1 00:05:05,840 --> 00:05:08,560 I call this meeting to order at 6:00 2 00:05:08,560 --> 00:05:10,800 p.m. and confirm all members are 3 00:05:10,800 --> 00:05:12,840 present. 4 00:05:12,840 --> 00:05:14,280 I'll begin the meeting reading the 5 00:05:14,280 --> 00:05:16,480 Township land acknowledgement. 6 00:05:16,480 --> 00:05:18,840 Uh the Township of Adjala-Tosorontio is 7 00:05:18,840 --> 00:05:21,200 situated on the lands of the Treaty 18 8 00:05:21,200 --> 00:05:23,360 being the traditional territory of the 9 00:05:23,360 --> 00:05:25,960 Anishinaabe people including the Ojibwa, 10 00:05:25,960 --> 00:05:29,120 Ottawa, and Potawatomi Nations 11 00:05:29,120 --> 00:05:31,840 collectively known as the Three Fires 12 00:05:31,840 --> 00:05:33,160 Confederacy. 13 00:05:33,160 --> 00:05:35,040 This land is home to many diverse First 14 00:05:35,040 --> 00:05:37,360 Nations, Inuit, and Métis peoples. We 15 00:05:37,360 --> 00:05:38,600 acknowledge 16 00:05:38,600 --> 00:05:40,360 that indigenous peoples as stewards of 17 00:05:40,360 --> 00:05:42,960 the land and we honor their resilience 18 00:05:42,960 --> 00:05:45,280 as well as their culture 19 00:05:45,280 --> 00:05:46,920 and of our shared respect for the lands, 20 00:05:46,920 --> 00:05:48,640 plants, animals, waterways, which 21 00:05:48,640 --> 00:05:51,640 sustain us all. We recognize the 22 00:05:51,640 --> 00:05:54,680 injustices against indigenous people, 23 00:05:54,680 --> 00:05:56,320 and are mindful that the decisions of 24 00:05:56,320 --> 00:05:58,320 the government impact our shared land 25 00:05:58,320 --> 00:06:01,560 and all of the inhabitants. We commit to 26 00:06:01,560 --> 00:06:03,880 reconciliation as a journey, 27 00:06:03,880 --> 00:06:06,080 foster indigenous cultural awareness and 28 00:06:06,080 --> 00:06:08,280 education opportunities, establish 29 00:06:08,280 --> 00:06:10,320 respectful and healthy relations with 30 00:06:10,320 --> 00:06:12,240 the indigenous people, 31 00:06:12,240 --> 00:06:14,560 and continue to steward the land and its 32 00:06:14,560 --> 00:06:16,720 inhabitants, 33 00:06:16,720 --> 00:06:19,120 and to cultivate an inclusive community 34 00:06:19,120 --> 00:06:23,390 for all. 35 00:06:23,400 --> 00:06:26,000 Okay, next item of business is the 36 00:06:26,000 --> 00:06:27,760 adoption of the agenda. The 37 00:06:27,760 --> 00:06:29,600 recommendation reads that the agenda for 38 00:06:29,600 --> 00:06:31,160 the audit committee 39 00:06:31,160 --> 00:06:33,360 meeting held on Wednesday, August 5th, 40 00:06:33,360 --> 00:06:35,600 be adopted as presented. Can I get a 41 00:06:35,600 --> 00:06:37,440 mover? 42 00:06:37,440 --> 00:06:40,760 Councillor Borzos, seconder. 43 00:06:40,760 --> 00:06:43,919 Councillor Medows, any questions? 44 00:06:43,919 --> 00:06:45,400 All in favor? 45 00:06:45,400 --> 00:06:48,870 And that is carried. 46 00:06:48,880 --> 00:06:49,919 Uh 47 00:06:49,919 --> 00:06:52,040 move on to item three, disclosure 48 00:06:52,040 --> 00:06:55,274 disclosure of pecuniary interest. Um 49 00:06:55,274 --> 00:06:55,870 >> [sighs] 50 00:06:55,870 --> 00:06:55,880 » [sighs] 51 00:06:55,880 --> 00:06:57,230 >> The next item on the agenda is the 52 00:06:57,230 --> 00:06:57,240 » The next item on the agenda is the 53 00:06:57,240 --> 00:06:59,720 disclosure this Man, I can't speak 54 00:06:59,720 --> 00:07:02,040 today. Disclosure of pecuniary interest. 55 00:07:02,040 --> 00:07:04,360 Are there any disclosures of pecuniary 56 00:07:04,360 --> 00:07:05,840 interest? 57 00:07:05,840 --> 00:07:09,750 Seeing none. 58 00:07:09,760 --> 00:07:10,800 Uh 59 00:07:10,800 --> 00:07:13,480 item four, adoption of the minutes. 60 00:07:13,480 --> 00:07:15,720 Uh the red the recommendation reads that 61 00:07:15,720 --> 00:07:17,040 the minutes of the audit committee 62 00:07:17,040 --> 00:07:19,280 meeting held on Monday, August 11th, 63 00:07:19,280 --> 00:07:22,360 2025 be adopted as presented. Can I get 64 00:07:22,360 --> 00:07:23,760 a mover? 65 00:07:23,760 --> 00:07:25,600 Councillor Medows, seconder. Councillor 66 00:07:25,600 --> 00:07:29,160 Borzos, any questions on those minutes? 67 00:07:29,160 --> 00:07:32,320 Seeing none. All in favor? And that's 68 00:07:32,320 --> 00:07:34,880 carried. 69 00:07:34,880 --> 00:07:36,760 Move on to item five, which is uh 70 00:07:36,760 --> 00:07:39,120 reports and correspondence. 71 00:07:39,120 --> 00:07:41,440 Correspondence from Sue Bragg, Baker 72 00:07:41,440 --> 00:07:43,840 Tilly SGBLLP, 73 00:07:43,840 --> 00:07:47,360 dated December 18th, 2025 regarding the 74 00:07:47,360 --> 00:07:48,960 interim audit 75 00:07:48,960 --> 00:07:52,400 of December 31st, 2025 financial 76 00:07:52,400 --> 00:07:54,840 statements. The recommendation reads 77 00:07:54,840 --> 00:07:58,000 that the correspondence from Subrag 78 00:07:58,000 --> 00:07:59,640 I guess that was the same thing. 79 00:07:59,640 --> 00:08:03,640 Subrag, Baker Tilly, SGB LLP dated 80 00:08:03,640 --> 00:08:06,400 December 18th, 2025 regarding interim 81 00:08:06,400 --> 00:08:08,960 audit of December 25 82 00:08:08,960 --> 00:08:11,680 December 31st, 2025 financial statements 83 00:08:11,680 --> 00:08:14,320 be received. Can I get a mover? 84 00:08:14,320 --> 00:08:15,840 Councillor Meadows, second by Councillor 85 00:08:15,840 --> 00:08:18,440 Borozos. Any questions on that? 86 00:08:18,440 --> 00:08:21,760 Seeing none, all in favor. 87 00:08:21,760 --> 00:08:24,040 And that is carried. 88 00:08:24,040 --> 00:08:26,360 And we'll move to 5.2. The 89 00:08:26,360 --> 00:08:28,680 recommendation reads that the draft 90 00:08:28,680 --> 00:08:30,760 audited financial statement for the year 91 00:08:30,760 --> 00:08:32,680 2025 92 00:08:32,680 --> 00:08:34,039 be received 93 00:08:34,039 --> 00:08:36,360 and that the audit committee recommends 94 00:08:36,360 --> 00:08:38,640 that council approve the draft audited 95 00:08:38,640 --> 00:08:40,360 financial statements for the year of 96 00:08:40,360 --> 00:08:42,159 2025. 97 00:08:42,159 --> 00:08:45,390 Can I get a mover? 98 00:08:45,400 --> 00:08:48,440 Well, can we get movers and seconders 99 00:08:48,440 --> 00:08:49,760 and then discuss it or do you want to 100 00:08:49,760 --> 00:08:50,440 discuss it? 101 00:08:50,440 --> 00:08:51,390 >> It needs to be on the floor for 102 00:08:51,390 --> 00:08:51,400 » It needs to be on the floor for 103 00:08:51,400 --> 00:08:52,400 discussion. 104 00:08:52,400 --> 00:08:55,270 >> So, movers. 105 00:08:55,280 --> 00:08:58,670 Councillor Borozos, second. 106 00:08:58,680 --> 00:08:59,360 Seconder. 107 00:08:59,360 --> 00:09:00,670 >> Sorry, can we back up? 108 00:09:00,670 --> 00:09:00,680 » Sorry, can we back up? 109 00:09:00,680 --> 00:09:01,030 >> Sure. 110 00:09:01,030 --> 00:09:01,040 » Sure. 111 00:09:01,040 --> 00:09:01,870 >> Go back. 112 00:09:01,870 --> 00:09:01,880 » Go back. 113 00:09:01,880 --> 00:09:03,750 >> Did I go too fast? Too far? 114 00:09:03,750 --> 00:09:03,760 » Did I go too fast? Too far? 115 00:09:03,760 --> 00:09:06,030 >> from Subrag, should we not be listening 116 00:09:06,030 --> 00:09:06,040 » from Subrag, should we not be listening 117 00:09:06,040 --> 00:09:08,440 to our correspondence first? 118 00:09:08,440 --> 00:09:10,030 >> Well, I believe 119 00:09:10,030 --> 00:09:10,040 » Well, I believe 120 00:09:10,040 --> 00:09:12,070 >> prior We we already 121 00:09:12,070 --> 00:09:12,080 » prior We we already 122 00:09:12,080 --> 00:09:12,600 We moved it. 123 00:09:12,600 --> 00:09:13,910 >> If I floored it. 124 00:09:13,910 --> 00:09:13,920 » If I floored it. 125 00:09:13,920 --> 00:09:14,990 >> Put it bring it on the floor. 126 00:09:14,990 --> 00:09:15,000 » Put it bring it on the floor. 127 00:09:15,000 --> 00:09:16,590 >> Okay, sorry. 128 00:09:16,590 --> 00:09:16,600 » Okay, sorry. 129 00:09:16,600 --> 00:09:18,000 Did I go too fast? 130 00:09:18,000 --> 00:09:20,120 I'm sorry. I'm looking for direction. 131 00:09:20,120 --> 00:09:22,230 >> the chair, uh to Councillor Meadows. Uh 132 00:09:22,230 --> 00:09:22,240 » the chair, uh to Councillor Meadows. Uh 133 00:09:22,240 --> 00:09:23,600 so, the committee did move that item on 134 00:09:23,600 --> 00:09:25,520 the floor and did already carry the vote 135 00:09:25,520 --> 00:09:27,600 on that item. Uh I would recommend that 136 00:09:27,600 --> 00:09:29,520 the current item on the floor is the 137 00:09:29,520 --> 00:09:31,520 full financial audited statements. Uh 138 00:09:31,520 --> 00:09:33,400 but if uh the committee does have any 139 00:09:33,400 --> 00:09:34,839 questions regarding the initial 140 00:09:34,839 --> 00:09:36,200 correspondence, those could be asked at 141 00:09:36,200 --> 00:09:38,480 this time, too, As that interim audit 142 00:09:38,480 --> 00:09:40,080 does affect the final results as well. 143 00:09:40,080 --> 00:09:44,110 >> Sorry, my apologies. 144 00:09:44,120 --> 00:09:46,640 Um so we will 145 00:09:46,640 --> 00:09:53,910 listen to the report from Supra 146 00:09:53,920 --> 00:09:59,070 » Good afternoon everyone. 147 00:09:59,080 --> 00:10:01,360 So I have a copy of the draft financial 148 00:10:01,360 --> 00:10:05,120 statements in front of me. 149 00:10:05,120 --> 00:10:06,320 If there are any questions about the 150 00:10:06,320 --> 00:10:09,080 interim letter, that's not a problem to 151 00:10:09,080 --> 00:10:10,920 discuss as well. 152 00:10:10,920 --> 00:10:12,840 Um would you like to discuss the letter 153 00:10:12,840 --> 00:10:14,760 first or the financial statements? 154 00:10:14,760 --> 00:10:15,950 >> I guess we can do the letter first 155 00:10:15,950 --> 00:10:15,960 » I guess we can do the letter first 156 00:10:15,960 --> 00:10:19,070 obviously. Sure. 157 00:10:19,080 --> 00:10:21,320 » Did you have any specific questions? Do 158 00:10:21,320 --> 00:10:22,520 you want me [laughter] just to explain 159 00:10:22,520 --> 00:10:24,040 what it was? I can do that. 160 00:10:24,040 --> 00:10:25,950 >> I I I just had one question with regards 161 00:10:25,950 --> 00:10:25,960 » I I I just had one question with regards 162 00:10:25,960 --> 00:10:28,280 to that and I I 163 00:10:28,280 --> 00:10:30,000 you pretty much answered my question 164 00:10:30,000 --> 00:10:32,760 with regards to the reasoning why 165 00:10:32,760 --> 00:10:35,840 it you can't include distribution to 166 00:10:35,840 --> 00:10:37,480 third parties. 