Not the full picture. Built from public records, which leave things out.Read by hand, Oct 2026DetailsThis is built from public records, which leave a lot out, and some of it may be wrong or out of date. Check the sources, and tell us if you spot a mistake. What this site can't tell you Read by hand. We read Thunder Bay's own documents for this site in October 2026; the Sources page lists which ones. The comparisons with other places still come from the Province's yearly reports.
Questions · 9 so far
Things worth asking about
We read Thunder Bay's financial reports and meeting minutes, and compared its numbers with 10 similar Ontario places. These are the things that stood out.
What these are, and what they are not. A question here means a number or practice is unusual, or harder to see than it should be. It does not mean anyone did anything wrong. Most unusual numbers turn out to have ordinary explanations, and every question lists some. The only way to know is to ask.
Worth asking
Worth asking
There may well be a good reason. It is still worth asking what it is.
December 3, 2025date of the auditor's opinion on the year ended December 31, 2024
Audited financial statements are the City's yearly accounts, checked by an outside accounting firm. The auditor's opinion on the year ended December 31, 2023 is dated October 28, 2024. The auditor's opinion on the year ended December 31, 2024 is dated December 3, 2025, and the Treasurer's letter that opens the report is dated December 2, 2025. Both opinions say the statements present fairly, so the numbers are clean. The 2024 statements say 2023 was audited by 'another auditor': the 2023 report names BDO Canada LLP, and MNP LLP signed 2024. On October 5, 2026 the City's Accountability page listed the 2024 report as the newest, and we did not find 2025 statements. We did not find a public explanation for the timing.
Found by reading the city's own documents · 2 sources
9.1%rise in 2026 police net cost ($59,386.1 thousand to $64,819.2 thousand), against a 2.6% council target
Council told the City and its agencies, boards and commissions to hold increases to 2.6%. The City's own services met that. The police did not: the Police Service's net cost (the part paid from property taxes) goes from $59,386.1 thousand in 2025 to $64,819.2 thousand in 2026, up $5,433.1 thousand or 9.1%. About $222 of every $1,000 of property tax goes to police. The budget says several agencies went over the target and that this 'driven the Municipal Tax Levy increase to 4.0%'. The City says a $3.5 million rise in the Province's Ontario Municipal Partnership Fund (OMPF, a yearly Provincial grant) paid for some of it, including $748,500 for eight new constables. The police say more officers are needed because of public surveys, an independent staffing assessment and new provincial policing rules. That answers why. We did not find a plan for what pays for the officers if the grant falls.
Found by reading the city's own documents · 4 sources
$21,000.0 thousandTbaytel dividend counted in the City's 2026 operating budget, up from $19,000.0 thousand in 2024
Tbaytel is the phone and internet company the City owns. A dividend is a share of its profit paid to its owner. The 2026 budget counts a Tbaytel dividend of $21,000.0 thousand, up from $19,000.0 thousand actually received in 2024 and $19,500.0 thousand budgeted in 2025, plus a special dividend of $2,000.0 thousand that goes to a reserve fund. The 2026 to 2027 capital budget says Council raised the capital tax increase from 2.6% and 2.1% to 5% a year 'by directing a portion of the expected Tbaytel Dividend to capital'. The dividend is paid under a Council-approved Dividend Policy, which we did not open. Tbaytel's own revenue was flat: $206,957,000 in 2024, against a budget of $209,470,000 and $207,524,000 in 2023.
Found by reading the city's own documents · 3 sources
$30.6 millionannual infrastructure deficit, as stated in the 2026 to 2027 capital budget
Infrastructure is the roads, pipes, buildings and vehicles the City must keep up. The City's capital budget says it has an annual infrastructure deficit of $30.6 million: the gap between what it takes to keep services at today's level and what the City has. The same budget plans $41,910,500 of new debentures (long-term loans) and internal loans in 2026 and $27,454,000 in 2027. That includes special debentures of $10,550,000 a year for a new Organics Processing Facility. The City's statements show municipal debenture debt of $190,495,208 at the end of 2024, down from $202,822,908, so debt has been falling. The City's asset plan says it will 'gradually increase capital out of revenue beginning in 2028'. We did not find how much, or what pays for the facility's yearly loan costs.
