2025: the latest
audited record.
The signed statements, the new 2024 restatement and the housing-funding trail.
Includes $20.72M in capital transfers. Revenue before capital transfers was $83.90M.
Signed 2025 statements provided by the City by email, PDF page 8.Accrual expenses, including $13.48M depreciation. Not every cash payment.
Signed statements, PDF page 8.A financial result, not unrestricted cash available to spend.
Signed statements, PDF page 8.Three things to take away
The audit is final and signed
The auditor’s report is signed and dated April 28, 2026. Its emphasis-of-matter paragraph points to the restated 2024 comparatives without modifying the opinion.
2024 was restated again
Building Safer Communities Fund revenue and an unrecorded development-agreement obligation changed the 2024 comparative balances. These corrections are separate from the earlier 2023 grant-in-lieu correction.
Restricted CMHC cash declined
CMHC-related restricted cash fell from $6.829M at the end of 2024 to $2.919M at the end of 2025. That supports a funding-recognition trail, not a complete project-delivery ledger.
Separate the ingredients
Capital purchases of $21.24M appear separately in the cash-flow statement. Asset purchases, depreciation, recognized transfers and cash payments are different measures.
2025 beside its restated 2024 comparative
Both columns are from the signed 2025 file. Changes are arithmetic, not inflation-adjusted, and do not explain causes by themselves.
| Measure | 2024 restated | 2025 | Change | PDF page |
|---|---|---|---|---|
| Revenue before capital transfers | $71,886,765 | $83,899,448 | +$12,012,683 | 8 |
| Capital transfers | $32,221,712 | $20,719,828 | −$11,501,884 | 8 |
| Total revenue, calculated | $104,108,477 | $104,619,276 | +$510,799 | 8 |
| Expenses, including depreciation | $65,178,554 | $79,107,223 | +$13,928,669 | 8 |
| Annual surplus | $38,929,923 | $25,512,053 | −$13,417,870 | 8 |
| Capital purchases, cash-flow statement | $40,591,614 | $21,236,201 | −$19,355,413 | 10 |
| Cash and equivalents at year end | $73,343,314 | $76,621,119 | +$3,277,805 | 7 |
| Long-term debt at year end | $20,382,297 | $18,187,793 | −$2,194,504 | 7 |
| Net financial assets at year end | $18,705,891 | $38,444,319 | +$19,738,428 | 7 |
Two corrections, kept separate
The Building Safer Communities Fund adjustment increased 2024 excess revenue and accumulated balances by $666,604 and reduced deferred revenue by the same amount.
A previously unrecorded development-agreement obligation increased liabilities and land held for resale by $813,615. It also increased capital assets and accumulated balances by $1,076,208.
Schedule 1 increases the 2024 opening accumulated balance from $314,255,038 to $315,997,853, a change of $1,742,815. This reflects the combined effect of the restatements shown in the signed comparative information.
Sources: signed 2025 statements, Note 2 on PDF page 18 and Schedule 1 on PDF page 28.What the audited funding trail shows
The audited statements show CMHC-related restricted cash of $12.345M at December 31, 2023, $6.829M at December 31, 2024 and $2.919M at December 31, 2025. Schedule 15 records $5.0M of 2025 CMHC multiplex revenue and matching expense.
This pattern shows restricted balances declining as eligible project activity was recognized. The audited statements do not provide the date of every receipt, payment or housing completion; those details require contribution agreements, project ledgers and completion records.
Sources: 2023 Note 3; signed 2024 Note 3; signed 2025 Note 3 and Schedule 15.Fair presentation, with restatement highlighted
Baker Tilly Arctic Inc. gives an unmodified fair-presentation opinion under Canadian public-sector accounting standards. The report is signed and dated April 28, 2026. Its emphasis-of-matter paragraph identifies the restated 2024 comparative information without modifying the opinion.
An audit provides reasonable assurance about material misstatement. It does not certify that every project delivered good value or that every funding agreement has been fully traced here.