2023: the money,
in context.
The original report, the short version and the later corrections. Keep the reporting vintage visible.
Revenue before capital transfers plus capital transfers.
Statement of operations ↗Accrual expenses, not every cash payment or capital purchase.
Statement of operations ↗Later revised. Not an unrestricted cash balance.
Original annual result ↗What matters most
Capital funding shapes the result
The original report shows $13,626,312 before capital transfers and $27,706,653 in capital transfers. Their sum is the original $41,332,965 surplus.
Surplus and cash move differently
Despite the surplus, cash fell by $7,596,049. Capital purchases on the cash-flow statement total $73,040,010. This is not a project-by-project spending reconciliation.
Cash flow, printed page 9 ↗Later corrections matter
The later file lowers 2023 receivables and accumulated balances. The City’s response identifies separate opening-balance and annual-surplus components.
Separate the ingredients
Do not add capital purchases to accrual expenses as a new spending total. Asset purchases, depreciation, recognized transfers and cash movements are different measures.
The comparison inside this report
Both columns below are from the original 2023 PDF. Prior-year numbers are its comparative column, not a separately audited research review. Changes are arithmetic and are not inflation-adjusted.
| Measure | 2022 restated in 2023 file | Original 2023 | Change | Source |
|---|---|---|---|---|
| Revenue before capital transfers | $59,137,141 | $74,742,768 | +$15,605,627 | PDF page 8 ↗ |
| Capital transfers | $20,576,109 | $27,706,653 | +$7,130,544 | PDF page 8 ↗ |
| Expenses, including depreciation | $50,741,094 | $61,116,456 | +$10,375,362 | PDF page 8 ↗ |
| Annual surplus | $28,972,156 | $41,332,965 | +$12,360,809 | PDF page 8 ↗ |
| Cash and equivalents at year end | $57,013,534 | $49,417,485 | −$7,596,049 | PDF page 7 ↗ |
| Long-term debt at year end | $24,720,720 | $22,597,626 | −$2,123,094 | PDF page 7 ↗ |
| Net financial assets at year end | $20,896,439 | $10,796,516 | −$10,099,923 | PDF page 7 ↗ |
| Capital purchases on cash-flow statement | $44,432,833 | $73,040,010 | +$28,607,177 | PDF page 10 ↗ |
The 2023 correction has a documented bridge
The 2024 file’s Note 2 describes a $940,413 overstatement of federal grant-in-lieu receivables and says 2023 surplus and accumulated balances decrease by that amount. The balance-sheet change agrees. The annual-surplus change against the original PDF does not. 2024 Note 2, printed page 17 ↗.
| Measure | Original 2023 | 2024 file comparative | Decrease |
|---|---|---|---|
| Annual surplus | $41,332,965 | $41,321,143 | $11,822 |
| Revenue before capital transfers | $74,742,768 | $74,730,946 | $11,822 |
| Taxes and grants-in-lieu receivable | $6,461,861 | $5,521,449 | $940,412 |
| Accumulated fund balances | $276,890,083 | $275,949,671 | $940,412 |
| Net financial assets | $10,796,516 | $9,856,104 | $940,412 |
The annual-surplus decrease is $11,822, while the larger part of the correction is reflected in the adjusted opening accumulated balance. Note 2 records the overall correction as $940,413. Keep the 2024 comparative separately labelled. Original position ↗; Original operations ↗; Later comparative position ↗; Later comparative surplus ↗.
A signed fair-presentation opinion
Lester Landau Accounting Professional Corp. gives an unmodified fair-presentation opinion under Canadian public-sector accounting standards. The closing report is signed and dated July 10, 2024. The later 2024 report is also now confirmed as final and signed.
The opinion concerns material financial presentation. It is not a verdict that every purchase was good value, that every project was delivered or that internal controls were independently certified effective.
The bank balance is not the whole picture
Year-end cash is $49,417,485 and long-term debt is $22,597,626. The original cash note attributes $14,931,192 of cash to reserve funds. That is a cash classification, not a reconciled total of all reserve balances. It also identifies restricted project funding. Categories can overlap and must not be added again to total cash. Cash note ↗.
Deferred revenue and other liabilities also matter. A transfer’s recognition date is not necessarily its receipt date or the date a contractor was paid.