Found by reading the city's own documents · 3 sources
May 28, 2012the flood the City is still in a legal dispute with its insurer about, as of the 2024 statements
On May 28, 2012 heavy rain flooded the Atlantic Avenue sewage treatment plant and many basements. The Province declared the City a disaster area. The City's 2024 statements say the City is still 'in a dispute with its insurer', which denied the claim over how repair costs should be split, and that the City 'has initiated legal action against its insurers and the claims adjusters'. Because the result is unknown, the City has not counted any money from it. The same note appeared in the 2023 statements. The 2024 statements also say there are 'numerous claims and litigation in dispute' with no amount set aside, and that the City has duties to close and maintain the Shuniah Mine site on City property, with no cost estimate or provision. The statements print no figure for any of these. The flood itself is now more than fourteen years ago.
Found by reading the city's own documents · 3 sources
Places keep savings (called reserves) to pay for new trucks, roof repairs and surprises. Thunder Bay had $222M saved at the end of 2024, up from $137M in 2019. That is 40% of one year's spending. Only 2 of 10 similar places had less, compared with what they spend.
Found automatically from the city's financial reports · 2 sources
$56,944,953annual surplus in 2024, against a budgeted $21,908,589
A surplus is revenue minus expenses for the year. It is not cash in a drawer. The City's consolidated statements show an annual surplus of $56,944,953 in 2024 against a budget of $21,908,589. Spending was close to plan ($642,396,757 against $645,611,244). The gap came from revenue: $695,521,693 against $667,613,833. The largest overshoots were Government of Canada grants ($16,375,284 against $7,615,748), Province of Ontario grants ($84,485,636 against $72,863,859) and investment income ($12,046,276 against $8,912,404). The City's discussion says 'Variance explanations are discussed below', but what follows explains this year's property tax rise from 2023, not the gaps against budget. We did not find the reasons for the grant gaps.
Found by reading the city's own documents · 3 sources
$793.0 thousandless parking fee income budgeted in 2026 than in 2025, because of free two-hour street parking
In 2025 the City started giving two free hours of on-street parking in its city centres, which it calls the complimentary parking initiative, to bring more people downtown. The 2026 budget carries it on. Parking fees fall from $2,573.3 thousand in the 2025 budget to $1,780.3 thousand in 2026, and fines fall by $99.0 thousand. The City covers the shortfall with $239.3 thousand from the Assessment Growth Reserve Fund, which holds the extra property tax from new buildings, and pays nothing into the Parking Reserve Fund this year (it was $562.2 thousand). The City lists the parking money as a temporary allocation. We did not find a date when the initiative is reviewed or ends.
Found by reading the city's own documents · 2 sources
April 14, 2026Standing Committee meeting date for the 2026 Internal Audit Work Plan (Report 123-2026)
Internal audit is the City's own team that checks whether money and rules are handled as intended. A 2026 report to the Finance and Administration Standing Committee says the Audit Committee used to approve the audit charter and work plan, and that oversight has moved to the Standing Committee. The 2026 plan names credit card compliance, card payment security standards, inventory, cash handling, fuel controls, vendor payments, revenue assurance and vending and ATM operations. We did not find a page listing past internal audit reports or follow-up on their recommendations.
Found by reading the city's own documents · 2 sources
December 3, 2025date of the auditor's opinion on the year ended December 31, 2024
Audited financial statements are the City's yearly accounts, checked by an outside accounting firm. The auditor's opinion on the year ended December 31, 2023 is dated October 28, 2024. The auditor's opinion on the year ended December 31, 2024 is dated December 3, 2025, and the Treasurer's letter that opens the report is dated December 2, 2025. Both opinions say the statements present fairly, so the numbers are clean. The 2024 statements say 2023 was audited by 'another auditor': the 2023 report names BDO Canada LLP, and MNP LLP signed 2024. On October 5, 2026 the City's Accountability page listed the 2024 report as the newest, and we did not find 2025 statements. We did not find a public explanation for the timing.
Why it matters
Residents vote on October 26, 2026. If the 2025 statements follow the same timing, council and voters would not see audited numbers for the last full year of this term until well into the next one.
