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by hand, Oct 2026DetailsThis is built from public records, which leave a lot out, and some of it may be wrong or out of date.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 Waterloo'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 · 8 so far
Things worth asking about
We read Waterloo's financial reports and meeting minutes, and compared its numbers with 9 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.
($31,204,000)balance of the Industrial Land purchases reserve fund at the end of 2025, against a planned ($27,175,000) (amounts printed in thousands)
A reserve fund is money a city sets aside for a purpose. Waterloo’s Industrial Land reserve fund is the opposite: it owes money. The audited statements show it at minus $31,204,000 at the end of 2025. The city’s 2024-2026 budget book planned a balance of minus $27,175,000 for the end of 2025 and minus $28,952,000 for the end of 2024, so the real hole is about $4 million deeper than planned in 2025. The same plan expects the fund to turn positive in 2028, helped by large “Recovery” amounts in 2026 and 2027.
Found by reading the city's own documents · 3 sources
$38,698,000spent on capital assets in 2025, against a budget of $174,987,000 in the audited statements (amounts printed in thousands)
Capital spending means building and replacing things that last: roads, pipes, buildings, parks. The 2025 budget figures in the audited statements show $174,987,000 for acquiring capital assets, against $38,698,000 actually spent. The city’s capital budget book planned $137,402,000 of capital spending for 2024 and $114,266,000 for 2025, and the statements show $48,082,000 and $38,698,000 spent. The same book planned new borrowing of $35,076,000 in 2024 and $33,742,000 in 2025; the statements show a single new loan of $8,750,000 in 2025 and none in 2024.
Found by reading the city's own documents · 5 sources
($45,606,000)forecast balance of the consolidated development-charge funds in 2033, from $14,591,000 in 2023 (amounts printed in thousands)
Development charges are fees builders pay when they build, kept in a separate fund to pay for the roads, pipes and parks that growth needs. The city’s 2024-2026 budget book forecasts that the combined development-charge funds go below zero in 2027 and keep falling, to minus $45,606,000 in 2033. It also plans $76,669,000 of development-charge borrowing over 2024 to 2026. In 2025 the statements show only $8,922,000 of development charges and contributions recognised as revenue, against a budget of $20,357,000.
Found by reading the city's own documents · 4 sources
$2,742,304budgeted for 2024 on a line titled “In Camera”, 2.96% of the 2024 tax rate
“In camera” means a council discussion held in private. In the 2024-2026 operating budget, one tax-supported line is titled “B15 In Camera”: $2,742,304 in 2024, $2,698,696 in 2025 and $2,655,930 in 2026. In 2024 the budget book counts it as 2.96% of the property tax rate, which is about half of that year’s whole 6.14% increase. The budget book also lists parts of the same line charged to the water, building, cemetery, parking and rental housing budgets, and a separate “Fire In Camera Revised” line of minus $428,000 in 2024.
Found by reading the city's own documents · 3 sources
Places keep savings (called reserves) to pay for new trucks, roof repairs and surprises. Waterloo had $82.3M saved at the end of 2025, up from $70.5M in 2019. That is 40% of one year's spending. None of the 9 similar places had less, compared with what they spend.
Found automatically from the city's financial reports · 2 sources
$114,990,811net tax levy planned for 2026, up from $99,609,666 in 2024
The city’s 2024-2026 budget set tax increases of 6.14% for 2024, 6.34% for 2025 and 6.41% for 2026, taking the net tax levy from $99,609,666 to $114,990,811. The budget book says its inflation guide for the budget is about 4.3%, and the city’s website says increases above inflation are needed “to maintain or improve our service levels and support infrastructure renewal”. The city has explained where the money goes: base costs, the effect of new capital projects, new services and infrastructure renewal.
Found by reading the city's own documents · 4 sources
$27,202.54paid for 2024 to two council members for Enova service, shown apart from the $496,454.22 council remuneration total
Waterloo owns 30.83% of Enova Energy Corporation, the local power company. The city’s yearly statement of council pay lists a separate “Enova” amount for two members: $13,833.77 for the Mayor and $13,368.77 for Councillor Diane Freeman in 2024. The amount is left out of the “Total Remuneration” of $496,454.22 and appears only in the grand total of $570,037.04. The 2023 statement shows $16,479.96 and $14,314.96. In 2022 the same page showed $13,272.88 and $11,572.88, under the older Waterloo North Hydro name, for the then-Mayor and a then-councillor.
