$14,706,000 to $29 millionlong-term debt at the end of 2024 and the end of 2025, with $88,342 thousand more approved and $143,753 thousand more forecast
Long-term debt is money a town borrows and pays back with interest over years, out of taxes or development charges (fees paid by builders). The audited statements show $14,706,000 of long-term debt at December 31, 2024. The 2026 budget says that by December 31, 2025 the Town had $29 million, that council had already approved another $88.3 million for projects under way (including $60,000 thousand, that is $60 million, for the North Whitby Sports Complex), and that it forecasts a further $143.8 million from 2026 to 2035. The budget also says the Town's own limit on yearly debt payments (12% of net revenues) is passed in the later years of the forecast. The Town says it expects growth to bring in more revenue to cover that.
$116,779,052reserves and reserve funds at the end of 2024, from $181,212,124 a year before
A reserve is money set aside for later, such as repairs or growth. The audited statements show reserves and reserve funds of $116,779,052 at the end of 2024, down from $181,212,124 a year earlier. In the same note a line called unfunded capital swung from a shortfall of $5,742,614 to a plus of $70,922,655. The Town spent $80,273,444 on capital assets in 2024, nearly double 2023. The 2026 budget says it will draw $60.7 million from reserves and reserve funds, $51.5 million for capital and $9.2 million for operating costs.
$1,102,749forecast balance of the Contingencies Reserve at the end of 2026, after a draw of $2,762,033
Elexicon is the electricity company the Town part-owns with other towns. In 2025 the Town agreed to stop counting on Elexicon's dividends and interest (about $3.2 million a year) and to turn Elexicon debt into more ownership. The Town says it covers the loss with a contingency reserve at about $1 million a year in 2025, 2026 and 2027. The 2026 budget draws $2,762,033 from the Contingencies Reserve, which started the year at $3,864,782 and is forecast to end it at $1,102,749. The Town says the stop is temporary, and that dividends will go to a reserve when they restart.
$40,432,954taxes receivable at the end of 2024, up from $29,951,075
Taxes receivable is property tax billed but not yet paid. The audited statements show $40,432,954 at the end of 2024, up from $29,951,075. Part is this year's bills ($23,291,170, up from $16,049,031) and part is older (arrears, $17,141,784 up from $13,902,044). The 2026 budget says the Town will mail overdue-tax notices twice a year instead of three times, to save $10 thousand.