It could be because…
A new auditor in its first year on a large audit can take longer. The 2024 report says the 2023 statements were audited by a different firm.
The statements cover many bodies, including Tbaytel, the police board and the library board, and gathering all of them takes time.
The 2023 Treasurer's letter says 2023 was the Treasurer's first year in the role, so the finance team was also changing.
The City may have explained the timing in a council report that we could not open, because its meeting portal blocks scripted downloads.
Questions you could ask
When will the audited 2025 statements be signed and presented to council, and will that be before the October 26, 2026 election?
Why did the 2023 and 2024 audits finish about ten and eleven months after year end, and what is the City's target date for each year's audit?
Did council or its committee receive an audit plan or a delay report, and where is it posted?
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 Thunder Bay?Send us your answer and we will publish it with this question.
The City's auditor, MNP LLP, signed its report in Thunder Bay, Ontario on "December 3, 2025". The report says the statements "present fairly" and, about 2023, "The consolidated financial statement for the year ended December 31, 2023 were audited by another auditor who expressed an unmodified opinion on those statements on October 28, 2024". The Treasurer's letter opening the report is dated December 2, 2025.
The Treasurer's letter says the statements "have been audited by BDO Canada LLP" and thanks staff "for their support during my first year as City Treasurer". The Independent Auditor's Report for the year ended December 31, 2023 is signed in Thunder Bay, Ontario and dated October 28, 2024.
9.1%rise in 2026 police net cost ($59,386.1 thousand to $64,819.2 thousand), against a 2.6% council target
Council told the City and its agencies, boards and commissions to hold increases to 2.6%. The City's own services met that. The police did not: the Police Service's net cost (the part paid from property taxes) goes from $59,386.1 thousand in 2025 to $64,819.2 thousand in 2026, up $5,433.1 thousand or 9.1%. About $222 of every $1,000 of property tax goes to police. The budget says several agencies went over the target and that this 'driven the Municipal Tax Levy increase to 4.0%'. The City says a $3.5 million rise in the Province's Ontario Municipal Partnership Fund (OMPF, a yearly Provincial grant) paid for some of it, including $748,500 for eight new constables. The police say more officers are needed because of public surveys, an independent staffing assessment and new provincial policing rules. That answers why. We did not find a plan for what pays for the officers if the grant falls.
Why it matters
Police is the largest single use of property tax. A new officer is a cost every year. If a grant that is reviewed yearly pays for it, the cost can move onto the tax bill later.
It could be because…
The police say front-line officers were recommended by an independent Staffing and Service Delivery Assessment, and that the average cost per call, $1,030 in 2024, is lower than comparable services.
Most of the rise is personnel costs: wage increases and movement between wage scales account for $3,218.6 thousand of it.
Four special constable positions and three records clerk positions are one-time, offset by one-time revenue of $417.0 thousand, so they should not repeat.
The Province's OMPF increase was announced for 2026, and the City chose to use $748,500 of it on police.
Questions you could ask
If the Province's OMPF allocation falls, which budget line pays for the eight constables hired with it?
Which part of the 9.1% rise is wages and benefits already fixed by contract, and which part is new positions?
Will the City publish what the police Staffing and Service Delivery Assessment cost and recommended, so the officer numbers can be checked?
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 Thunder Bay?Send us your answer and we will publish it with this question.
The evidence
The tax-supported operating table lists Thunder Bay Police Service Operations at 59,386.1 for the 2025 budget and 64,819.2 for 2026, a change of 5,433.1 or 9.1% (in thousands of dollars). The Thunder Bay Public Library is listed at 4.3% and the Police Service Board at 2.6%.
The budget says Council's mandate limited the levy increase to "no more than 2.6%, before growth, for programs and services within the City's direct control". It lists Thunder Bay Police Service Operations at 59,386.1 and 64,819.2, a rise of 4,684.6 or 7.9% after "Less OMPF Allocated to TBPS (748.5)", and says "the ABCs that exceeded the target have driven the Municipal Tax Levy increase to 4.0%."
"The City's 2026 OMPF allocation will increase by $3.5 million (14.3%) from $24.3 million to $27.8 million." One use listed is "$748,500 - To support the Thunder Bay Police Service expansion request for 8 additional Constable positions." The overview also says "$222" of each $1,000 of property tax goes to Police Services.