167 00:10:37,480 --> 00:10:38,600 Uh 168 00:10:38,600 --> 00:10:40,440 There's just one comment on here. It 169 00:10:40,440 --> 00:10:42,240 says the comments and concerns expressed 170 00:10:42,240 --> 00:10:44,480 herein do not have a material effect on 171 00:10:44,480 --> 00:10:46,800 the municipality's financial statements 172 00:10:46,800 --> 00:10:50,200 and as such our opinion and 173 00:10:50,200 --> 00:10:51,320 uh 174 00:10:51,320 --> 00:10:53,520 in respect to these matters is not 175 00:10:53,520 --> 00:10:56,520 qualified. Can you ex- just 176 00:10:56,520 --> 00:10:59,120 so people you know laying people 177 00:10:59,120 --> 00:11:01,360 will understand what that means. 178 00:11:01,360 --> 00:11:05,120 Matters is not qualified. 179 00:11:05,120 --> 00:11:07,390 >> So are you referencing the audit report 180 00:11:07,390 --> 00:11:07,400 » So are you referencing the audit report 181 00:11:07,400 --> 00:11:08,120 or the letter? 182 00:11:08,120 --> 00:11:09,030 >> The letter. 183 00:11:09,030 --> 00:11:09,040 » The letter. 184 00:11:09,040 --> 00:11:10,750 >> Okay. I don't have a copy of the letter 185 00:11:10,750 --> 00:11:10,760 » Okay. I don't have a copy of the letter 186 00:11:10,760 --> 00:11:11,560 in front of me. 187 00:11:11,560 --> 00:11:12,470 >> Can I 188 00:11:12,470 --> 00:11:12,480 » Can I 189 00:11:12,480 --> 00:11:13,720 Do you want it or do you want to have a 190 00:11:13,720 --> 00:11:16,950 look at one of them? 191 00:11:16,960 --> 00:11:18,040 Sorry. 192 00:11:18,040 --> 00:11:20,640 Right here. It says in this paragraph 193 00:11:20,640 --> 00:11:27,230 matters not qualified. 194 00:11:27,240 --> 00:11:29,560 » So Baker Tilly National spends a lot of 195 00:11:29,560 --> 00:11:31,120 money on lawyers to make sure they get 196 00:11:31,120 --> 00:11:32,960 the wording of these letters right. So, 197 00:11:32,960 --> 00:11:34,839 I hope I know the answer. 198 00:11:34,839 --> 00:11:39,030 Um so 199 00:11:39,040 --> 00:11:41,360 Right. Okay. So, 200 00:11:41,360 --> 00:11:43,680 so this reference is to the interim 201 00:11:43,680 --> 00:11:45,680 letter. So, every year we come and do 202 00:11:45,680 --> 00:11:47,320 two audit two visits to the 203 00:11:47,320 --> 00:11:49,520 municipality, one in the fall, which is 204 00:11:49,520 --> 00:11:51,560 more of a control testing, systems 205 00:11:51,560 --> 00:11:53,960 testing 206 00:11:53,960 --> 00:11:55,680 focus, and then we come back at year 207 00:11:55,680 --> 00:11:56,800 end, of course, to look at all the 208 00:11:56,800 --> 00:11:58,920 year-end figures and all the substantial 209 00:11:58,920 --> 00:12:00,560 transactions that take part throughout 210 00:12:00,560 --> 00:12:01,600 the year. 211 00:12:01,600 --> 00:12:03,480 So, this letter was issued as a result 212 00:12:03,480 --> 00:12:06,640 of the interim audit. Um and it was a 213 00:12:06,640 --> 00:12:08,560 clean letter. We did not identify 214 00:12:08,560 --> 00:12:09,920 anything that needed to be brought to 215 00:12:09,920 --> 00:12:11,400 the attention of of council or 216 00:12:11,400 --> 00:12:14,720 management. Um and so, this paragraph 217 00:12:14,720 --> 00:12:17,040 absolutely love. Um [clears throat] 218 00:12:17,040 --> 00:12:19,520 So, page two and three in the bottom 219 00:12:19,520 --> 00:12:22,040 right-hand corner, it is the standard 220 00:12:22,040 --> 00:12:23,480 wording for the independent auditor's 221 00:12:23,480 --> 00:12:26,360 report. It is a clean audit opinion, 222 00:12:26,360 --> 00:12:30,520 certainly. Um and you'll note that these 223 00:12:30,520 --> 00:12:31,560 financial statements are still 224 00:12:31,560 --> 00:12:33,800 referenced as drafts until they are 225 00:12:33,800 --> 00:12:35,240 approved, of course, by the audit 226 00:12:35,240 --> 00:12:37,640 committee and then further to that by by 227 00:12:37,640 --> 00:12:41,480 council. Um and we do 228 00:12:41,480 --> 00:12:43,240 we do have this on the agenda for 229 00:12:43,240 --> 00:12:46,280 council on September 9th. Um and my 230 00:12:46,280 --> 00:12:47,960 business partner, Alex Jackson, will be 231 00:12:47,960 --> 00:12:50,960 here. I will be um on my way to Nova 232 00:12:50,960 --> 00:12:52,080 Scotia 233 00:12:52,080 --> 00:12:55,360 that week and he's going to take take 234 00:12:55,360 --> 00:12:57,280 the meeting for me. 235 00:12:57,280 --> 00:12:59,400 Uh rest assured, he's done lots of these 236 00:12:59,400 --> 00:13:02,440 presentations. He also 237 00:13:02,440 --> 00:13:04,200 is 238 00:13:04,200 --> 00:13:06,240 the engage the partner that has been 239 00:13:06,240 --> 00:13:07,520 involved with the detailed review of 240 00:13:07,520 --> 00:13:09,480 this file for a number of years. 241 00:13:09,480 --> 00:13:10,560 Okay. 242 00:13:10,560 --> 00:13:13,120 Um So, then to the statement of 243 00:13:13,120 --> 00:13:15,080 financial position, which is page four 244 00:13:15,080 --> 00:13:17,560 in the bottom right-hand corner, um the 245 00:13:17,560 --> 00:13:19,720 statement of financial position, 246 00:13:19,720 --> 00:13:21,440 um and a lot of the figures are pretty 247 00:13:21,440 --> 00:13:23,760 similar to last year. 248 00:13:23,760 --> 00:13:26,600 You'll notice that taxes receivable are 249 00:13:26,600 --> 00:13:27,720 up 250 00:13:27,720 --> 00:13:29,400 um, and we've discussed this the last 251 00:13:29,400 --> 00:13:31,440 couple of years. It's certainly a trend 252 00:13:31,440 --> 00:13:33,680 that we're seeing across, um, several 253 00:13:33,680 --> 00:13:35,080 different municipalities in Simcoe 254 00:13:35,080 --> 00:13:36,240 County. 255 00:13:36,240 --> 00:13:39,200 Um, but also important to note that 256 00:13:39,200 --> 00:13:41,760 that these figures, both the 2025 figure 257 00:13:41,760 --> 00:13:44,200 of 3.3 million and last year's figure of 258 00:13:44,200 --> 00:13:46,640 2.6 million, are at a point in time. 259 00:13:46,640 --> 00:13:49,400 They are as at December 31st. So, by the 260 00:13:49,400 --> 00:13:52,160 middle of January or today or 2 months 261 00:13:52,160 --> 00:13:54,520 after after year end, the numbers could 262 00:13:54,520 --> 00:13:55,960 have could have looked very different, 263 00:13:55,960 --> 00:13:58,200 but we definitely are seeing a trend of 264 00:13:58,200 --> 00:14:00,800 taxes receivable going up. And and part 265 00:14:00,800 --> 00:14:02,520 of that is just due to the fact that, 266 00:14:02,520 --> 00:14:04,200 you know, the assessments in the 267 00:14:04,200 --> 00:14:05,760 municipality are increasing. So, of 268 00:14:05,760 --> 00:14:07,880 course, taxes are increasing, which 269 00:14:07,880 --> 00:14:10,040 means taxes receivable are increasing. 270 00:14:10,040 --> 00:14:11,440 But, I also do think that there's a bit 271 00:14:11,440 --> 00:14:13,280 of an economic impact 272 00:14:13,280 --> 00:14:14,880 happening right now. 273 00:14:14,880 --> 00:14:16,320 Um, you know, people are finding it a 274 00:14:16,320 --> 00:14:18,360 little bit harder to pay in in many 275 00:14:18,360 --> 00:14:19,680 areas, um, 276 00:14:19,680 --> 00:14:21,480 and certainly the municipalities in 277 00:14:21,480 --> 00:14:22,880 Simcoe County I don't think are any 278 00:14:22,880 --> 00:14:25,440 exception to that. 279 00:14:25,440 --> 00:14:28,640 Um, net financial assets are up about 280 00:14:28,640 --> 00:14:30,240 735,000. 281 00:14:30,240 --> 00:14:32,800 You can see that subtotal about halfway 282 00:14:32,800 --> 00:14:35,360 down the page, 2.1 million compared to 283 00:14:35,360 --> 00:14:37,920 about 1.3 million last year. But, of 284 00:14:37,920 --> 00:14:40,400 course, a a lot of that is the increase 285 00:14:40,400 --> 00:14:42,720 in taxes receivable. So. 286 00:14:42,720 --> 00:14:45,680 Um, for non-financial assets, we have 287 00:14:45,680 --> 00:14:47,560 tangible capital assets. You see that 288 00:14:47,560 --> 00:14:50,200 there at 58 million, just shy of 59 289 00:14:50,200 --> 00:14:52,760 million. That's all the bricks and 290 00:14:52,760 --> 00:14:54,480 mortar and roads and infrastructure 291 00:14:54,480 --> 00:14:56,960 owned by Adjala-Tosorontio. 292 00:14:56,960 --> 00:14:59,080 And important to note that that figure 293 00:14:59,080 --> 00:15:02,560 is the historical cost figure amortized 294 00:15:02,560 --> 00:15:04,640 over the estimated useful life. So, 295 00:15:04,640 --> 00:15:06,600 that, you know, approaching 59 million 296 00:15:06,600 --> 00:15:08,560 dollars does not mean what it would cost 297 00:15:08,560 --> 00:15:10,560 to replace all of the assets of the 298 00:15:10,560 --> 00:15:12,920 municipality. It does not mean what the 299 00:15:12,920 --> 00:15:14,680 fair market value of all of the property 300 00:15:14,680 --> 00:15:15,520 is. 301 00:15:15,520 --> 00:15:17,920 It is based on historical cost amortized 302 00:15:17,920 --> 00:15:20,320 over estimated useful life. 303 00:15:20,320 --> 00:15:20,940 Um, 304 00:15:20,940 --> 00:15:21,030 >> [clears throat] 305 00:15:21,030 --> 00:15:21,040 » [clears throat] 306 00:15:21,040 --> 00:15:23,070 >> there were about 4.2 million dollars in 307 00:15:23,070 --> 00:15:23,080 » there were about 4.2 million dollars in 308 00:15:23,080 --> 00:15:25,520 of additions to tangible capital assets 309 00:15:25,520 --> 00:15:27,760 during 2025. 310 00:15:27,760 --> 00:15:29,560 Those included 311 00:15:29,560 --> 00:15:31,840 quite a bit of road work. 312 00:15:31,840 --> 00:15:34,520 We vouched several large invoices to 313 00:15:34,520 --> 00:15:36,520 Lisbon Paving as an example and they 314 00:15:36,520 --> 00:15:38,360 totaled over, you know, almost $1.5 315 00:15:38,360 --> 00:15:39,600 million. 316 00:15:39,600 --> 00:15:41,000 Um, 317 00:15:41,000 --> 00:15:43,960 there was a new fire pumper tanker 318 00:15:43,960 --> 00:15:45,120 purchase that was over a million 319 00:15:45,120 --> 00:15:46,480 dollars. 320 00:15:46,480 --> 00:15:48,560 There was also a new tandem plow truck 321 00:15:48,560 --> 00:15:51,400 and that was in my notes at 232,000 but 322 00:15:51,400 --> 00:15:52,920 that doesn't seem like enough. It was 323 00:15:52,920 --> 00:15:54,640 that just a deposit maybe or would that 324 00:15:54,640 --> 00:15:56,880 have been the total? 325 00:15:56,880 --> 00:15:59,160 Uh, for a tandem plow truck? 326 00:15:59,160 --> 00:16:00,070 >> That, 327 00:16:00,070 --> 00:16:00,080 » That, 328 00:16:00,080 --> 00:16:01,120 um, 329 00:16:01,120 --> 00:16:02,920 it sounds like that was part it was just 330 00:16:02,920 --> 00:16:04,240 the truck and not all of the 331 00:16:04,240 --> 00:16:06,030 >> Yeah, not all the attachments. Okay. 332 00:16:06,030 --> 00:16:06,040 » Yeah, not all the attachments. Okay. 333 00:16:06,040 --> 00:16:08,640 Okay, that makes that makes sense. Um, 334 00:16:08,640 --> 00:16:11,110 >> Uh, okay. What's the question? Go ahead. 335 00:16:11,110 --> 00:16:11,120 » Uh, okay. What's the question? Go ahead. 