Found by reading the city's own documents · 5 sources
$109,553,000salaries, wages and benefits in 2025, up from $99,406,000 in 2024 (amounts printed in thousands)
The audited statements show salaries, wages and benefits of $109,553,000 in 2025 and $99,406,000 in 2024, a rise of about 10% in one year. The 2024-2026 budget planned 57.0 extra tax-base positions over three years (about 2.7% a year) and said its inflation guide was 4.3%. The budget book explains that much of the staffing growth is for the Fire Master Plan, winter sidewalks and planning and legal staff needed after provincial law changes. The statements do not say how much of the 2025 rise is pay rates, new positions or one-time items.
Found by reading the city's own documents · 4 sources
($31,204,000)balance of the Industrial Land purchases reserve fund at the end of 2025, against a planned ($27,175,000) (amounts printed in thousands)
A reserve fund is money a city sets aside for a purpose. Waterloo’s Industrial Land reserve fund is the opposite: it owes money. The audited statements show it at minus $31,204,000 at the end of 2025. The city’s 2024-2026 budget book planned a balance of minus $27,175,000 for the end of 2025 and minus $28,952,000 for the end of 2024, so the real hole is about $4 million deeper than planned in 2025. The same plan expects the fund to turn positive in 2028, helped by large “Recovery” amounts in 2026 and 2027.
Why it matters
An overdrawn fund is in effect borrowed from the city’s other money and charged interest. If the planned recoveries come late or fall short, the gap has to be covered by other reserves, borrowing or property taxes.
It could be because…
Cities often buy land first and sell it to businesses later, so the fund can sit below zero by design until lots are sold.
The budget book already planned for the fund to be overdrawn and shows large recoveries in 2026 and 2027; the city may simply be behind its own sales timetable.
The audited statements and the budget forecast may count some items differently, so part of the gap could be bookkeeping rather than a real shortfall.
Questions you could ask
What is the source of the “Recovery” amounts of 10,199 in 2026 and 18,933 in 2027 in the forecast, and have those sales or payments happened or been signed?
Why was the fund at (31,204) at the end of 2025 when the budget forecast said (27,175), and what interest is being charged to the fund each year?
If the recoveries come late, which other reserves or taxes cover the gap?
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 Waterloo?Send us your answer and we will publish it with this question.
The note on reserve funds lists “Industrial Land purchases” at (31,204) at the end of 2025 and (34,703) at the end of 2024. Amounts are in thousands of dollars, and brackets mean the fund is overdrawn.
The city’s own forecast for the Industrial Land Reserve Fund shows a closing balance of (28,952) for 2024 and (27,175) for 2025, then (23,678) for 2026 and (8,675) for 2027. It shows “Recovery” of 5,382 in each of 2024 and 2025, 10,199 in 2026 and 18,933 in 2027, and a positive closing balance of 1,479 in 2028. Amounts are in thousands of dollars. The page note says: “Where a negative number appears as a balance the account is projected to be overdrawn.”
$38,698,000spent on capital assets in 2025, against a budget of $174,987,000 in the audited statements (amounts printed in thousands)
Capital spending means building and replacing things that last: roads, pipes, buildings, parks. The 2025 budget figures in the audited statements show $174,987,000 for acquiring capital assets, against $38,698,000 actually spent. The city’s capital budget book planned $137,402,000 of capital spending for 2024 and $114,266,000 for 2025, and the statements show $48,082,000 and $38,698,000 spent. The same book planned new borrowing of $35,076,000 in 2024 and $33,742,000 in 2025; the statements show a single new loan of $8,750,000 in 2025 and none in 2024.
Why it matters
Projects that slip cost more when finally built, and the tax increases of about 6% a year were set partly to pay for a capital plan. If the plan is not being delivered, residents are paying for work that is not yet happening or the plan needs to be reset.
It could be because…
A capital budget is permission to start projects, and large projects run over several years, so spending in any one year can be much lower.
The $174,987,000 budget figure may include projects carried over from earlier years, which would explain why it is larger than the $114,266,000 in the budget book.
Some projects, such as ones paid for by development charges, wait for builders to start, so the city may have chosen to hold them back.
Questions you could ask
Which 2025 capital projects were budgeted but not started or finished, and how much of the $174,987,000 is carried into 2026?
Why do the statements print a 2025 capital budget of $174,987,000 when the budget book plans $114,266,000 for 2025?