The police section gives personnel services of 63,539.6 (2025 budget) and 68,688.9 (2026), up 5,149.3 or 8.1% (wage increases and movement between wage scales: 3,218.6), and total staff of 393.6 and 410.8 full-time equivalents, a change of 17.2. It lists one-time items: Special Constables (4.0 FTE) 405.9, Central Records Clerk (3.0 FTEs) 275.1, and one-time other revenue (417.0). It says "In 2024, the average cost per call for service was $1,030, lower than comparable services" and that an independent assessment "recommended increasing front-line officers".
City of Thunder Bay, 2026 Operating Budget · PDF pages 173 to 175, Thunder Bay Police Service Operations (priorities, staffing summary, budget summary and summary of changes)
$21,000.0 thousandTbaytel dividend counted in the City's 2026 operating budget, up from $19,000.0 thousand in 2024
Tbaytel is the phone and internet company the City owns. A dividend is a share of its profit paid to its owner. The 2026 budget counts a Tbaytel dividend of $21,000.0 thousand, up from $19,000.0 thousand actually received in 2024 and $19,500.0 thousand budgeted in 2025, plus a special dividend of $2,000.0 thousand that goes to a reserve fund. The 2026 to 2027 capital budget says Council raised the capital tax increase from 2.6% and 2.1% to 5% a year 'by directing a portion of the expected Tbaytel Dividend to capital'. The dividend is paid under a Council-approved Dividend Policy, which we did not open. Tbaytel's own revenue was flat: $206,957,000 in 2024, against a budget of $209,470,000 and $207,524,000 in 2023.
Why it matters
The municipal tax levy in 2026 is $250,432,200. A $21 million dividend is a large, regular source of money. If the company earns less, the City would have to cut, borrow or raise taxes to fill the gap.
It could be because…
The dividend is set by a Council-approved policy, so it may be tied to Tbaytel's profit in a way that protects the City in a bad year.
The City uses the dividend to pay for capital work (roads and buildings) rather than daily running costs, which can be paused with less harm.
Tbaytel's expenses ($164,713,436 in 2024) came in under budget ($168,710,129), so the company may have room.
The City has an AA+ credit rating with a stable outlook, which the Treasurer says recognizes sound financial management.
Questions you could ask
What does the Tbaytel Dividend Policy say the dividend is based on, and what happens to the City's budget if Tbaytel earns less in a year?
How much of the 5% capital tax increase for 2026 and 2027 depends on the dividend, and what is dropped first if it falls?
Will the City publish Tbaytel's own financial statements, so that the dividend can be compared with its profit?
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 Thunder Bay?Send us your answer and we will publish it with this question.
The corporate revenue table lists Tbaytel Dividend at 19,000.0 (2024 actuals), 19,500.0 (2025 budget) and 21,000.0 (2026 budget), a change of 1,500.0 or 7.7%, with the note "Increased dividend payment as per Council-approved Dividend Policy". It also lists Tbaytel Dividend (Special) at 2,000.0 for 2026, with "special dividends are required to be transferred to the Renew Thunder Bay Reserve Fund". Total municipal tax levy is 250,432,200 plus assessment growth funds of 1,095,600.
City of Thunder Bay, 2026 Operating Budget · PDF page 49 (Corporate Revenues), PDF page 51 (Contributions to Reserves; special dividend), PDF page 11 (Municipal Tax Levy table)
"City Council set budget direction for the tax levy related to capital based on the four-year rolling average of Consumer Price Index (CPI), which called for increases of 2.6% in 2026 and 2.1% in 2027. Council subsequently approved increasing these to 5% in each year by directing a portion of the expected Tbaytel Dividend to capital." The base tax levy contribution to capital rises "from $19,906,900 in 2025 to $20,902,200 in 2026 and $21,947,300 in 2027".
The Statement of Operations shows Tbaytel fees and service charges of 209,470,000 (2024 budget), 206,957,000 (2024) and 207,524,000 (2023), and Tbaytel expenses of 168,710,129 (budget), 164,713,436 (2024) and 161,304,963 (2023).