336 00:16:11,120 --> 00:16:12,550 >> Yeah, sorry. When we're talking about 337 00:16:12,550 --> 00:16:12,560 » Yeah, sorry. When we're talking about 338 00:16:12,560 --> 00:16:15,440 tangible assets and I noticed in 339 00:16:15,440 --> 00:16:17,800 uh, page on page 11 here, 340 00:16:17,800 --> 00:16:20,080 uh, some of the tangible assets that we 341 00:16:20,080 --> 00:16:21,200 have, 342 00:16:21,200 --> 00:16:22,160 uh, 343 00:16:22,160 --> 00:16:24,880 buildings 30 to 50 years, equipment 5 to 344 00:16:24,880 --> 00:16:27,160 20 years, which is normal. 345 00:16:27,160 --> 00:16:30,680 Roads 40 to 85 years, which I have to 346 00:16:30,680 --> 00:16:32,720 question. 347 00:16:32,720 --> 00:16:34,160 I can live with that. 348 00:16:34,160 --> 00:16:36,240 Uh, water and waste water 349 00:16:36,240 --> 00:16:40,000 10 to 100 years. Again, that is way off. 350 00:16:40,000 --> 00:16:41,360 Uh, 351 00:16:41,360 --> 00:16:43,760 bridges 80 to 100 years. Again, that 352 00:16:43,760 --> 00:16:45,320 one's off. 353 00:16:45,320 --> 00:16:47,560 Uh, communications, 354 00:16:47,560 --> 00:16:50,320 computers and hardwares 3 to 7 years. 355 00:16:50,320 --> 00:16:52,880 Yeah, I can I can live with that one. 356 00:16:52,880 --> 00:16:58,470 These ones with the 100 years, 85 years, 357 00:16:58,480 --> 00:17:00,839 that's [snorts] off. 358 00:17:00,839 --> 00:17:04,640 So, what are we doing to rectify that? 359 00:17:04,640 --> 00:17:05,560 The 360 00:17:05,560 --> 00:17:07,480 we're we're we're we can't have our 361 00:17:07,480 --> 00:17:09,720 assets out 100 years. 362 00:17:09,720 --> 00:17:11,400 And we're talking a 50-year difference 363 00:17:11,400 --> 00:17:12,839 in 364 00:17:12,839 --> 00:17:15,069 >> So, when the municipality adopted 365 00:17:15,069 --> 00:17:15,079 » So, when the municipality adopted 366 00:17:15,079 --> 00:17:16,720 tangible capital assets a number of 367 00:17:16,720 --> 00:17:19,120 years ago, it would have set a tangible 368 00:17:19,120 --> 00:17:23,400 capital asset policy at that time. These 369 00:17:23,400 --> 00:17:25,360 estimated useful lives were adopted 370 00:17:25,360 --> 00:17:27,520 then. 371 00:17:27,520 --> 00:17:28,800 That's not to say they shouldn't be 372 00:17:28,800 --> 00:17:30,320 reviewed again. It is something that 373 00:17:30,320 --> 00:17:32,000 we've recommended to a number of our 374 00:17:32,000 --> 00:17:34,200 municipal clients. 375 00:17:34,200 --> 00:17:37,360 But important to note like that those 376 00:17:37,360 --> 00:17:39,400 100 year amounts, I'd have to delve back 377 00:17:39,400 --> 00:17:41,400 into the details of it, but that might 378 00:17:41,400 --> 00:17:45,520 be that might be something very small. 379 00:17:45,520 --> 00:17:48,720 It may not be It may not be the millions 380 00:17:48,720 --> 00:17:50,480 of dollars you have invested that's all 381 00:17:50,480 --> 00:17:52,960 being amortized over 100 years. There's 382 00:17:52,960 --> 00:17:54,520 a range there, so. 383 00:17:54,520 --> 00:17:56,190 >> Well, I guess 384 00:17:56,190 --> 00:17:56,200 » Well, I guess 385 00:17:56,200 --> 00:17:58,200 the the issue I have with having these 386 00:17:58,200 --> 00:18:01,880 assets at those particular dates 387 00:18:01,880 --> 00:18:04,750 is uh 388 00:18:04,760 --> 00:18:07,720 we don't have 100 year old bridges that 389 00:18:07,720 --> 00:18:09,760 are nowadays that are that are going to 390 00:18:09,760 --> 00:18:12,000 last 100 years. 391 00:18:12,000 --> 00:18:13,680 They're lucky if they're lasting 50 392 00:18:13,680 --> 00:18:15,600 years. 393 00:18:15,600 --> 00:18:19,480 So, we're we're building a false table 394 00:18:19,480 --> 00:18:22,960 and I would like to see it in this this 395 00:18:22,960 --> 00:18:26,320 audit statement or whatever that we look 396 00:18:26,320 --> 00:18:29,240 at changing those assets because 397 00:18:29,240 --> 00:18:31,640 they are wrong and I I I don't want to 398 00:18:31,640 --> 00:18:33,560 put this forward this this statement 399 00:18:33,560 --> 00:18:36,880 forwards with wrong information in it. 400 00:18:36,880 --> 00:18:38,590 >> Well, I don't think the information in 401 00:18:38,590 --> 00:18:38,600 » Well, I don't think the information in 402 00:18:38,600 --> 00:18:40,760 the statement is is incorrect. I think 403 00:18:40,760 --> 00:18:42,480 it is in accordance with the policy that 404 00:18:42,480 --> 00:18:44,720 the municipality has adopted to date. I 405 00:18:44,720 --> 00:18:46,160 don't disagree with you that it's 406 00:18:46,160 --> 00:18:47,920 probably time to look at the tangible 407 00:18:47,920 --> 00:18:51,160 capital asset policy and and re-evaluate 408 00:18:51,160 --> 00:18:54,440 re-evaluate those useful lives, but I 409 00:18:54,440 --> 00:18:57,240 don't think that it um 410 00:18:57,240 --> 00:18:59,080 you know, misrepresents the information 411 00:18:59,080 --> 00:19:00,440 that's here. It's quite clear to the 412 00:19:00,440 --> 00:19:02,760 reader what useful lives are being used 413 00:19:02,760 --> 00:19:04,000 for amortization. 414 00:19:04,000 --> 00:19:05,750 >> Well, are we not when we go to a bank 415 00:19:05,750 --> 00:19:05,760 » Well, are we not when we go to a bank 416 00:19:05,760 --> 00:19:07,320 loan and we get a bank loan and they 417 00:19:07,320 --> 00:19:09,800 look at our tangible assets and some of 418 00:19:09,800 --> 00:19:12,440 let's say some of our assets are 419 00:19:12,440 --> 00:19:13,680 uh 420 00:19:13,680 --> 00:19:16,600 at 50 years and we got them down as a 421 00:19:16,600 --> 00:19:18,800 100-year uh 422 00:19:18,800 --> 00:19:21,280 length of time that we have that asset. 423 00:19:21,280 --> 00:19:22,920 So, they're saying, "Well, that asset's 424 00:19:22,920 --> 00:19:26,200 50% of of what?" Meanwhile, it has to be 425 00:19:26,200 --> 00:19:28,560 replaced in 3 years. 426 00:19:28,560 --> 00:19:30,840 So, that tangible assets 427 00:19:30,840 --> 00:19:31,480 uh 428 00:19:31,480 --> 00:19:35,040 loaning ability, I mean 429 00:19:35,040 --> 00:19:37,270 >> Yeah, I I don't know exactly what they 430 00:19:37,270 --> 00:19:37,280 » Yeah, I I don't know exactly what they 431 00:19:37,280 --> 00:19:38,600 look at when they when they're 432 00:19:38,600 --> 00:19:39,360 evaluating. 433 00:19:39,360 --> 00:19:41,070 >> No, but they do. They evaluate They 434 00:19:41,070 --> 00:19:41,080 » No, but they do. They evaluate They 435 00:19:41,080 --> 00:19:43,920 evaluate your assets. And especially 436 00:19:43,920 --> 00:19:45,560 with some of the figures I've seen in 437 00:19:45,560 --> 00:19:48,800 here where we're we're on the hook with 438 00:19:48,800 --> 00:19:49,520 uh 439 00:19:49,520 --> 00:19:52,520 like when we took out the the grant 440 00:19:52,520 --> 00:19:56,760 money, we went to to have a a co-signer 441 00:19:56,760 --> 00:20:00,320 for for the assets of the the township 442 00:20:00,320 --> 00:20:04,320 uh for a 31 I think it was 30 33 million 443 00:20:04,320 --> 00:20:08,350 or whatever. 444 00:20:08,360 --> 00:20:10,160 » Through the chair, you uh 445 00:20:10,160 --> 00:20:11,600 Uh Councilman, are you referring to the 446 00:20:11,600 --> 00:20:12,880 the grants? 447 00:20:12,880 --> 00:20:15,150 >> Yeah, the grants. Like uh we 448 00:20:15,150 --> 00:20:15,160 » Yeah, the grants. Like uh we 449 00:20:15,160 --> 00:20:18,560 we had to we got to get that grant, we 450 00:20:18,560 --> 00:20:19,920 had to 451 00:20:19,920 --> 00:20:21,040 uh 452 00:20:21,040 --> 00:20:24,640 get a waiver from the bank saying that 453 00:20:24,640 --> 00:20:26,200 it's it's written right in the financial 454 00:20:26,200 --> 00:20:28,080 statements here somewhere. Uh when we 455 00:20:28,080 --> 00:20:30,240 get to it, I'll I'll point it out. But 456 00:20:30,240 --> 00:20:32,960 I'm just saying when we're looking at 457 00:20:32,960 --> 00:20:35,840 doing these grant funding projects 458 00:20:35,840 --> 00:20:38,400 they look at our tangible assets and if 459 00:20:38,400 --> 00:20:40,320 our assets aren't what they're supposed 460 00:20:40,320 --> 00:20:43,920 to be then we could be in some big 461 00:20:43,920 --> 00:20:46,360 trouble down the road. So, I would just 462 00:20:46,360 --> 00:20:49,670 like to see it fixed. 463 00:20:49,680 --> 00:20:51,000 » Councilor Borges. 464 00:20:51,000 --> 00:20:52,870 >> Yeah, I actually Thank you. Through the 465 00:20:52,870 --> 00:20:52,880 » Yeah, I actually Thank you. Through the 466 00:20:52,880 --> 00:20:53,720 chair. 467 00:20:53,720 --> 00:20:54,800 I was actually going to ask you. I 468 00:20:54,800 --> 00:20:58,040 didn't catch the schedule there. But 469 00:20:58,040 --> 00:21:00,320 is there a CRA 470 00:21:00,320 --> 00:21:01,150 >> Get your mic. 471 00:21:01,150 --> 00:21:01,160 » Get your mic. 472 00:21:01,160 --> 00:21:02,270 >> Oh. 473 00:21:02,270 --> 00:21:02,280 » Oh. 474 00:21:02,280 --> 00:21:03,160 Sorry. 475 00:21:03,160 --> 00:21:05,680 Uh is there a CRA-approved uh 476 00:21:05,680 --> 00:21:07,600 table for these type of things or is it 477 00:21:07,600 --> 00:21:09,880 all individually 478 00:21:09,880 --> 00:21:11,480 determined by municipalities? 479 00:21:11,480 --> 00:21:14,270 >> Yeah, so there is a CRA approved list 480 00:21:14,270 --> 00:21:14,280 » Yeah, so there is a CRA approved list 481 00:21:14,280 --> 00:21:16,520 that applies to taxable entities, but 482 00:21:16,520 --> 00:21:18,640 that doesn't apply to municipalities. 483 00:21:18,640 --> 00:21:20,190 >> So, they don't even have a guideline of 484 00:21:20,190 --> 00:21:20,200 » So, they don't even have a guideline of 485 00:21:20,200 --> 00:21:21,680 sort uh, for 486 00:21:21,680 --> 00:21:21,950 >> No. 487 00:21:21,950 --> 00:21:21,960 » No. 488 00:21:21,960 --> 00:21:22,790 >> uh, capital 489 00:21:22,790 --> 00:21:22,800 » uh, capital 490 00:21:22,800 --> 00:21:24,510 >> No. No, and and when the ministry 491 00:21:24,510 --> 00:21:24,520 » No. No, and and when the ministry 492 00:21:24,520 --> 00:21:26,440 brought in the new rules about tangible 493 00:21:26,440 --> 00:21:28,400 capital assets, they didn't provide a 494 00:21:28,400 --> 00:21:31,240 guideline, either. 495 00:21:31,240 --> 00:21:32,350 >> Okay. Thanks. 496 00:21:32,350 --> 00:21:32,360 » Okay. Thanks. 497 00:21:32,360 --> 00:21:34,270 >> It's entirely up to each municipality, 498 00:21:34,270 --> 00:21:34,280 » It's entirely up to each municipality, 499 00:21:34,280 --> 00:21:35,040 which 500 00:21:35,040 --> 00:21:35,430 >> makes sense. 501 00:21:35,430 --> 00:21:35,440 » makes sense. 502 00:21:35,440 --> 00:21:36,430 >> difficult. 503 00:21:36,430 --> 00:21:36,440 » difficult. 