The six-year picture.
2020 to 2025.
Compare the reports without losing the corrections, restrictions or council-term boundaries.
What the six reports show
Reported expenses increased
Original-report expenses rise from $40.71M in 2020 to $79.11M in the signed 2025 file, a nominal $38.39M increase. This includes depreciation and is not a measure of service quality or an explanation of why costs changed.
Debt fell; cash fluctuated
Long-term debt drops every year shown, from $29.02M to $18.19M. Cash falls in 2022 and 2023 before rising to $76.62M in 2025. Neither measure alone tells us what money is free to spend.
Capital activity is uneven
Cash-flow capital purchases are largest in 2023 at $73.04M, then $40.59M in 2024. Recognized capital transfers and asset purchases are different measures, not matching cash inflows and outflows for a single project.
These observations use the original/posting basis table below. The later-vintage table keeps the revised 2022, 2023 and 2024 figures visible without overwriting the originals.
A positive six-year financial record
The plain-language assessment is positive: every year from 2020 through 2025 reports an annual surplus, long-term debt falls each year, and the City ends 2025 with more cash and stronger net financial assets than it had in 2020. The statements also record substantial capital activity. Those are meaningful strengths.
Cash and financial assets strengthened
The City added about $16.18M to year-end cash, reduced long-term debt by about $2.35M and reported a $17.40M surplus. Net financial assets also improved substantially.
Cash strengthened and debt fell
The City added about $9.87M to year-end cash, reduced long-term debt by about $2.28M and reported a $16.37M surplus. That is a solid year-end improvement.
Investment continued at scale
Even after the later accounting restatement, the year shows a $28.97M surplus, lower debt and $44.43M in capital purchases. The financial result remained positive.
The capital program was substantial
The statements record a $41.32M restated surplus, another debt reduction and $73.04M in capital purchases—the largest capital-purchase year in this six-year review.
The balance sheet strengthened
On the later 2025 comparative basis, 2024 shows a $38.93M surplus. Cash rose by $23.93M, debt fell again and net financial assets improved.
Financial capacity improved again
The City reported a $25.51M surplus, reduced long-term debt by another $2.19M and increased net financial assets to $38.44M while continuing capital work.
Audited financial strength is not the same as a score for service quality or project completion. It does, however, deserve to be recognized on its own terms.
What each original report records
Total revenue is calculated as revenue before capital transfers plus capital transfers. Expenses already include depreciation. Do not add capital purchases to expenses as a new spending total.
| Year | Revenue before capital | Capital transfers | Total revenue, calculated | Expenses | Annual surplus | Capital purchases | Sources |
|---|---|---|---|---|---|---|---|
| 2020 | $50,794,452 | $7,320,632 | $58,115,084 | $40,712,628 | $17,402,456 | $13,529,370 | Operations ↗ Cash flow ↗ |
| 2021 | $56,541,255 | $5,811,259 | $62,352,514 | $45,979,068 | $16,373,446 | $15,795,954 | Operations ↗ Cash flow ↗ |
| 2022 * | $59,137,141 | $29,522,211 | $88,659,352 | $50,741,093 | $37,918,259 | $44,432,833 | Operations ↗ Cash flow ↗ |
| 2023 * | $74,742,768 | $27,706,653 | $102,449,421 | $61,116,456 | $41,332,965 | $73,040,010 | Operations ↗ Cash flow ↗ |
| 2024 * | $71,220,161 | $32,221,712 | $103,441,873 | $65,136,506 | $38,305,367 | $40,591,614 | Operations ↗ Cash flow ↗ |
| 2025 * | $83,899,448 | $20,719,828 | $104,619,276 | $79,107,223 | $25,512,053 | $21,236,201 | Operations ↗ Cash flow ↗ |
* 2022 through 2024 have later reporting changes. The signed 2025 source was provided by the City by email. Other source links use PDF viewer pages.
How the annual results change
This is the later comparative basis reviewed so far, not a certified final consolidated series. The basis column is part of the result, not a footnote to discard.
| Year | Total revenue, calculated | Expenses | Annual surplus | Reporting basis |
|---|---|---|---|---|
| 2020 | $58,115,084 | $40,712,628 | $17,402,456 | Original; selected measures match 2021 comparative |
| 2021 | $62,352,514 | $45,979,068 | $16,373,446 | Original; selected measures match 2022 comparative |
| 2022 | $79,713,250 | $50,741,094 | $28,972,156 | Restated 2022 in 2023 file |
| 2023 | $102,437,599 | $61,116,456 | $41,321,143 | 2024 comparative; opening balance also adjusted |
| 2024 | $104,108,477 | $65,178,554 | $38,929,923 | Restated 2024 comparative in signed 2025 file |
| 2025 | $104,619,276 | $79,107,223 | $25,512,053 | Signed 2025 file; auditor report dated April 28, 2026 |
Cash, debt and net financial assets
These balances are snapshots, not annual flows. Never add year-end cash or debt balances together. Long-term debt excludes separately reported capital leases and other liabilities; net financial assets means financial assets less total liabilities.
| Year | Cash and equivalents | Long-term debt | Net financial assets | Source |
|---|---|---|---|---|
| 2020 | $62,172,887 | $29,022,748 | $22,070,426 | Position ↗ |
| 2021 | $72,043,074 | $26,742,176 | $29,494,284 | Position ↗ |
| 2022 | $57,013,534 | $24,720,720 | $29,842,542 | Position ↗ |
| 2023 | $49,417,485 | $22,597,626 | $10,796,516 | Position ↗ |
| 2024 | $73,343,314 | $20,382,297 | $18,039,287 | Position ↗ |
| 2025 | $76,621,119 | $18,187,793 | $38,444,319 | Position ↗ |
Later comparatives lower 2022 net financial assets to $20,896,439 and 2023 to $9,856,104. Cash and long-term debt in those later comparatives match the originals. The net-financial-asset corrections should not be described as cash disappearing.
Across the six-year endpoint snapshots, cash increases by $14,448,232 and long-term debt falls by $10,834,955 from 2020 to 2025. Those arithmetic differences are not a measure of uncommitted funds or savings attributable to one council.
Three accounting traps to avoid
- A large surplus can include capital funding recognized in that year. It is not automatically an operating windfall.
- A cash transfer between City funds is not new revenue. The $14.3M reserve transfer approved in 2020 and executed in January 2021 is a concrete example.
- An asset purchase can appear in capital cash flow while depreciation appears in expenses over time. Adding both as “money spent” can double-count.
Read the reserve-transfer source. Every year’s desk links its original report and selected notes.