$30.6 millionannual infrastructure deficit, as stated in the 2026 to 2027 capital budget
Infrastructure is the roads, pipes, buildings and vehicles the City must keep up. The City's capital budget says it has an annual infrastructure deficit of $30.6 million: the gap between what it takes to keep services at today's level and what the City has. The same budget plans $41,910,500 of new debentures (long-term loans) and internal loans in 2026 and $27,454,000 in 2027. That includes special debentures of $10,550,000 a year for a new Organics Processing Facility. The City's statements show municipal debenture debt of $190,495,208 at the end of 2024, down from $202,822,908, so debt has been falling. The City's asset plan says it will 'gradually increase capital out of revenue beginning in 2028'. We did not find how much, or what pays for the facility's yearly loan costs.
Why it matters
Borrowing today means loan payments for many years. If the yearly gap is not closed, roads and pipes wear out faster than they are fixed, and the bill grows.
It could be because…
Debt fell in 2024, and the City says it keeps its yearly debt payments well inside its own limit.
Borrowing for long-lived assets spreads the cost across the people who will use them.
The City's asset plan already sets a path: an 80/20 split between renewing old assets and building new ones, and higher contributions from tax and rates starting in 2028.
The $10,000,000 for an EMS headquarters expansion will not proceed unless the Province confirms funding for its loan costs, so it may not be borrowed.
Questions you could ask
What is the total cost of the Organics Processing Facility, who else is paying, and what will its yearly loan payments be?
How much more per year will the City put into capital from 2028, and how many years would that take to close the $30.6 million gap?
If the Province does not confirm funding for the EMS headquarters loan, is the project cancelled or does the City pay?
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 Thunder Bay?Send us your answer and we will publish it with this question.
The evidence
The capital budget says: "The City faces an annual infrastructure deficit of $30.6 million, representing the gap between the funding required to sustain current service levels and the resources currently available." It gives the City's assets an estimated replacement value of $4.9 billion and lists the strategy to "Gradually increase capital out of revenue beginning in 2028".
"The Capital Budget includes $41,910,500 of debt financing in the form of debentures and internal loans in 2026 and $27,454,000 in 2027." It adds "tax-supported Special Debentures of $10,550,000 in each of 2026 and 2027 for the construction of a new Organics Processing Facility and $10,000,000 in 2026 for the expansion of the Superior North EMS Headquarters. The EMS expansion will not proceed without Provincial confirmation of full funding for the related debt servicing costs."
The Consolidated Statement of Financial Position shows Municipal debenture debt of 190,495,208 at December 31, 2024 and 202,822,908 at December 31, 2023.
May 28, 2012the flood the City is still in a legal dispute with its insurer about, as of the 2024 statements
On May 28, 2012 heavy rain flooded the Atlantic Avenue sewage treatment plant and many basements. The Province declared the City a disaster area. The City's 2024 statements say the City is still 'in a dispute with its insurer', which denied the claim over how repair costs should be split, and that the City 'has initiated legal action against its insurers and the claims adjusters'. Because the result is unknown, the City has not counted any money from it. The same note appeared in the 2023 statements. The 2024 statements also say there are 'numerous claims and litigation in dispute' with no amount set aside, and that the City has duties to close and maintain the Shuniah Mine site on City property, with no cost estimate or provision. The statements print no figure for any of these. The flood itself is now more than fourteen years ago.
Why it matters
Money the City may be owed, and money it may have to pay, are both left out of the accounts. Without a range, residents cannot tell whether these are small or large.
It could be because…
Accounting rules say not to count a possible recovery or a possible loss until the amount can be reasonably estimated, so leaving it out is normal.
Naming a figure in public could weaken the City's position in court, so a note without numbers may be deliberate.
The mine site's closure cost may not be known until engineers assess it.
The City may have given council a private update in closed session that is not in the public statements.
Questions you could ask
What amount did the City claim for the 2012 flood, how much has it spent on the legal action so far, and when is a result expected?
Has a closure cost estimate been made for the Shuniah Mine site, and will it be shown to council?
Will the City give a public range for its largest disputed claims in its next statements, even if the final amount is unknown?
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 Thunder Bay?Send us your answer and we will publish it with this question.