504 00:21:36,440 --> 00:21:37,790 >> Councillor Meadows this point, like I 505 00:21:37,790 --> 00:21:37,800 » Councillor Meadows this point, like I 506 00:21:37,800 --> 00:21:38,960 mean a a 507 00:21:38,960 --> 00:21:40,960 hundred even 50 years for a road, like I 508 00:21:40,960 --> 00:21:42,680 mean some of our roads don't last 5 509 00:21:42,680 --> 00:21:43,465 years. 510 00:21:43,465 --> 00:21:43,950 >> [laughter] 511 00:21:43,950 --> 00:21:43,960 » [laughter] 512 00:21:43,960 --> 00:21:45,630 >> Sorry, I mean that's the reality. 513 00:21:45,630 --> 00:21:45,640 » Sorry, I mean that's the reality. 514 00:21:45,640 --> 00:21:46,670 >> This is the reality. 515 00:21:46,670 --> 00:21:46,680 » This is the reality. 516 00:21:46,680 --> 00:21:48,430 >> And and so we could go back and repave 517 00:21:48,430 --> 00:21:48,440 » And and so we could go back and repave 518 00:21:48,440 --> 00:21:50,120 it year after year after year after 519 00:21:50,120 --> 00:21:51,320 year, so 520 00:21:51,320 --> 00:21:53,080 uh, yeah, this is definitely I mean 521 00:21:53,080 --> 00:21:55,040 maybe maybe for a dirt road a hundred 522 00:21:55,040 --> 00:21:57,000 years is okay when horse and buggies 523 00:21:57,000 --> 00:21:58,840 were running around, but 524 00:21:58,840 --> 00:22:00,960 um, yeah, we need to redo this. Thank 525 00:22:00,960 --> 00:22:01,400 you, sorry. 526 00:22:01,400 --> 00:22:01,910 >> Yeah. 527 00:22:01,910 --> 00:22:01,920 » Yeah. 528 00:22:01,920 --> 00:22:03,750 >> Sorry. 529 00:22:03,750 --> 00:22:03,760 » Sorry. 530 00:22:03,760 --> 00:22:05,480 Through through the chair. 531 00:22:05,480 --> 00:22:07,350 >> Yeah, just what I was saying earlier uh, 532 00:22:07,350 --> 00:22:07,360 » Yeah, just what I was saying earlier uh, 533 00:22:07,360 --> 00:22:08,400 when 534 00:22:08,400 --> 00:22:11,440 uh, Brent with regards to uh, letters of 535 00:22:11,440 --> 00:22:13,680 uh, it's sorry, it was letters of credit 536 00:22:13,680 --> 00:22:17,200 uh, from the banks with regards to the 537 00:22:17,200 --> 00:22:19,880 uh, loaned or the grant funding we got 538 00:22:19,880 --> 00:22:22,760 as per various developments. The 539 00:22:22,760 --> 00:22:24,600 municipality has received letters of 540 00:22:24,600 --> 00:22:26,800 credit credit to cover the costs of 541 00:22:26,800 --> 00:22:28,920 completing these projects. Letters of 542 00:22:28,920 --> 00:22:30,800 credit held by the municipality at 543 00:22:30,800 --> 00:22:35,560 December 31st, 2025 were 36 million 544 00:22:35,560 --> 00:22:38,360 259792 545 00:22:38,360 --> 00:22:43,200 and 2024 31 million 826325. 546 00:22:43,200 --> 00:22:45,320 So, I'm just saying like uh, 547 00:22:45,320 --> 00:22:46,680 uh, 548 00:22:46,680 --> 00:22:49,000 somebody's 549 00:22:49,000 --> 00:22:52,000 banking on us, you know, 550 00:22:52,000 --> 00:22:53,720 on our assets that we have in this 551 00:22:53,720 --> 00:22:56,560 municipality to make sure our assets 552 00:22:56,560 --> 00:22:58,080 are at a tangible rate. 553 00:22:58,080 --> 00:22:58,550 >> collateral 554 00:22:58,550 --> 00:22:58,560 » collateral 555 00:22:58,560 --> 00:23:00,990 >> Yeah. Yeah, it's collateral. 556 00:23:00,990 --> 00:23:01,000 » Yeah. Yeah, it's collateral. 557 00:23:01,000 --> 00:23:02,070 >> Uh, 558 00:23:02,070 --> 00:23:02,080 » Uh, 559 00:23:02,080 --> 00:23:03,240 sorry. Uh, 560 00:23:03,240 --> 00:23:04,760 uh, through the the chair to Councillor 561 00:23:04,760 --> 00:23:06,800 Meadows. The letters of credit are are 562 00:23:06,800 --> 00:23:10,920 what we hold uh for for developments. 563 00:23:10,920 --> 00:23:11,680 So, 564 00:23:11,680 --> 00:23:13,920 so it would probably it would mostly be 565 00:23:13,920 --> 00:23:16,440 related, for example, to tribute. We 566 00:23:16,440 --> 00:23:18,600 hold securities until they until that 567 00:23:18,600 --> 00:23:20,840 development is complete and we sign off. 568 00:23:20,840 --> 00:23:22,760 We're We're holding on to secure 569 00:23:22,760 --> 00:23:24,600 securities cuz if they don't complete 570 00:23:24,600 --> 00:23:26,520 the work, we can draw on these letters 571 00:23:26,520 --> 00:23:27,680 of credit. 572 00:23:27,680 --> 00:23:31,030 >> Do Yeah, but when we went to the the 573 00:23:31,030 --> 00:23:31,040 » Do Yeah, but when we went to the the 574 00:23:31,040 --> 00:23:33,000 get the grant funding, we also had to 575 00:23:33,000 --> 00:23:34,000 get a 576 00:23:34,000 --> 00:23:35,080 uh uh 577 00:23:35,080 --> 00:23:38,160 a letter of credit to support the fact 578 00:23:38,160 --> 00:23:40,720 that we are we have a $27 million 579 00:23:40,720 --> 00:23:43,760 shortfall in that that funding, maybe 580 00:23:43,760 --> 00:23:45,880 even up to $32 million. 581 00:23:45,880 --> 00:23:47,720 We would have to have some sort of line 582 00:23:47,720 --> 00:23:50,720 of credit backing that project if we 583 00:23:50,720 --> 00:23:54,560 didn't have any funding to like when we 584 00:23:54,560 --> 00:23:56,920 sign that contract, they had to make 585 00:23:56,920 --> 00:23:59,051 sure that we were able to 586 00:23:59,051 --> 00:23:59,270 >> [sighs] 587 00:23:59,270 --> 00:23:59,280 » [sighs] 588 00:23:59,280 --> 00:24:01,630 >> have that money at hand 589 00:24:01,630 --> 00:24:01,640 » have that money at hand 590 00:24:01,640 --> 00:24:06,030 to build to build that infrastructure. 591 00:24:06,040 --> 00:24:06,240 » Uh 592 00:24:06,240 --> 00:24:07,310 >> They're not going to They're not going 593 00:24:07,310 --> 00:24:07,320 » They're not going to They're not going 594 00:24:07,320 --> 00:24:10,160 to give you a grant for $65 million not 595 00:24:10,160 --> 00:24:12,960 knowing that where the other 27 or 31 596 00:24:12,960 --> 00:24:14,840 million is going to be coming from. 597 00:24:14,840 --> 00:24:15,910 >> Uh through the chair to Councillor 598 00:24:15,910 --> 00:24:15,920 » Uh through the chair to Councillor 599 00:24:15,920 --> 00:24:18,680 Meadows. If you're referring to the 600 00:24:18,680 --> 00:24:21,760 grants for for everything development, 601 00:24:21,760 --> 00:24:24,880 I'm not aware of any requirements for 602 00:24:24,880 --> 00:24:25,600 uh 603 00:24:25,600 --> 00:24:26,670 >> Well, it's in the contract. 604 00:24:26,670 --> 00:24:26,680 » Well, it's in the contract. 605 00:24:26,680 --> 00:24:28,230 >> province for 606 00:24:28,230 --> 00:24:28,240 » province for 607 00:24:28,240 --> 00:24:30,310 >> Uh we they had we had to have some sort 608 00:24:30,310 --> 00:24:30,320 » Uh we they had we had to have some sort 609 00:24:30,320 --> 00:24:32,480 of collateral to to make up the 610 00:24:32,480 --> 00:24:34,840 shortfall. 611 00:24:34,840 --> 00:24:38,240 Anyway, I'm I'm I'm 612 00:24:38,240 --> 00:24:43,560 I'm just saying, like, that's why I was 613 00:24:43,560 --> 00:24:45,400 brought up the assets. Anyway, 614 00:24:45,400 --> 00:24:46,440 go ahead. 615 00:24:46,440 --> 00:24:48,390 >> Um do you have a question? Okay, 616 00:24:48,390 --> 00:24:48,400 » Um do you have a question? Okay, 617 00:24:48,400 --> 00:24:48,960 Councillor Borotsik. 618 00:24:48,960 --> 00:24:50,350 >> Through the chair, 619 00:24:50,350 --> 00:24:50,360 » Through the chair, 620 00:24:50,360 --> 00:24:51,960 since you came and 621 00:24:51,960 --> 00:24:53,920 visit us, might as well make good use 622 00:24:53,920 --> 00:24:55,680 out of your time. No, I I just curious 623 00:24:55,680 --> 00:24:58,080 to how would our financial position 624 00:24:58,080 --> 00:25:00,760 change if we were to, let's say, right 625 00:25:00,760 --> 00:25:01,640 now 626 00:25:01,640 --> 00:25:05,400 take that schedule and the larger roads, 627 00:25:05,400 --> 00:25:07,200 bridges, and that sort of stuff, we were 628 00:25:07,200 --> 00:25:09,120 to cut that in half. 629 00:25:09,120 --> 00:25:10,720 How dramatically 630 00:25:10,720 --> 00:25:11,990 >> the useful life in half? 631 00:25:11,990 --> 00:25:12,000 » the useful life in half? 632 00:25:12,000 --> 00:25:12,950 >> Correct. 633 00:25:12,950 --> 00:25:12,960 » Correct. 634 00:25:12,960 --> 00:25:14,990 >> I mean, it depends on a lot of different 635 00:25:14,990 --> 00:25:15,000 » I mean, it depends on a lot of different 636 00:25:15,000 --> 00:25:17,840 factors, but it could it could increase, 637 00:25:17,840 --> 00:25:19,680 like your annual amortization expense 638 00:25:19,680 --> 00:25:22,880 was 2.2 million in in 2025, it could 639 00:25:22,880 --> 00:25:24,800 double that in theory. 640 00:25:24,800 --> 00:25:26,710 >> And that's kind of, I think, 641 00:25:26,710 --> 00:25:26,720 » And that's kind of, I think, 642 00:25:26,720 --> 00:25:28,880 the the the point is that 643 00:25:28,880 --> 00:25:30,640 maybe I my my understanding of 644 00:25:30,640 --> 00:25:31,920 accounting principles is somewhat 645 00:25:31,920 --> 00:25:34,200 limited, but what I gather from this is 646 00:25:34,200 --> 00:25:36,720 if we were to reduce the amortization 647 00:25:36,720 --> 00:25:39,520 time or period, that would actually show 648 00:25:39,520 --> 00:25:40,920 that we have 649 00:25:40,920 --> 00:25:43,440 less money in the bank. 650 00:25:43,440 --> 00:25:44,800 In a way, I mean, 651 00:25:44,800 --> 00:25:46,720 it's not going to it's very simplified. 652 00:25:46,720 --> 00:25:48,350 >> Yeah, it's not going to show less money 653 00:25:48,350 --> 00:25:48,360 » Yeah, it's not going to show less money 654 00:25:48,360 --> 00:25:50,880 in the bank because amortization isn't a 655 00:25:50,880 --> 00:25:52,160 cash transaction. 656 00:25:52,160 --> 00:25:53,510 >> I I didn't mean like 657 00:25:53,510 --> 00:25:53,520 » I I didn't mean like 658 00:25:53,520 --> 00:25:55,280 in the bank bank. What I meant is our 659 00:25:55,280 --> 00:25:57,840 our financial position would be weaker. 660 00:25:57,840 --> 00:25:59,800 I guess is what I'm saying, because our 661 00:25:59,800 --> 00:26:01,760 total net worth would be a whole lot 662 00:26:01,760 --> 00:26:04,560 less or significantly less because the 663 00:26:04,560 --> 00:26:06,920 reduced amount of amortization time, 664 00:26:06,920 --> 00:26:08,760 which means that perhaps some of the 665 00:26:08,760 --> 00:26:10,840 bridges that are still on the books for 666 00:26:10,840 --> 00:26:13,040 another 20 years left in them now would 667 00:26:13,040 --> 00:26:15,440 be zero, so that would mean their value 668 00:26:15,440 --> 00:26:18,280 is $0 as opposed to 669 00:26:18,280 --> 00:26:20,320 $200,000. Just using an arbitrary 670 00:26:20,320 --> 00:26:22,430 >> The accumulated surplus would definitely 671 00:26:22,430 --> 00:26:22,440 » The accumulated surplus would definitely 672 00:26:22,440 --> 00:26:23,480 be lower. 673 00:26:23,480 --> 00:26:23,750 >> So, 674 00:26:23,750 --> 00:26:23,760 » So, 675 00:26:23,760 --> 00:26:24,990 >> If your if your 676 00:26:24,990 --> 00:26:25,000 » If your if your 677 00:26:25,000 --> 00:26:26,840 asset period was reduced. 