The numbers,
without the guesswork.
2024 explained. What the report records, what the figures mean and how later reporting changes the comparison.
Includes $32.22M in capital transfers. Calculated from the report’s two revenue sections.
Statement of operations ↗Accrual expenses, including $10.81M depreciation. Not a total of every cash payment.
Statement of operations ↗A financial result, not $38.31M of spare cash available to spend.
Excess revenues ↗Three things to take away
Capital funding changes the headline
The surplus before capital transfers is $6.08M. Adding $32.22M in capital transfers produces the $38.31M annual result. That is not the same as an operating windfall.
Cash rose while debt fell
Year-end cash increased by $23.93M and long-term debt decreased by $2.22M. Cash includes restricted project money and reserve funds, so the bank balance is not an unrestricted spending pot.
The previous year was restated
The $940,413 note is mainly an opening-balance correction, not a $940,413 reduction in the 2023 annual result. The annual-surplus change shown between the two files is $11,822.
Notes 2 and 3 ↗One result, two very different ingredients
Capital purchases of $40.59M appear separately in the cash-flow statement. Do not simply add those purchases to reported expenses: capital assets and depreciation have different accounting treatment. Cash-flow statement, printed page 9 ↗.
2024 beside its 2023 comparative
Both columns come from the 2024 file. The original 2023 review is available separately with the documented opening-balance and annual-surplus components. Calendar 2023 spans a council change and must not be attributed entirely to the current council.
| Measure | 2023 restated | 2024 | Change | Printed page |
|---|---|---|---|---|
| Revenue before capital transfers | $74,730,946 | $71,220,161 | −$3,510,785 | 7 (PDF 8) |
| Capital transfers | $27,706,653 | $32,221,712 | +$4,515,059 | 7 (PDF 8) |
| Total revenue, calculated | $102,437,599 | $103,441,873 | +$1,004,274 | 7 (PDF 8) |
| Expenses, including depreciation | $61,116,456 | $65,136,506 | +$4,020,050 | 7 (PDF 8) |
| Annual surplus (excess revenues) | $41,321,143 | $38,305,367 | −$3,015,776 | 7 (PDF 9) |
| Capital purchases, cash-flow statement | $73,040,010 | $40,591,614 | −$32,448,396 | 9 (PDF 11) |
| Cash and equivalents at year end | $49,417,485 | $73,343,314 | +$23,925,829 | 6 (PDF 7) |
| Long-term debt at year end | $22,597,626 | $20,382,297 | −$2,215,329 | 6 (PDF 7) |
| Net financial assets at year end | $9,856,104 | $18,039,287 | +$8,183,183 | 6 (PDF 7) |
Revenue calculation: revenue before capital transfers plus capital transfers. Changes are our arithmetic, not new amounts to add into a spending total. Figures are not adjusted for inflation.
Fair presentation, with a restatement highlighted
Baker Tilly Arctic Inc.’s opinion text describes fair presentation under Canadian public-sector accounting standards. Its emphasis-of-matter paragraph points to the 2023 restatement without modifying the opinion. The signed report is dated April 22, 2025.
An audit offers reasonable assurance about material misstatement. It does not certify every purchase as good value or provide an opinion on the effectiveness of internal controls.
What sits inside the $73.34M?
Note 3 includes $15.61M of cash attributed to reserve funds and $1.76M to internally restricted funds. Those are cash classifications, not a reconciled schedule of every reserve balance. The note also identifies restricted Gas Tax and CMHC project funding. Some categories overlap, so do not add them again to the total. Cash breakdown and restrictions, printed page 17 ↗.
Long-term debt of $20.38M is only one liability. Total liabilities are $78.40M, including payables, deferred revenue and asset-retirement obligations. None of those totals by itself tells us the cost of a particular investigation or contract.