Note 22, Flood Disaster, says on May 28, 2012 the City experienced a severe rainfall event that flooded the Atlantic Avenue Secondary Sewage Treatment Plant. "The City is currently in a dispute with its insurer, which has denied the claim based upon a disagreement over the proper allocation of repair costs for purposes of coverage under the insurance policy." It says the City "has initiated legal action against its insurers and the claims adjusters" and will record a recovery "when received".
Note 16(a): "There were numerous claims and litigation in dispute at December 31, 2024 for which the amount of settlement, if any, is indeterminable at this time." It says "No provision has been made". Note 16(b) says the City has responsibilities for closure and post-closure maintenance of the Shuniah Mine site on City property and that "The extent of any future post-closure maintenance requirements, and any associated costs, cannot be reasonably determined at this time."
Places keep savings (called reserves) to pay for new trucks, roof repairs and surprises. Thunder Bay had $222M saved at the end of 2024, up from $137M in 2019. That is 40% of one year's spending. Only 2 of 10 similar places had less, compared with what they spend.
Does Thunder Bay have enough saved for repairs and emergencies?
$0$50M$100M$150M$200M$250M
$222M
201920202021202220232024
Show as a table
Year
Savings (reserves)
2019
$137M
2020
$162M
2021
$200M
2022
$197M
2023
$214M
2024
$222M
Why it matters
With little saved, a broken bridge or a storm has to be paid for with a sudden tax increase or a loan. Low savings can also mean past budgets were balanced by spending savings instead of facing the real cost.
It could be because…
The city spent savings on purpose, on projects that were planned and saved up for.
Some savings were used to match grant money, which brings in more than it costs.
The city has a plan to rebuild its savings.
Questions you could ask
Does the city have a written reserve policy with a target amount?
What were the savings spent on between 2019 and 2024?
What is the plan to rebuild them, and by when?
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 Thunder Bay?Send us your answer and we will publish it with this question.
$56,944,953annual surplus in 2024, against a budgeted $21,908,589
A surplus is revenue minus expenses for the year. It is not cash in a drawer. The City's consolidated statements show an annual surplus of $56,944,953 in 2024 against a budget of $21,908,589. Spending was close to plan ($642,396,757 against $645,611,244). The gap came from revenue: $695,521,693 against $667,613,833. The largest overshoots were Government of Canada grants ($16,375,284 against $7,615,748), Province of Ontario grants ($84,485,636 against $72,863,859) and investment income ($12,046,276 against $8,912,404). The City's discussion says 'Variance explanations are discussed below', but what follows explains this year's property tax rise from 2023, not the gaps against budget. We did not find the reasons for the grant gaps.
Why it matters
Grants that arrive above plan are mostly tied to projects, so a large surplus does not mean the City has that much free money. Readers should know which part is cash they could spend and which part is new roads and buildings.
It could be because…
The budget under public sector accounting rules leaves out capital grants the City had not yet confirmed. Grants for building projects are counted when the work is done.
Investment income was higher because interest rates were higher. The City says its portfolio earned an estimated 4.6% in 2024, up from 4.0% in 2023.
Most of the City's accumulated surplus is the value of buildings, roads and pipes it owns, not cash.
Note 21 shows the City removed its $104,700,000 capital budget from the revenue and expense budget it compares against, so the two are not drawn up the same way.
Questions you could ask
Which grants made up the $8.8 million and $11.6 million above budget from Canada and Ontario, and which projects were they for?
How much of the 2024 surplus was cash or reserve money, and how much was grants and contributed assets that can only be used for projects?
Does the City leave expected grants out of its budget on purpose, and if so where is that policy?
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 Thunder Bay?Send us your answer and we will publish it with this question.
The evidence
The Consolidated Statement of Operations shows, for 2024 budget and actual: Government of Canada grants 7,615,748 and 16,375,284; Province of Ontario grants 72,863,859 and 84,485,636; Investment income 8,912,404 and 12,046,276; total revenues 667,613,833 and 695,521,693; total expenses 645,611,244 and 642,396,757; Annual surplus 21,908,589 and 56,944,953.
The discussion says: "During the year, revenues exceeded expenses resulting in a $56.9 million surplus [2023: $59.7 million]. Variance explanations are discussed below." Its variance table gives Government of Canada Grants budget 7.6, actual 16.4 and Province of Ontario Grants budget 72.9, actual 84.5 (in millions).
