113,414the Park's annual deficit for 2025 as reported by the Park, which the City shares
Canada Games Park is a large sports centre in Thorold owned jointly by Brock University, the City of St. Catharines, the City of Thorold and the Region of Niagara. The City's statements record a 25% share. The Park reported revenue of $3,648,766 and expenses of $7,762,180 for 2025, an annual deficit of $4,113,414 (2024: $5,391,235). The notes do not say how much of the expenses is the yearly wearing-out of the building (amortization, which is not a cash cost). The notes also say the Park's revenues and operating costs are shared in equal one-third shares by three members, while the City holds 25%. Of the Park's deficit, the notes record contributions from the City of $383,827 in 2025.
A facility with a deficit of this size is paid for by its owners. Residents should know how much of it comes from Thorold taxes, how it is shared, and what the City may be asked to pay later.
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 Thorold? Send us your answer and we will publish it with this question.
Note 20, Canada Games Park: "Revenues and operating costs are shared by the participating consortium members, Brock University, the City of St. Catharines and the City of Thorold in equal one-third (1/3) shares. The City of Thorold has a non-controlling interest in the Park of 25%."
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 20 "Canada Games Park", PDF page 27
Note 20, condensed information for the Park: revenues 2025 3,648,766 (2024 3,292,131); "Expenses 7,762,180" (2024 8,683,366); "Annual deficit $ (4,113,414)" (2024 (5,391,235)). Tangible capital assets 87,914,661 (2024 92,113,164).
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 20 "Canada Games Park", PDF pages 27 and 28
Note 20, related party transactions with the Park, Statement of Operations: "Rentals $ 116,218" (2024 130,803); "Contributions 383,827" (2024 317,108). Capital reserve: "Each of the four Consortium partners ... have contributed $ 1,677,092 to the $ 6,708,368 capital reserve."
City of Thorold, Financial Statements, December 31, 2025 (Doane Grant Thornton LLP, July 21, 2026) · Notes, Note 20 "Canada Games Park", PDF page 28