678 00:26:26,840 --> 00:26:28,150 >> And to this point, I think this is a 679 00:26:28,150 --> 00:26:28,160 » And to this point, I think this is a 680 00:26:28,160 --> 00:26:30,000 very important and good exercise for us 681 00:26:30,000 --> 00:26:30,920 to 682 00:26:30,920 --> 00:26:32,840 if nothing else comes of today's 683 00:26:32,840 --> 00:26:33,960 meeting, 684 00:26:33,960 --> 00:26:36,560 this was worth my while just to see that 685 00:26:36,560 --> 00:26:38,200 it's there, that schedule is there, and 686 00:26:38,200 --> 00:26:39,360 how 687 00:26:39,360 --> 00:26:41,240 I guess outdated it is, and how 688 00:26:41,240 --> 00:26:43,680 inaccurate it is considering what the 689 00:26:43,680 --> 00:26:45,760 reality is out there in terms of 690 00:26:45,760 --> 00:26:47,840 usefulness and so on. So, yes, thank you 691 00:26:47,840 --> 00:26:49,400 for pointing this out because this is a 692 00:26:49,400 --> 00:26:52,120 good thing. We need to change this 693 00:26:52,120 --> 00:26:55,040 because I think the next year's audit 694 00:26:55,040 --> 00:26:56,680 will be or should be significantly 695 00:26:56,680 --> 00:26:58,320 different. Not necessarily for the 696 00:26:58,320 --> 00:27:00,760 better for the township, but 697 00:27:00,760 --> 00:27:02,560 Thank you. 698 00:27:02,560 --> 00:27:05,270 >> Okay, thank you. You're welcome. 699 00:27:05,270 --> 00:27:05,280 » Okay, thank you. You're welcome. 700 00:27:05,280 --> 00:27:06,870 >> Thank you. 701 00:27:06,870 --> 00:27:06,880 » Thank you. 702 00:27:06,880 --> 00:27:08,030 >> You too. 703 00:27:08,030 --> 00:27:08,040 » You too. 704 00:27:08,040 --> 00:27:09,120 It's okay. Teamwork, no? 705 00:27:09,120 --> 00:27:12,670 >> And not not to belabor this point, but 706 00:27:12,670 --> 00:27:12,680 » And not not to belabor this point, but 707 00:27:12,680 --> 00:27:14,120 note three that Counselor Meadows 708 00:27:14,120 --> 00:27:16,720 referred to are letters of credit held 709 00:27:16,720 --> 00:27:19,120 by the municipality, not debt that we 710 00:27:19,120 --> 00:27:20,600 have committed to the bank. So, I just 711 00:27:20,600 --> 00:27:22,960 wanted to make sure that we were okay on 712 00:27:22,960 --> 00:27:24,600 that. 713 00:27:24,600 --> 00:27:27,120 Um so, on the statement of financial 714 00:27:27,120 --> 00:27:28,560 position, 715 00:27:28,560 --> 00:27:30,120 um I think we had finished talking about 716 00:27:30,120 --> 00:27:32,200 tangible capital assets, and the only 717 00:27:32,200 --> 00:27:34,200 other item I wanted to mention there is 718 00:27:34,200 --> 00:27:36,560 that uh prepaid and expense prepaid 719 00:27:36,560 --> 00:27:39,120 expenses and inventory were up. Um as 720 00:27:39,120 --> 00:27:41,760 you're all well aware, we changed our 721 00:27:41,760 --> 00:27:43,680 insurance during the year, and we're now 722 00:27:43,680 --> 00:27:46,600 part of the of the county. Um 723 00:27:46,600 --> 00:27:47,720 I don't want to call it the county 724 00:27:47,720 --> 00:27:50,240 policy, the county program, county pool 725 00:27:50,240 --> 00:27:51,430 is perfect. 726 00:27:51,440 --> 00:27:54,270 >> Um and so, we do have um 727 00:27:54,270 --> 00:27:54,280 » Um and so, we do have um 728 00:27:54,280 --> 00:27:56,400 higher uh prepaid insurance, and you can 729 00:27:56,400 --> 00:27:58,920 see that reflected in the figure there. 730 00:27:58,920 --> 00:28:01,520 So, just uh keep in mind a couple of 731 00:28:01,520 --> 00:28:03,840 figures. So, um 732 00:28:03,840 --> 00:28:06,960 that ending balance of $61 million 733 00:28:06,960 --> 00:28:07,600 uh 734 00:28:07,600 --> 00:28:10,080 in the 2025 column will we will see that 735 00:28:10,080 --> 00:28:11,520 number again 736 00:28:11,520 --> 00:28:13,160 um as we're going through. So, just keep 737 00:28:13,160 --> 00:28:14,960 that number in mind. 738 00:28:14,960 --> 00:28:18,160 Um and to that point, on the very next 739 00:28:18,160 --> 00:28:20,880 page, the statement of operations, again 740 00:28:20,880 --> 00:28:23,880 at the 2025 column, you can see that 741 00:28:23,880 --> 00:28:26,840 same $61 million figure there. 742 00:28:26,840 --> 00:28:29,520 Uh of course, by uh by design, not by 743 00:28:29,520 --> 00:28:32,560 not by accident. Um in terms of revenues 744 00:28:32,560 --> 00:28:34,360 and expenses, I I don't think any big 745 00:28:34,360 --> 00:28:36,520 surprises here. You can You can see that 746 00:28:36,520 --> 00:28:38,080 um taxation revenue was up about a 747 00:28:38,080 --> 00:28:40,520 million dollars year over year, largely 748 00:28:40,520 --> 00:28:43,320 due to assessment. Um government grants 749 00:28:43,320 --> 00:28:45,960 were about $1.4 million dollars than 750 00:28:45,960 --> 00:28:48,880 budgeted. Um you know, it's very common 751 00:28:48,880 --> 00:28:49,920 to see in [clears throat] municipalities 752 00:28:49,920 --> 00:28:51,200 that were pretty conservative when 753 00:28:51,200 --> 00:28:53,280 budgeting those grants because you don't 754 00:28:53,280 --> 00:28:55,360 always know if they're coming or not. 755 00:28:55,360 --> 00:28:58,560 Um, in terms of expenses, um, 756 00:28:58,560 --> 00:29:00,560 that $16.6 million 757 00:29:00,560 --> 00:29:02,120 figure that you see there for actual 758 00:29:02,120 --> 00:29:05,360 2025 includes the $2.2 million of 759 00:29:05,360 --> 00:29:07,120 amortization expense we talked about 760 00:29:07,120 --> 00:29:08,560 earlier. 761 00:29:08,560 --> 00:29:09,240 Um, 762 00:29:09,240 --> 00:29:11,040 salaries and benefits were up about 763 00:29:11,040 --> 00:29:14,480 700,000 and insurance was up as well, 764 00:29:14,480 --> 00:29:16,520 um, due to joining the new uh county 765 00:29:16,520 --> 00:29:18,440 pool. 766 00:29:18,440 --> 00:29:19,110 >> Councillor Medlow? 767 00:29:19,110 --> 00:29:19,120 » Councillor Medlow? 768 00:29:19,120 --> 00:29:20,110 >> Yeah. 769 00:29:20,110 --> 00:29:20,120 » Yeah. 770 00:29:20,120 --> 00:29:21,310 >> Thank you. 771 00:29:21,310 --> 00:29:21,320 » Thank you. 772 00:29:21,320 --> 00:29:22,720 Uh, through the chair. 773 00:29:22,720 --> 00:29:25,680 Uh, with regards to I I was talking to 774 00:29:25,680 --> 00:29:28,400 uh Mr. Andertuck earlier. Uh, just so 775 00:29:28,400 --> 00:29:30,120 that I know the expenses for 776 00:29:30,120 --> 00:29:34,040 environmental services, that includes uh 777 00:29:34,040 --> 00:29:36,800 water and waste water. Is that correct? 778 00:29:36,800 --> 00:29:37,230 >> Yes. 779 00:29:37,230 --> 00:29:37,240 » Yes. 780 00:29:37,240 --> 00:29:37,910 >> Both? 781 00:29:37,910 --> 00:29:37,920 » Both? 782 00:29:37,920 --> 00:29:40,550 >> That is correct. And if you look at note 783 00:29:40,550 --> 00:29:40,560 » That is correct. And if you look at note 784 00:29:40,560 --> 00:29:43,400 22 on page 22, 785 00:29:43,400 --> 00:29:44,840 um, 786 00:29:44,840 --> 00:29:47,400 it it explains that it includes uh the 787 00:29:47,400 --> 00:29:49,560 service provided uh to the municipality 788 00:29:49,560 --> 00:29:52,520 for drinking water and the process and 789 00:29:52,520 --> 00:29:55,400 to clean sewage uh and water system 790 00:29:55,400 --> 00:29:57,520 meets all provincial standards. 791 00:29:57,520 --> 00:29:59,350 >> So, that's the total amount we spent 792 00:29:59,350 --> 00:29:59,360 » So, that's the total amount we spent 793 00:29:59,360 --> 00:30:01,230 >> Also includes waste disposal, garbage 794 00:30:01,230 --> 00:30:01,240 » Also includes waste disposal, garbage 795 00:30:01,240 --> 00:30:02,600 pickup as well. 796 00:30:02,600 --> 00:30:04,550 >> O&M waste disposal pickup. 797 00:30:04,550 --> 00:30:04,560 » O&M waste disposal pickup. 798 00:30:04,560 --> 00:30:05,670 >> Yep. Yep. 799 00:30:05,670 --> 00:30:05,680 » Yep. Yep. 800 00:30:05,680 --> 00:30:07,720 Yep. So, if you look at paragraph D in 801 00:30:07,720 --> 00:30:09,000 note 22, 802 00:30:09,000 --> 00:30:10,470 >> that that's the count that's the county 803 00:30:10,470 --> 00:30:10,480 » that that's the count that's the county 804 00:30:10,480 --> 00:30:13,830 service, isn't that? 805 00:30:13,840 --> 00:30:15,680 I know we pay for it through our well, 806 00:30:15,680 --> 00:30:17,600 the the taxpayers pay for it through 807 00:30:17,600 --> 00:30:21,910 their taxes, but uh 808 00:30:21,920 --> 00:30:23,880 isn't that correct? 809 00:30:23,880 --> 00:30:25,470 >> That's correct. We don't Well, we don't 810 00:30:25,470 --> 00:30:25,480 » That's correct. We don't Well, we don't 811 00:30:25,480 --> 00:30:27,240 have any um 812 00:30:27,240 --> 00:30:27,710 >> We don't have 813 00:30:27,710 --> 00:30:27,720 » We don't have 814 00:30:27,720 --> 00:30:29,190 >> expenses for 815 00:30:29,190 --> 00:30:29,200 » expenses for 816 00:30:29,200 --> 00:30:30,910 >> for for that. It's all through our 817 00:30:30,910 --> 00:30:30,920 » for for that. It's all through our 818 00:30:30,920 --> 00:30:34,150 taxation. 819 00:30:34,160 --> 00:30:35,440 So, 820 00:30:35,440 --> 00:30:36,560 why would our waste 821 00:30:36,560 --> 00:30:39,030 >> Res- residents will residents will pay 822 00:30:39,030 --> 00:30:39,040 » Res- residents will residents will pay 823 00:30:39,040 --> 00:30:42,320 through the taxes that we 824 00:30:42,320 --> 00:30:45,280 uh they're charged from the county for 825 00:30:45,280 --> 00:30:47,360 waste disposal. 826 00:30:47,360 --> 00:30:50,760 It's not part of our expenses and it's 827 00:30:50,760 --> 00:30:53,040 not part of our tax revenues. Part of 828 00:30:53,040 --> 00:30:54,240 the county's. 829 00:30:54,240 --> 00:30:57,080 County oversees waste disposal 830 00:30:57,080 --> 00:30:59,440 and the taxes the 831 00:30:59,440 --> 00:31:00,920 SIPCO 832 00:31:00,920 --> 00:31:03,760 taxes that are we are obligated to 833 00:31:03,760 --> 00:31:05,510 >> Why would that be on our 834 00:31:05,510 --> 00:31:05,520 » Why would that be on our 835 00:31:05,520 --> 00:31:07,510 >> But it's just more of a general 836 00:31:07,510 --> 00:31:07,520 » But it's just more of a general 837 00:31:07,520 --> 00:31:08,560 statement that 838 00:31:08,560 --> 00:31:10,150 >> Well, it's a general statement. 839 00:31:10,150 --> 00:31:10,160 » Well, it's a general statement. 840 00:31:10,160 --> 00:31:11,710 >> It's a general statement that shouldn't 841 00:31:11,710 --> 00:31:11,720 » It's a general statement that shouldn't 842 00:31:11,720 --> 00:31:14,200 be there because we don't the count the 843 00:31:14,200 --> 00:31:16,160 county is 844 00:31:16,160 --> 00:31:17,960 looks after our garbage disposal. We 845 00:31:17,960 --> 00:31:20,560 don't look after our garbage disposal. 