Note 21 reconciles the approved budget to the statements and lists "Reduction due to tangible capital asset accounting" of (104,700,000) against revenues, with total revenues of 667,613,833. It says budget figures "are not audited".
$793.0 thousandless parking fee income budgeted in 2026 than in 2025, because of free two-hour street parking
In 2025 the City started giving two free hours of on-street parking in its city centres, which it calls the complimentary parking initiative, to bring more people downtown. The 2026 budget carries it on. Parking fees fall from $2,573.3 thousand in the 2025 budget to $1,780.3 thousand in 2026, and fines fall by $99.0 thousand. The City covers the shortfall with $239.3 thousand from the Assessment Growth Reserve Fund, which holds the extra property tax from new buildings, and pays nothing into the Parking Reserve Fund this year (it was $562.2 thousand). The City lists the parking money as a temporary allocation. We did not find a date when the initiative is reviewed or ends.
Why it matters
Parking runs as a self-paying program. If it keeps running a gap, that gap is paid from money meant for growth, and the reserve that pays for parking lots and repairs stops growing.
It could be because…
The City calls it temporary and says it is meant to bring people to the city centres, so the cost may be judged against shops and visitors downtown.
The City also cut enforcement hours and payment processing costs to offset part of the loss.
Using growth money for a growth program is what the City's Assessment Growth Funds Policy (05-02-06) describes.
Questions you could ask
When will council review the free parking program, and what measures (visits, sales, vacancy) will it use?
What did the program cost in 2025, and what is the planned cost for 2027?
Will the City stop paying for it from the growth fund if the shortfall grows?
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 Thunder Bay?Send us your answer and we will publish it with this question.
The evidence
The Municipal Parking Services summary lists Fees and Charges of 2,573.3 (2025 budget) and 1,780.3 (2026), a change of (793.0), Fines of 849.0 and 750.0, Transfer from Reserve Fund of 239.3 and Contribution to Reserve Fund of 562.2 in 2025 and nothing in 2026. It says: "The net cost of parking, considering the complimentary parking initiative will be funded from the Assessment Growth Reserve Fund".
The assessment growth table lists Complementary Parking Initiative 239.3 for 2026 under Temporary Allocations, with total temporary allocations of 739.3.
April 14, 2026Standing Committee meeting date for the 2026 Internal Audit Work Plan (Report 123-2026)
Internal audit is the City's own team that checks whether money and rules are handled as intended. A 2026 report to the Finance and Administration Standing Committee says the Audit Committee used to approve the audit charter and work plan, and that oversight has moved to the Standing Committee. The 2026 plan names credit card compliance, card payment security standards, inventory, cash handling, fuel controls, vendor payments, revenue assurance and vending and ATM operations. We did not find a page listing past internal audit reports or follow-up on their recommendations.
Why it matters
An internal audit is only useful to residents if its findings and the City's answers can be read. The plan is public; we could not find the results.
It could be because…
The City says the change "aligns the City's governance model with municipal best practices" and strengthens council oversight.
Reports may be posted with council agendas on eScribe, which we could not search because it blocks scripted downloads.
Some audit work, such as cash handling and card security, may be kept private for security reasons.
Questions you could ask
Where are internal audit reports and the City's responses posted, and how many were completed in 2024 and 2025?
Does the Standing Committee receive a yearly summary of audit recommendations and whether they were carried out?
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 Thunder Bay?Send us your answer and we will publish it with this question.
The evidence
The report says: "Under the previous governance structure, the Audit Committee was responsible for reviewing and approving both the Internal Audit Charter and the annual Internal Audit Work Plan. With the transition of oversight responsibilities to the Standing Committee, the review, endorsement, and monitoring of the Charter and Work Plan now formally rest with the Finance and Administration Standing Committee." The report is dated March 13, 2026 for the meeting of April 14, 2026.
The report says audit priorities "focus on areas such as credit card compliance, Payment Card Industry Data Security Standard (PCI DSS) requirements, inventory management, cash handling, fuel controls, vendor payment monitoring, revenue assurance, and vending machine and ATM operations."
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