Of the $101,169,000 of borrowing planned for 2024 to 2026, how much does the city still expect to borrow, and what is the $8,750,000 loan paying for?
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 Waterloo?Send us your answer and we will publish it with this question.
The statement of change in net financial assets shows “Acquisition of tangible capital assets” of (174,987) budgeted for 2025, (38,698) actual for 2025 and (48,082) actual for 2024. Amounts are in thousands of dollars.
Note 16 says the budget figures in the statements are “based upon the 2025 operating and capital budgets approved by Council on December 9, 2024” and lists a capital budget of $ 199,538 and capital expenses of 174,987. It does not say whether the capital budget includes projects carried over from earlier years.
The budget book’s “Total Financing” of capital expenditures is 137,402 for 2024, 114,266 for 2025 and 111,351 for 2026, a ten-year total of 913,873. Amounts are in thousands of dollars.
The same page lists planned debentures (new borrowing) of 35,076 for 2024, 33,742 for 2025 and 32,351 for 2026, a three-year total of 101,169. Amounts are in thousands of dollars.
The cash flow statement shows “Proceeds from issuance of long-term liabilities” of 8,750 in 2025 and nothing in 2024. Note 7 lists a new loan of 8,750 at 2.55%-3.95% due 2035. Amounts are in thousands of dollars.
($45,606,000)forecast balance of the consolidated development-charge funds in 2033, from $14,591,000 in 2023 (amounts printed in thousands)
Development charges are fees builders pay when they build, kept in a separate fund to pay for the roads, pipes and parks that growth needs. The city’s 2024-2026 budget book forecasts that the combined development-charge funds go below zero in 2027 and keep falling, to minus $45,606,000 in 2033. It also plans $76,669,000 of development-charge borrowing over 2024 to 2026. In 2025 the statements show only $8,922,000 of development charges and contributions recognised as revenue, against a budget of $20,357,000.
Why it matters
Spending on growth before the fees arrive works only if builders keep building and paying. The budget book itself says the 2019 development-charge by-law is still in use and that provincial changes hurt the city’s ability to collect for growth.
It could be because…
The budget book says the fund was always expected to go negative at first because of one large road project, with balances “projected to be recovered over the projection period of the study, by 2041”.
Development-charge revenue is recognised when the money is spent on projects, so low revenue in 2025 may simply mean projects have not started.
The province said it would make cities whole for lost development-charge income; if that money arrives, the forecast could improve.
Questions you could ask
What is the city’s plan if development-charge income stays below the forecast, and which projects would be delayed?
How much of the planned $76,669,000 of development-charge borrowing has been approved or taken, and who repays it if growth is slower than planned?
When will the city update its 2019 development-charge by-law and background study?
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 Waterloo?Send us your answer and we will publish it with this question.
The evidence
The budget book says: “The Consolidated DC Reserve Funds are currently projected to enter a negative position in 2027, mainly due to the Beaver Creek Road and Conservation Drive Reconstruction project (2024-2026).” It adds that the balances “are projected to be recovered over the projection period of the study, by 2041.” It also says the “2019 Development Charges By-Law is still in effect”.
“Consolidated Development Charges Reserve Funds” are forecast at 14,591 for 2023, 12,820 for 2024, 9,344 for 2025, 3,923 for 2026, (728) for 2027, (12,662) for 2028, (22,329) for 2029, (27,203) for 2030, (32,938) for 2031, (39,659) for 2032 and (45,606) for 2033. Amounts are in thousands of dollars.
The financing table plans “DC Debenture” borrowing of 23,976 in 2024, 26,892 in 2025 and 25,801 in 2026, a total of 76,669. Amounts are in thousands of dollars.
The statement of operations shows “Development charges and contributions” of 20,357 budgeted for 2025, 8,922 actual for 2025 and 12,433 actual for 2024. Note 5 shows the development-charge part of deferred revenue at 17,715 at the end of 2025 (2024 - 15,493). Amounts are in thousands of dollars.
$2,742,304budgeted for 2024 on a line titled “In Camera”, 2.96% of the 2024 tax rate
“In camera” means a council discussion held in private. In the 2024-2026 operating budget, one tax-supported line is titled “B15 In Camera”: $2,742,304 in 2024, $2,698,696 in 2025 and $2,655,930 in 2026. In 2024 the budget book counts it as 2.96% of the property tax rate, which is about half of that year’s whole 6.14% increase. The budget book also lists parts of the same line charged to the water, building, cemetery, parking and rental housing budgets, and a separate “Fire In Camera Revised” line of minus $428,000 in 2024.