846 00:31:20,560 --> 00:31:22,870 >> So, that point can easily be taken out, 847 00:31:22,870 --> 00:31:22,880 » So, that point can easily be taken out, 848 00:31:22,880 --> 00:31:25,000 but I thought that 849 00:31:25,000 --> 00:31:27,000 the most municipalities still have to 850 00:31:27,000 --> 00:31:29,160 pay something related to commercial 851 00:31:29,160 --> 00:31:30,560 waste or something and that's why we've 852 00:31:30,560 --> 00:31:31,600 always kept that line in there. 853 00:31:31,600 --> 00:31:35,470 >> Commercial waste pays for our waste. 854 00:31:35,480 --> 00:31:36,880 » I think through through the chair to 855 00:31:36,880 --> 00:31:39,280 council we can look at it amending the 856 00:31:39,280 --> 00:31:41,590 >> I would appreciate it because it's it's 857 00:31:41,590 --> 00:31:41,600 » I would appreciate it because it's it's 858 00:31:41,600 --> 00:31:43,160 kind of putting a false 859 00:31:43,160 --> 00:31:43,910 >> misleading 860 00:31:43,910 --> 00:31:43,920 » misleading 861 00:31:43,920 --> 00:31:46,150 >> It's a very misleading. So 862 00:31:46,150 --> 00:31:46,160 » It's a very misleading. So 863 00:31:46,160 --> 00:31:48,230 >> No, that's that's easily removed. 864 00:31:48,230 --> 00:31:48,240 » No, that's that's easily removed. 865 00:31:48,240 --> 00:31:55,630 >> Okay, thank you. 866 00:31:55,640 --> 00:31:56,600 And 867 00:31:56,600 --> 00:31:58,080 one more question. 868 00:31:58,080 --> 00:31:59,720 With regards to the health services, 869 00:31:59,720 --> 00:32:01,200 what was 870 00:32:01,200 --> 00:32:02,880 the actual 871 00:32:02,880 --> 00:32:04,720 57861 872 00:32:04,720 --> 00:32:06,920 for? 873 00:32:06,920 --> 00:32:08,600 Is that what we give to the hospital 874 00:32:08,600 --> 00:32:12,430 for? 875 00:32:12,440 --> 00:32:14,080 » I I think that's um 876 00:32:14,080 --> 00:32:14,990 >> for for 877 00:32:14,990 --> 00:32:15,000 » for for 878 00:32:15,000 --> 00:32:15,440 I don't know. 879 00:32:15,440 --> 00:32:17,030 >> care and maintenance of the cemetery is 880 00:32:17,030 --> 00:32:17,040 » care and maintenance of the cemetery is 881 00:32:17,040 --> 00:32:18,480 it not? 882 00:32:18,480 --> 00:32:20,350 >> No. 883 00:32:20,350 --> 00:32:20,360 » No. 884 00:32:20,360 --> 00:32:23,390 >> We we do pay for cemetery maintenance. 885 00:32:23,390 --> 00:32:23,400 » We we do pay for cemetery maintenance. 886 00:32:23,400 --> 00:32:24,550 >> Yeah, but it shouldn't be under health 887 00:32:24,550 --> 00:32:24,560 » Yeah, but it shouldn't be under health 888 00:32:24,560 --> 00:32:26,240 services. 889 00:32:26,240 --> 00:32:29,310 They're dead. 890 00:32:29,320 --> 00:32:30,600 Not health 891 00:32:30,600 --> 00:32:32,830 >> It's not It's not health services. 892 00:32:32,830 --> 00:32:32,840 » It's not It's not health services. 893 00:32:32,840 --> 00:32:33,280 That's 894 00:32:33,280 --> 00:32:34,870 >> That's That's where it is That's where 895 00:32:34,870 --> 00:32:34,880 » That's That's where it is That's where 896 00:32:34,880 --> 00:32:37,590 >> That That be That would be under uh 897 00:32:37,590 --> 00:32:37,600 » That That be That would be under uh 898 00:32:37,600 --> 00:32:39,640 uh 899 00:32:39,640 --> 00:32:41,720 I don't uh recreational cultural 900 00:32:41,720 --> 00:32:44,560 services, not uh health services. 901 00:32:44,560 --> 00:32:47,790 >> I think that when uh you have to prepare 902 00:32:47,790 --> 00:32:47,800 » I think that when uh you have to prepare 903 00:32:47,800 --> 00:32:51,400 the the FIR for the for the ministry, 904 00:32:51,400 --> 00:32:53,480 they have cemeteries under health 905 00:32:53,480 --> 00:32:55,080 services, and that's why we keep it 906 00:32:55,080 --> 00:32:57,360 consistent with that. Because the they 907 00:32:57,360 --> 00:32:59,240 also get a copy of the audited financial 908 00:32:59,240 --> 00:33:01,440 statements along with the FIR. 909 00:33:01,440 --> 00:33:03,600 And so it just keeps it consistent with 910 00:33:03,600 --> 00:33:04,440 the FIR. 911 00:33:04,440 --> 00:33:07,350 >> Can we look any of that cuz uh it's 912 00:33:07,350 --> 00:33:07,360 » Can we look any of that cuz uh it's 913 00:33:07,360 --> 00:33:11,240 we budgeted 7,500 914 00:33:11,240 --> 00:33:13,280 in 2025, 915 00:33:13,280 --> 00:33:16,840 yet our actual is 57,861. 916 00:33:16,840 --> 00:33:18,680 That's something's something's wrong 917 00:33:18,680 --> 00:33:20,320 here. 918 00:33:20,320 --> 00:33:21,270 >> I can speak to that. 919 00:33:21,270 --> 00:33:21,280 » I can speak to that. 920 00:33:21,280 --> 00:33:22,590 >> Sure. 921 00:33:22,590 --> 00:33:22,600 » Sure. 922 00:33:22,600 --> 00:33:24,190 >> Uh thank you, Deputy Mayor Locks, to 923 00:33:24,190 --> 00:33:24,200 » Uh thank you, Deputy Mayor Locks, to 924 00:33:24,200 --> 00:33:26,280 Councillor Meadows. Um that's due to the 925 00:33:26,280 --> 00:33:27,880 grass cutting tender. It was previously 926 00:33:27,880 --> 00:33:30,160 being reflected under parks and rec, and 927 00:33:30,160 --> 00:33:31,720 so that was better reflected about the 928 00:33:31,720 --> 00:33:33,200 actual cost of the maintenance of 929 00:33:33,200 --> 00:33:35,000 cemeteries every year. This year we 930 00:33:35,000 --> 00:33:36,480 divided it out and actually put it under 931 00:33:36,480 --> 00:33:38,560 the cemetery line. So it was an approved 932 00:33:38,560 --> 00:33:40,800 tender by council. It just was all being 933 00:33:40,800 --> 00:33:42,640 reflected under parks and rec, and for 934 00:33:42,640 --> 00:33:44,000 better accounting practices and 935 00:33:44,000 --> 00:33:45,680 transparency, we brought it over to 936 00:33:45,680 --> 00:33:47,080 cemeteries. 937 00:33:47,080 --> 00:33:47,790 >> I recall that. 938 00:33:47,790 --> 00:33:47,800 » I recall that. 939 00:33:47,800 --> 00:33:49,150 >> Uh supplemental. 940 00:33:49,150 --> 00:33:49,160 » Uh supplemental. 941 00:33:49,160 --> 00:33:49,670 >> Sure. 942 00:33:49,670 --> 00:33:49,680 » Sure. 943 00:33:49,680 --> 00:33:51,350 >> So are 944 00:33:51,350 --> 00:33:51,360 » So are 945 00:33:51,360 --> 00:33:53,960 all our grass cutting is under health 946 00:33:53,960 --> 00:33:56,760 services now or just the cemetery 947 00:33:56,760 --> 00:33:57,600 portion? 948 00:33:57,600 --> 00:33:58,670 >> Uh through the chair to Councillor 949 00:33:58,670 --> 00:33:58,680 » Uh through the chair to Councillor 950 00:33:58,680 --> 00:34:00,480 Meadows, just the cemetery portion. 951 00:34:00,480 --> 00:34:00,830 >> Just the cemetery. 952 00:34:00,830 --> 00:34:00,840 » Just the cemetery. 953 00:34:00,840 --> 00:34:02,510 >> Before it was all under parks and rec, 954 00:34:02,510 --> 00:34:02,520 » Before it was all under parks and rec, 955 00:34:02,520 --> 00:34:04,800 and we've pulled out the cemetery 956 00:34:04,800 --> 00:34:06,560 portion and are now reflecting it under 957 00:34:06,560 --> 00:34:08,200 the cemetery line. 958 00:34:08,200 --> 00:34:12,270 >> So it cost us 57,000 for the 959 00:34:12,270 --> 00:34:12,280 » So it cost us 57,000 for the 960 00:34:12,280 --> 00:34:14,760 the cemeteries to be cut? 961 00:34:14,760 --> 00:34:15,750 >> Correct. Care and maintenance of the 962 00:34:15,750 --> 00:34:15,760 » Correct. Care and maintenance of the 963 00:34:15,760 --> 00:34:17,399 cemeteries. In there you'll also see 964 00:34:17,399 --> 00:34:18,600 some maintenance. We do routine 965 00:34:18,600 --> 00:34:21,080 maintenance on the trees and the fencing 966 00:34:21,080 --> 00:34:23,399 as well. Uh spring cleanup after the 967 00:34:23,399 --> 00:34:24,159 winter with the debris. 968 00:34:24,159 --> 00:34:25,110 >> Wow. 969 00:34:25,110 --> 00:34:25,120 » Wow. 970 00:34:25,120 --> 00:34:27,320 And monument repair is also 971 00:34:27,320 --> 00:34:28,550 >> I think it 972 00:34:28,550 --> 00:34:28,560 » I think it 973 00:34:28,560 --> 00:34:31,840 uh it's just that uh 974 00:34:31,840 --> 00:34:35,600 I I look at uh what was budgeted 975 00:34:35,600 --> 00:34:37,639 and they were way off the mark on their 976 00:34:37,639 --> 00:34:41,159 budget for that portion. So, 977 00:34:41,159 --> 00:34:44,950 >> Uh I believe that's when they did change 978 00:34:44,950 --> 00:34:44,960 » Uh I believe that's when they did change 979 00:34:44,960 --> 00:34:47,520 from from it all being grass cutting was 980 00:34:47,520 --> 00:34:49,919 one and then it switched over. So, 981 00:34:49,919 --> 00:34:52,320 obviously it doesn't reflect very 982 00:34:52,320 --> 00:34:54,760 very good on on paper, but 983 00:34:54,760 --> 00:34:56,230 >> Well, we should have Yeah, but we should 984 00:34:56,230 --> 00:34:56,240 » Well, we should have Yeah, but we should 985 00:34:56,240 --> 00:34:58,280 have we should have caught that one when 986 00:34:58,280 --> 00:34:58,680 we were budgeting. 987 00:34:58,680 --> 00:35:01,830 >> budgeted first and then the change came 988 00:35:01,830 --> 00:35:01,840 » budgeted first and then the change came 989 00:35:01,840 --> 00:35:03,680 after. So, that's why it's skewed the 990 00:35:03,680 --> 00:35:03,920 numbers. 991 00:35:03,920 --> 00:35:05,750 >> it was all budgeted for under parks and 992 00:35:05,750 --> 00:35:05,760 » it was all budgeted for under parks and 993 00:35:05,760 --> 00:35:07,400 rec, but just a better reflect the 994 00:35:07,400 --> 00:35:09,840 actual costs, we brought it over to 995 00:35:09,840 --> 00:35:12,160 cemeteries. So, it was all budgeted for 996 00:35:12,160 --> 00:35:14,240 in the overall operating budget. We've 997 00:35:14,240 --> 00:35:15,520 just brought it over to cemeteries to 998 00:35:15,520 --> 00:35:17,600 better reflect the actual cost. 999 00:35:17,600 --> 00:35:19,390 >> And how many Sorry, how many cemeteries 1000 00:35:19,390 --> 00:35:19,400 » And how many Sorry, how many cemeteries 1001 00:35:19,400 --> 00:35:21,000 do we have in the in the township? 1002 00:35:21,000 --> 00:35:21,670 >> Well, we have 1003 00:35:21,670 --> 00:35:21,680 » Well, we have 1004 00:35:21,680 --> 00:35:22,910 >> Uh thank you through the chair to 1005 00:35:22,910 --> 00:35:22,920 » Uh thank you through the chair to 1006 00:35:22,920 --> 00:35:24,120 Councilwoman Meadows. We care for the 1007 00:35:24,120 --> 00:35:26,000 maintenance of six uh 1008 00:35:26,000 --> 00:35:26,840 six 1009 00:35:26,840 --> 00:35:29,000 inactive cemeteries and the cemetery are 1010 00:35:29,000 --> 00:35:30,520 under the control of the township. 