$59,986,112owed on long-term loans at the end of 2024, up from $38,697,926
Long-term liabilities are the money the City owes on loans it will repay over years. At the end of 2024 the City owed $59,986,112, up from $38,697,926 a year before (about 55% more, worked out by us). The rise comes from a $24,000,000 construction loan from Infrastructure Ontario, which is the Province's lending agency, for the new Golden Manor long-term care home. The statements say the City has agreed to borrow up to $75,749,732 for the project, which they put at $130.0 million in all. Net debt (what the City owes minus the financial assets it holds) went from $49,373,165 to $79,095,089. The 2026 budget says the Finance department's main priority is watching cash flow because of the Golden Manor build and the Connecting Link road rebuilding.
January 23, 2026date of the auditor's report on the year ended December 31, 2024
A city's audited financial statements are the yearly report card on its money, checked by an outside auditor. The auditor, KPMG LLP, dated its report on the 2024 statements January 23, 2026, which is about 13 months after the year ended on December 31, 2024 (worked out by us). On October 5, 2026 the City's page of consolidated financial statements listed 2024 as its newest. We did not find a council report that explains the timing. The posted copy of the 2023 statements is a scan with no text, and the page with the auditor's signature prints "(date)" where a date should be.
$171,469,813expenses in 2024, against a budget of $141,804,180
In its statements the City sets the budget next to what happened. For 2024 the budget showed expenses of $141,804,180. The audited result was $171,469,813, which is $29,665,633 more (worked out by us). Roads and transit (Transportation services) were $39,126,251 against $27,388,429. Water, waste water and garbage (Environmental services) were $34,649,605 against $23,520,354. Before government money for building projects, the budget showed a surplus of $32,466,338 and the result was a deficit of $53,387. Government transfers for operating were also lower than budget, at $30,772,870 against $38,483,767.
$(39,009,262)General revenue fund at the end of 2024, from $(22,902,969)
The accumulated surplus is the City's total net worth on paper. Most of it ($419,484,641) is roads, pipes and buildings. The statements split the rest into funds. The "General revenue fund", which is the everyday operating account, was negative $39,009,262 at the end of 2024, from negative $22,902,969, a drop of $16,106,293 (worked out by us). Reserves, which are money Council sets aside for later, fell from $41,919,533 in 2023 to $39,642,678 in 2024, a fall of $2,276,855 (worked out by us).