Why it matters
The law lets councils meet privately for a short list of reasons, such as labour talks or land deals. But the public pays this line through taxes, and a bare label gives residents nothing to judge.
It could be because…
Council can lawfully discuss labour relations, legal advice and land in private, so the line may be a staff pay settlement or similar item that cannot be named until it is final.
The line is labelled “Committed”, which may mean council already approved it in an earlier public vote and the budget only shows its cost.
The city may describe the line in a staff report that we have not seen.
Questions you could ask
What does the “In Camera” line in the 2024-2026 budget pay for, and which council decision approved it?
Can the city publish a short public description of the line, with the amount, after any confidential decision is final?
Why did the amount fall by about $86,000 from 2024 to 2026 if it is a fixed commitment?
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 Waterloo?Send us your answer and we will publish it with this question.
Under “Committed” changes to the base budget, the budget details list “B15 In Camera” at 2,742,304 for 2024 (2.96%), 2,698,696 for 2025 (2.71%) and 2,655,930 for 2026 (2.48%). The same table lists “M16a Fire In Camera Revised” at (428,000), (488,000) and (80,000).
The enterprise (water, building and other) budgets repeat the label: “B15 In Camera (City Utilities)” at 230,111 for 2024, and “In Camera” lines for Building Standards, Cemetery, Business Licensing, Parking and Rental Housing.
The summary of the 2024 budget says the property tax increase is 6.14%, a net tax levy of $99,609,666, and the table for the “Committed” group of base budget changes totals 4,560,185 (4.92%).
Places keep savings (called reserves) to pay for new trucks, roof repairs and surprises. Waterloo had $82.3M saved at the end of 2025, up from $70.5M in 2019. That is 40% of one year's spending. None of the 9 similar places had less, compared with what they spend.
Does Waterloo have enough saved for repairs and emergencies?
$0$20M$40M$60M$80M$100M
$82.3M
2019202020212022202320242025
Show as a table
Year
Savings (reserves)
2019
$70.5M
2020
$63.2M
2021
$64M
2022
$66.8M
2023
$59.6M
2024
$63.8M
2025
$82.3M
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 2025?
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 Waterloo?Send us your answer and we will publish it with this question.
$114,990,811net tax levy planned for 2026, up from $99,609,666 in 2024
The city’s 2024-2026 budget set tax increases of 6.14% for 2024, 6.34% for 2025 and 6.41% for 2026, taking the net tax levy from $99,609,666 to $114,990,811. The budget book says its inflation guide for the budget is about 4.3%, and the city’s website says increases above inflation are needed “to maintain or improve our service levels and support infrastructure renewal”. The city has explained where the money goes: base costs, the effect of new capital projects, new services and infrastructure renewal.
Why it matters
Three increases in a row above inflation add up. The city’s explanation is published, so the question is whether the promised services and infrastructure are arriving, which links to the capital questions above.
It could be because…
The city says the increases pay for infrastructure renewal (0.73% to 0.75% a year), fire services growth and new services in its strategic plan.
Waterloo is growing and has said assessment growth of $1.1 million to $1.26 million a year offsets part of the cost.
The city’s tax rate covers only its share of the bill; the region and school boards set the rest.
Questions you could ask
Which of the promised infrastructure and service improvements funded by the 2024 to 2026 increases have been delivered so far?
What increase does the city expect for the next budget, and how does it compare with its inflation guide?
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 Waterloo?Send us your answer and we will publish it with this question.
The evidence
The budget summary says: “The 2024 property tax increase is 6.14%, resulting in a net Tax Levy of $99,609,666.” “The 2025 property tax increase is 6.34%, resulting in a net Tax Levy of $107,028,307.” “The 2026 property tax increase is 6.41%, resulting in a net Tax Levy of $114,990,811.”
The 2024 table splits the 6.14% as: base budget 2.51% ($2,325,111), operating impact of capital 0.86% ($794,017), service level changes 2.02% ($1,868,000) and infrastructure investment 0.75% ($703,000).
The budget says: “the inflationary increase is appropriately 4.3% (using CPIX as per policy)”. It plans 57.0 new tax-base positions over three years, which it describes as an increase of 2.7% a year, “below the above noted inflationary measure”.