1011 00:35:30,520 --> 00:35:31,830 >> Okay. Thank you. 1012 00:35:31,830 --> 00:35:31,840 » Okay. Thank you. 1013 00:35:31,840 --> 00:35:34,430 >> Yeah, I believe before 7,500 covered the 1014 00:35:34,430 --> 00:35:34,440 » Yeah, I believe before 7,500 covered the 1015 00:35:34,440 --> 00:35:36,000 cemetery and then the grass cutting 1016 00:35:36,000 --> 00:35:37,640 became part of that bill. 1017 00:35:37,640 --> 00:35:40,190 >> On this schedule they moved it under 1018 00:35:40,190 --> 00:35:40,200 » On this schedule they moved it under 1019 00:35:40,200 --> 00:35:43,800 recreation and culture and so on. So, 1020 00:35:43,800 --> 00:35:47,350 >> Okay. 1021 00:35:47,360 --> 00:35:51,400 » Wow. Okay, Sue. Continue on. 1022 00:35:51,400 --> 00:35:53,510 >> We're only on page three of 1023 00:35:53,510 --> 00:35:53,520 » We're only on page three of 1024 00:35:53,520 --> 00:35:53,990 >> Sorry. 1025 00:35:53,990 --> 00:35:54,000 » Sorry. 1026 00:35:54,000 --> 00:35:55,190 >> No, we're on No, no, 1027 00:35:55,190 --> 00:35:55,200 » No, we're on No, no, 1028 00:35:55,200 --> 00:35:56,080 that's what we're here for. 1029 00:35:56,080 --> 00:35:57,910 >> The pages that we're covering have the 1030 00:35:57,910 --> 00:35:57,920 » The pages that we're covering have the 1031 00:35:57,920 --> 00:36:01,000 most meat in them. So, so, it's we're 1032 00:36:01,000 --> 00:36:04,360 we're doing great. Um and in fact, I 1033 00:36:04,360 --> 00:36:06,720 think we can go to the next page. 1034 00:36:06,720 --> 00:36:08,040 Uh the statement of change in net 1035 00:36:08,040 --> 00:36:09,760 financial assets, 1036 00:36:09,760 --> 00:36:11,360 you know, this is just an arithmetic 1037 00:36:11,360 --> 00:36:13,400 exercise to get from the annual surplus 1038 00:36:13,400 --> 00:36:15,880 figure that you saw on the on page five 1039 00:36:15,880 --> 00:36:17,480 to um 1040 00:36:17,480 --> 00:36:19,320 the amount that you see of net financial 1041 00:36:19,320 --> 00:36:22,000 assets on page four down to the 2.1 1042 00:36:22,000 --> 00:36:23,640 million. So, nothing nothing 1043 00:36:23,640 --> 00:36:25,160 earth-shattering there. 1044 00:36:25,160 --> 00:36:28,120 Um the statement of cash flow, again, 1045 00:36:28,120 --> 00:36:31,320 you'll see that uh $11,700 1046 00:36:31,320 --> 00:36:36,400 $700 uh 902 reflected in the um 1047 00:36:36,400 --> 00:36:38,520 uh statement of financial position. 1048 00:36:38,520 --> 00:36:39,720 Um 1049 00:36:39,720 --> 00:36:42,720 just high level, we had net cash from 1050 00:36:42,720 --> 00:36:45,720 operations of about 4.7 million. We 1051 00:36:45,720 --> 00:36:48,480 spent about 4.2 million on tangible 1052 00:36:48,480 --> 00:36:50,920 capital assets. We paid down debt of 1053 00:36:50,920 --> 00:36:53,280 about $400,000. 1054 00:36:53,280 --> 00:36:53,960 Um 1055 00:36:53,960 --> 00:36:56,320 it also shows $914,000 1056 00:36:56,320 --> 00:36:58,720 coming in from change in investments, 1057 00:36:58,720 --> 00:37:00,440 but really you need to look at the 1058 00:37:00,440 --> 00:37:02,320 investment figure in conjunction with 1059 00:37:02,320 --> 00:37:05,160 the uh cash figure. And they, you know, 1060 00:37:05,160 --> 00:37:06,840 if you add the two of them together year 1061 00:37:06,840 --> 00:37:08,160 over year, they only changed by about 1062 00:37:08,160 --> 00:37:11,080 $120,000. 1063 00:37:11,080 --> 00:37:13,600 So, that 914 basically became part of 1064 00:37:13,600 --> 00:37:16,195 year-ending cash balance. 1065 00:37:16,195 --> 00:37:18,590 >> [clears throat] 1066 00:37:18,600 --> 00:37:20,880 » Uh yeah, sorry. 1067 00:37:20,880 --> 00:37:22,430 >> I have just a quick question perhaps to 1068 00:37:22,430 --> 00:37:22,440 » I have just a quick question perhaps to 1069 00:37:22,440 --> 00:37:23,800 the treasurer. 1070 00:37:23,800 --> 00:37:26,600 I'm just curious uh what did we sell 1071 00:37:26,600 --> 00:37:28,920 to make $471,000? 1072 00:37:28,920 --> 00:37:30,720 In here it says gain on disposal of 1073 00:37:30,720 --> 00:37:33,040 tangible capital assets. 1074 00:37:33,040 --> 00:37:35,280 What did we dispose for half a million 1075 00:37:35,280 --> 00:37:38,680 dollars almost? 1076 00:37:38,680 --> 00:37:41,710 >> Some some of our equipment. 1077 00:37:41,710 --> 00:37:41,720 » Some some of our equipment. 1078 00:37:41,720 --> 00:37:42,470 >> Uh 1079 00:37:42,470 --> 00:37:42,480 » Uh 1080 00:37:42,480 --> 00:37:44,040 well, if it's amortized, then it's worth 1081 00:37:44,040 --> 00:37:45,520 nothing, then how does it worth half a 1082 00:37:45,520 --> 00:37:47,640 million bucks? 1083 00:37:47,640 --> 00:37:48,670 >> Mr. Andrew Chuck? 1084 00:37:48,670 --> 00:37:48,680 » Mr. Andrew Chuck? 1085 00:37:48,680 --> 00:37:50,870 >> Uh through through the 1086 00:37:50,870 --> 00:37:50,880 » Uh through through the 1087 00:37:50,880 --> 00:37:53,440 through the chair, yeah, we we do sell 1088 00:37:53,440 --> 00:37:55,760 we would have sold various equipment 1089 00:37:55,760 --> 00:37:57,400 throughout the 1090 00:37:57,400 --> 00:37:58,520 the year. 1091 00:37:58,520 --> 00:38:00,310 >> And it totals to almost half a million 1092 00:38:00,310 --> 00:38:00,320 » And it totals to almost half a million 1093 00:38:00,320 --> 00:38:01,600 dollars? That's how much you sell? 1094 00:38:01,600 --> 00:38:05,870 >> That's a lot. 1095 00:38:05,880 --> 00:38:08,040 » Um I can get back to you with a detailed 1096 00:38:08,040 --> 00:38:08,800 breakdown of that. 1097 00:38:08,800 --> 00:38:09,670 >> I'm curious more than anything else, 1098 00:38:09,670 --> 00:38:09,680 » I'm curious more than anything else, 1099 00:38:09,680 --> 00:38:10,200 just to like to 1100 00:38:10,200 --> 00:38:11,830 >> Yeah, I I'll get back to you with a a 1101 00:38:11,830 --> 00:38:11,840 » Yeah, I I'll get back to you with a a 1102 00:38:11,840 --> 00:38:13,000 detailed breakdown. 1103 00:38:13,000 --> 00:38:13,670 >> all the way. 1104 00:38:13,670 --> 00:38:13,680 » all the way. 1105 00:38:13,680 --> 00:38:14,190 >> Thank you. 1106 00:38:14,190 --> 00:38:14,200 » Thank you. 1107 00:38:14,200 --> 00:38:15,150 >> Yep. 1108 00:38:15,150 --> 00:38:15,160 » Yep. 1109 00:38:15,160 --> 00:38:17,710 >> Sorry, thank you very much. 1110 00:38:17,710 --> 00:38:17,720 » Sorry, thank you very much. 1111 00:38:17,720 --> 00:38:18,830 >> Okay, Sue. 1112 00:38:18,830 --> 00:38:18,840 » Okay, Sue. 1113 00:38:18,840 --> 00:38:20,910 >> Okay, next page, the statement of 1114 00:38:20,910 --> 00:38:20,920 » Okay, next page, the statement of 1115 00:38:20,920 --> 00:38:22,600 remeasurement gains and losses. we've 1116 00:38:22,600 --> 00:38:24,400 only been looking at this statement for 1117 00:38:24,400 --> 00:38:26,680 the last couple of years. Um 1118 00:38:26,680 --> 00:38:29,600 and that $69,000 basically represents 1119 00:38:29,600 --> 00:38:31,640 the difference between the cost base of 1120 00:38:31,640 --> 00:38:33,880 our investments and what the fair market 1121 00:38:33,880 --> 00:38:36,280 value is as of today. 1122 00:38:36,280 --> 00:38:38,800 Um so, the investments include some 1123 00:38:38,800 --> 00:38:42,360 bonds and they often, you know, 1124 00:38:42,360 --> 00:38:44,520 whi- while they're not a bad investment, 1125 00:38:44,520 --> 00:38:46,200 their fair market value is always less 1126 00:38:46,200 --> 00:38:48,280 until they get closer to maturity. So, 1127 00:38:48,280 --> 00:38:49,960 you know, nothing that you should be 1128 00:38:49,960 --> 00:38:52,640 worried about on that on that at all. 1129 00:38:52,640 --> 00:38:55,320 Um starting on page nine, we get into 1130 00:38:55,320 --> 00:38:58,000 the notes of the financial statements. 1131 00:38:58,000 --> 00:39:01,120 And I have a couple of of comments. I 1132 00:39:01,120 --> 00:39:03,320 don't want to belabor each and every one 1133 00:39:03,320 --> 00:39:07,200 of them, but um note two on the top of 1134 00:39:07,200 --> 00:39:10,160 page 14, 1135 00:39:10,160 --> 00:39:12,840 important to note that of that $11.7 1136 00:39:12,840 --> 00:39:14,160 million 1137 00:39:14,160 --> 00:39:16,240 cash balance, 1138 00:39:16,240 --> 00:39:18,480 you know, the lion's share of that is is 1139 00:39:18,480 --> 00:39:20,480 restricted for the obligatory reserve 1140 00:39:20,480 --> 00:39:22,600 funds. 1141 00:39:22,600 --> 00:39:24,200 So, there's only sort of unrestricted 1142 00:39:24,200 --> 00:39:28,470 cash of about 842,000. 1143 00:39:28,480 --> 00:39:31,560 » Sorry. Sorry, I got a question. Oh, 1144 00:39:31,560 --> 00:39:32,680 go ahead, Counselor Matt. Through the 1145 00:39:32,680 --> 00:39:34,240 chair. 1146 00:39:34,240 --> 00:39:36,360 Could we go back to page nine, please? 1147 00:39:36,360 --> 00:39:40,470 >> Yes. 1148 00:39:40,480 --> 00:39:41,920 » Okay, uh 1149 00:39:41,920 --> 00:39:43,920 item number C, 1150 00:39:43,920 --> 00:39:46,440 uh revenue recognition. 1151 00:39:46,440 --> 00:39:48,960 And you have in there, uh included in 1152 00:39:48,960 --> 00:39:52,920 user fees are wastewater and water usage 1153 00:39:52,920 --> 00:39:54,160 fees. 1154 00:39:54,160 --> 00:39:56,360 These fees are recognized as revenue 1155 00:39:56,360 --> 00:39:59,240 when the service is rendered. Other user 1156 00:39:59,240 --> 00:40:02,720 fees are recognized on an accrual basis 1157 00:40:02,720 --> 00:40:04,960 as they become available and measurable. 1158 00:40:04,960 --> 00:40:07,160 So, are these fees not measurable? Is 1159 00:40:07,160 --> 00:40:08,640 that what you're trying to These 1160 00:40:08,640 --> 00:40:09,960 particular fees that we're doing right 1161 00:40:09,960 --> 00:40:12,400 now aren't measurable? 1162 00:40:12,400 --> 00:40:13,550 >> Sorry, are you referring to the 1163 00:40:13,550 --> 00:40:13,560 » Sorry, are you referring to the 1164 00:40:13,560 --> 00:40:16,320 wastewater and water usage fees or 1165 00:40:16,320 --> 00:40:19,270 >> Uh number I item C. Yeah, included uh, 1166 00:40:19,270 --> 00:40:19,280 » Uh number I item C. Yeah, included uh, 1167 00:40:19,280 --> 00:40:22,280 water and waste water usage fees. 1168 00:40:22,280 --> 00:40:23,520 Okay? 1169 00:40:23,520 --> 00:40:25,680 Are you saying uh, currently they're not 1170 00:40:25,680 --> 00:40:27,840 measurable those those fees or 1171 00:40:27,840 --> 00:40:29,950 >> No, what that's referring to is that 1172 00:40:29,950 --> 00:40:29,960 » No, what that's referring to is that 1173 00:40:29,960 --> 00:40:32,280 user fees include waste water, water 1174 00:40:32,280 --> 00:40:34,880 usage, and then several other user fees. 1175 00:40:34,880 --> 00:40:37,200 That's that second third sentence is 1176 00:40:37,200 --> 00:40:39,320 referring to those other fees, not water 1177 00:40:39,320 --> 00:40:40,040 and waste water. 