The city’s Property taxes and utility rates web page says increases follow its Core Consumer Price Index Policy, and adds: “To maintain or improve our service levels and support infrastructure renewal, we require increases above inflation.” It shows 6.14% ($91 per household), 6.34% ($99) and 6.41% ($107, “Confirmed by council on December 8, 2025”).
$27,202.54paid for 2024 to two council members for Enova service, shown apart from the $496,454.22 council remuneration total
Waterloo owns 30.83% of Enova Energy Corporation, the local power company. The city’s yearly statement of council pay lists a separate “Enova” amount for two members: $13,833.77 for the Mayor and $13,368.77 for Councillor Diane Freeman in 2024. The amount is left out of the “Total Remuneration” of $496,454.22 and appears only in the grand total of $570,037.04. The 2023 statement shows $16,479.96 and $14,314.96. In 2022 the same page showed $13,272.88 and $11,572.88, under the older Waterloo North Hydro name, for the then-Mayor and a then-councillor.
Why it matters
Serving on a company board paid for by a company the city part-owns is common, and the city does print it. The open question is who sets this pay and whether council has agreed to it in public.
It could be because…
Council appoints members to the Enova board to represent the city’s 30.83% share, and directors of any company are normally paid.
The city’s statement lists the amounts because the Municipal Act asks for pay received for services as a council member, which can include appointed boards.
The change from 2022 to 2024 may reflect different numbers of meetings or the merger of the two power companies in 2022.
Questions you could ask
Who sets the pay for city appointees on the Enova board, and has council approved it in public?
Does the city receive a report each year on what its appointees were paid, and how is it reconciled with the council statement?
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 Waterloo?Send us your answer and we will publish it with this question.
The evidence
The 2024 statement lists “ENOVA POWER CORPORATION (Enova)”: Mayor Dorothy McCabe, Remuneration 13,833.77; Councillor Diane Freeman, Remuneration 13,368.77; Total Enova 27,202.54.
The 2024 summary shows “Total Remuneration” of $ 496,454.22 on one page and a grand total of $ 570,037.04, including Enova 27,202.54, on the summary page.
The 2022 statement lists Waterloo North Hydro Corporation remuneration of 13,272.88 for Mayor Dave Jaworsky and 11,572.88 for Councillor Jeff Henry, a total of 24,845.76.
The city holds 30.83% of the common shares of Enova Energy Corp. and $27,404 of its long-term notes. The investment is carried at 217,609 (2024 - 217,609). Amounts are in thousands of dollars.
$109,553,000salaries, wages and benefits in 2025, up from $99,406,000 in 2024 (amounts printed in thousands)
The audited statements show salaries, wages and benefits of $109,553,000 in 2025 and $99,406,000 in 2024, a rise of about 10% in one year. The 2024-2026 budget planned 57.0 extra tax-base positions over three years (about 2.7% a year) and said its inflation guide was 4.3%. The budget book explains that much of the staffing growth is for the Fire Master Plan, winter sidewalks and planning and legal staff needed after provincial law changes. The statements do not say how much of the 2025 rise is pay rates, new positions or one-time items.
Why it matters
Staff pay is the largest cost in the city’s budget. When it grows faster than the budget said, either something else was cut or the surplus shrinks.
It could be because…
Union contracts and benefit costs usually rise faster than 2.7% in a year of high inflation.
The Fire Master Plan adds 6.0 positions in 2024 and 8.0 in each of 2025 and 2026, and the 2025 figure may include a full year of earlier hires.
One-time costs such as retirement payouts or contract settlements may be included in 2025.
Questions you could ask
How much of the $10,147,000 rise in salaries and benefits in 2025 was planned in the budget, and how much came from unplanned items?
How many full-time equivalent positions did the city have at the end of 2025 compared with the budget plan?
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 Waterloo?Send us your answer and we will publish it with this question.
The evidence
The segmented information note shows “Salaries, wages and benefits” totalling 109,553 for 2025. Amounts are in thousands of dollars.
The budget book says the approved budget “includes on average 18.6 tax base FTEs for 2024-2026 which represents an increase of 2.7%”, and that this includes “fire master plan staffing expansion, winter control sidewalk enhancements and planning/legal staffing resources in response to provincial legislation changes”. The FTE tables show 681.7 approved tax-base positions for 2023 and 57.0 added over three years.
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