1178 00:40:40,040 --> 00:40:40,910 >> Okay. 1179 00:40:40,910 --> 00:40:40,920 » Okay. 1180 00:40:40,920 --> 00:40:43,320 And then uh, if you go to item D, 1181 00:40:43,320 --> 00:40:44,680 deferred revenue, 1182 00:40:44,680 --> 00:40:44,990 >> Mhm. 1183 00:40:44,990 --> 00:40:45,000 » Mhm. 1184 00:40:45,000 --> 00:40:45,910 >> oblique 1185 00:40:45,910 --> 00:40:45,920 » oblique 1186 00:40:45,920 --> 00:40:49,040 uh, obligatory reserve funds, revenue 1187 00:40:49,040 --> 00:40:51,600 restricted by legislation, regulation, 1188 00:40:51,600 --> 00:40:54,480 or agreement, and not available for 1189 00:40:54,480 --> 00:40:57,080 general municipal purposes is reported 1190 00:40:57,080 --> 00:40:59,640 as deferred revenue on the statement of 1191 00:40:59,640 --> 00:41:01,440 financial position. 1192 00:41:01,440 --> 00:41:03,640 The revenue is reported on the statement 1193 00:41:03,640 --> 00:41:07,200 of operations in the year in which it is 1194 00:41:07,200 --> 00:41:10,640 used for that specific purpose. 1195 00:41:10,640 --> 00:41:13,920 Uh, why are why are they not why are our 1196 00:41:13,920 --> 00:41:15,920 water and waste water rates not in in 1197 00:41:15,920 --> 00:41:20,190 deferred revenue? 1198 00:41:20,200 --> 00:41:23,600 Because it's it's it's a legislated 1199 00:41:23,600 --> 00:41:25,120 revenue, 1200 00:41:25,120 --> 00:41:29,880 uh, only uh, water and waste water users 1201 00:41:29,880 --> 00:41:32,560 are are supposed to be charged for water 1202 00:41:32,560 --> 00:41:34,120 and waste water. 1203 00:41:34,120 --> 00:41:37,440 And currently the way it's set up, 1204 00:41:37,440 --> 00:41:39,560 uh, it's not. 1205 00:41:39,560 --> 00:41:43,440 So, why 1206 00:41:43,440 --> 00:41:46,590 >> So, so paragraph D refers to things like 1207 00:41:46,590 --> 00:41:46,600 » So, so paragraph D refers to things like 1208 00:41:46,600 --> 00:41:48,240 development charges, 1209 00:41:48,240 --> 00:41:51,080 um, OC funding, 1210 00:41:51,080 --> 00:41:53,480 funds that have not been used yet. Water 1211 00:41:53,480 --> 00:41:55,000 and waste water in my mind are a little 1212 00:41:55,000 --> 00:41:57,200 bit different because every year you 1213 00:41:57,200 --> 00:41:59,720 have all sorts of expenses to offset 1214 00:41:59,720 --> 00:42:02,320 that those user fees, that revenue. 1215 00:42:02,320 --> 00:42:03,800 Um, and then there's always a 1216 00:42:03,800 --> 00:42:06,000 difference, of course, between how much 1217 00:42:06,000 --> 00:42:08,440 the water and waste water makes, and 1218 00:42:08,440 --> 00:42:10,920 that gets, you know, either put into the 1219 00:42:10,920 --> 00:42:13,080 reserve or taken away from the reserve. 1220 00:42:13,080 --> 00:42:16,470 >> Right, but that that is that should be 1221 00:42:16,470 --> 00:42:16,480 » Right, but that that is that should be 1222 00:42:16,480 --> 00:42:19,040 it is a legislated 1223 00:42:19,040 --> 00:42:20,960 usage 1224 00:42:20,960 --> 00:42:23,640 for the like the rates and when 1225 00:42:23,640 --> 00:42:26,360 something like that happens, we then 1226 00:42:26,360 --> 00:42:28,440 turn around and charge the people. I 1227 00:42:28,440 --> 00:42:30,520 mean, it should be 1228 00:42:30,520 --> 00:42:32,640 uh 1229 00:42:32,640 --> 00:42:34,720 a deferred revenue. 1230 00:42:34,720 --> 00:42:36,040 All right, that's the way I look at it 1231 00:42:36,040 --> 00:42:38,960 anyways. Like it's it's legislated only 1232 00:42:38,960 --> 00:42:41,000 water and waste water 1233 00:42:41,000 --> 00:42:42,960 should have to pay for that, not the 1234 00:42:42,960 --> 00:42:45,640 whole community. So, it should be a 1235 00:42:45,640 --> 00:42:48,080 defer a deferred revenue. 1236 00:42:48,080 --> 00:42:50,150 >> Well, I do know that every municipality 1237 00:42:50,150 --> 00:42:50,160 » Well, I do know that every municipality 1238 00:42:50,160 --> 00:42:51,760 in Adjala-Tosorontio isn't any 1239 00:42:51,760 --> 00:42:54,240 exception. They do track those revenues 1240 00:42:54,240 --> 00:42:55,880 and expenses for water and waste water 1241 00:42:55,880 --> 00:42:58,280 separately so that they are uh 1242 00:42:58,280 --> 00:42:59,000 uh 1243 00:42:59,000 --> 00:43:00,720 I don't want to say self-fulfilling, but 1244 00:43:00,720 --> 00:43:02,840 but they do just offset each other. 1245 00:43:02,840 --> 00:43:05,000 Certainly water and waste water revenue 1246 00:43:05,000 --> 00:43:07,080 is not used to offset other operating 1247 00:43:07,080 --> 00:43:10,910 expenses of the municipality. 1248 00:43:10,920 --> 00:43:11,680 Uh 1249 00:43:11,680 --> 00:43:13,160 the 1250 00:43:13,160 --> 00:43:14,800 I can I can tell you that other 1251 00:43:14,800 --> 00:43:16,960 municipalities in Ontario do not 1252 00:43:16,960 --> 00:43:19,200 consider water and waste water deferred 1253 00:43:19,200 --> 00:43:20,480 revenue. 1254 00:43:20,480 --> 00:43:22,680 Um and and certainly for your 1255 00:43:22,680 --> 00:43:25,240 municipality, your discretionary reserve 1256 00:43:25,240 --> 00:43:26,840 fund for water and waste water is 1257 00:43:26,840 --> 00:43:29,280 actually in a deficit. So, you need to 1258 00:43:29,280 --> 00:43:31,160 take in as much money as you can to get 1259 00:43:31,160 --> 00:43:33,120 that back into a positive 1260 00:43:33,120 --> 00:43:34,910 >> Yeah, but that's that's the problem. 1261 00:43:34,910 --> 00:43:34,920 » Yeah, but that's that's the problem. 1262 00:43:34,920 --> 00:43:36,720 It's 1263 00:43:36,720 --> 00:43:38,800 we're running a deficit in our water and 1264 00:43:38,800 --> 00:43:40,240 waste water. 1265 00:43:40,240 --> 00:43:42,560 People who are not on water and waste 1266 00:43:42,560 --> 00:43:46,160 water are having to pay for it. 1267 00:43:46,160 --> 00:43:48,480 Through the loan. Listen, you can rob 1268 00:43:48,480 --> 00:43:50,520 Peter to pay Paul. You're it's coming 1269 00:43:50,520 --> 00:43:53,000 out of the taxpayer every taxpayer's 1270 00:43:53,000 --> 00:43:55,440 pocket and it's coming out of the 1271 00:43:55,440 --> 00:43:56,160 And it's and it's 1272 00:43:56,160 --> 00:43:57,150 >> going to be repaid. 1273 00:43:57,150 --> 00:43:57,160 » going to be repaid. 1274 00:43:57,160 --> 00:43:59,150 >> And it and it's coming out of the waste 1275 00:43:59,150 --> 00:43:59,160 » And it and it's coming out of the waste 1276 00:43:59,160 --> 00:44:01,560 the people who are paying the the the 1277 00:44:01,560 --> 00:44:03,440 current water and waste water as well. 1278 00:44:03,440 --> 00:44:05,520 So, they're getting billed twice for it. 1279 00:44:05,520 --> 00:44:07,320 So, to me it's totally wrong the way 1280 00:44:07,320 --> 00:44:11,750 this is happening. So 1281 00:44:11,760 --> 00:44:13,520 I and and Brent and I we've had 1282 00:44:13,520 --> 00:44:15,920 discussions on that on on several 1283 00:44:15,920 --> 00:44:19,200 occasions for the past 12 years. So 1284 00:44:19,200 --> 00:44:20,270 >> Some of you and I. 1285 00:44:20,270 --> 00:44:20,280 » Some of you and I. 1286 00:44:20,280 --> 00:44:23,030 >> Yeah, some of you and I. So and and you 1287 00:44:23,030 --> 00:44:23,040 » Yeah, some of you and I. So and and you 1288 00:44:23,040 --> 00:44:25,600 know, I I I feel sorry for Brent and 1289 00:44:25,600 --> 00:44:28,920 because he's him and staff are stuck 1290 00:44:28,920 --> 00:44:29,880 with this 1291 00:44:29,880 --> 00:44:32,560 conundrum over water and waste water and 1292 00:44:32,560 --> 00:44:34,360 they have been for years. 1293 00:44:34,360 --> 00:44:36,670 >> So so my understanding as the auditor 1294 00:44:36,670 --> 00:44:36,680 » So so my understanding as the auditor 1295 00:44:36,680 --> 00:44:38,800 and Brent may correct me is that the 1296 00:44:38,800 --> 00:44:41,080 interest related to that debt for water 1297 00:44:41,080 --> 00:44:43,080 and waste water is allocated to that 1298 00:44:43,080 --> 00:44:46,080 department so that the other taxpayers 1299 00:44:46,080 --> 00:44:47,840 that do not have water and waste water 1300 00:44:47,840 --> 00:44:49,920 service are not paying for that. I'm 1301 00:44:49,920 --> 00:44:52,240 going to turn it over to Brent to see if 1302 00:44:52,240 --> 00:44:57,150 he agrees with me or not, but 1303 00:44:57,160 --> 00:44:58,120 » Mr. Anderchuk. 1304 00:44:58,120 --> 00:45:00,230 >> Well, with respect to the 1305 00:45:00,230 --> 00:45:00,240 » Well, with respect to the 1306 00:45:00,240 --> 00:45:01,800 the we're we're talking about the 1307 00:45:01,800 --> 00:45:03,320 internal loan. 1308 00:45:03,320 --> 00:45:03,560 Um 1309 00:45:03,560 --> 00:45:06,830 >> Yes, the internal loan that's uh what? 5 1310 00:45:06,830 --> 00:45:06,840 » Yes, the internal loan that's uh what? 5 1311 00:45:06,840 --> 00:45:08,280 million? 1312 00:45:08,280 --> 00:45:11,350 >> It's about It's about 5 million. So 1313 00:45:11,350 --> 00:45:11,360 » It's about It's about 5 million. So 1314 00:45:11,360 --> 00:45:12,200 uh we do 1315 00:45:12,200 --> 00:45:13,110 >> 1,000. Yeah. 1316 00:45:13,110 --> 00:45:13,120 » 1,000. Yeah. 1317 00:45:13,120 --> 00:45:16,670 >> For for budget purposes, water and waste 1318 00:45:16,670 --> 00:45:16,680 » For for budget purposes, water and waste 1319 00:45:16,680 --> 00:45:18,880 waste water revenues only pay for water 1320 00:45:18,880 --> 00:45:21,840 and waste water services and expenses. 1321 00:45:21,840 --> 00:45:23,360 At the end of the year, and this has 1322 00:45:23,360 --> 00:45:26,240 been going on long before I was here, 1323 00:45:26,240 --> 00:45:28,320 uh the water and waste water revenues 1324 00:45:28,320 --> 00:45:30,840 aren't uh don't cover the water and 1325 00:45:30,840 --> 00:45:33,120 waste water expenses. 1326 00:45:33,120 --> 00:45:36,000 We have in the last few years borrowing 1327 00:45:36,000 --> 00:45:38,520 from the working fund 1328 00:45:38,520 --> 00:45:41,160 reserve. And it's and it's it's a it's 1329 00:45:41,160 --> 00:45:43,160 borrowing it the the this money is going 1330 00:45:43,160 --> 00:45:45,040 to be repaid. 1331 00:45:45,040 --> 00:45:47,390 >> Okay. And the working fund is paid for 1332 00:45:47,390 --> 00:45:47,400 » Okay. And the working fund is paid for 1333 00:45:47,400 --> 00:45:49,160 by who? 1334 00:45:49,160 --> 00:45:52,190 >> Uh the working fund uh 1335 00:45:52,190 --> 00:45:52,200 » Uh the working fund uh 1336 00:45:52,200 --> 00:45:53,440 the the 1337 00:45:53,440 --> 00:45:55,560 the money that has been allocated has 1338 00:45:55,560 --> 00:45:57,880 come from the surplus in the operating 1339 00:45:57,880 --> 00:46:00,360 budget. I can also tell you uh 1340 00:46:00,360 --> 00:46:03,160 previously or previously to 1341 00:46:03,160 --> 00:46:03,840 uh, 1342 00:46:03,840 --> 00:46:06,240 myself becoming treasurer uh, 1343 00:46:06,240 --> 00:46:09,120 the, um, the deficit in water and 1344 00:46:09,120 --> 00:46:11,040 wastewater was actually paid for out of 1345 00:46:11,040 --> 00:46:13,000 different reserves. I I can't quote you 1346 00:46:13,000 --> 00:46:15,760 which ones, but prior to me joining uh, 1347 00:46:15,760 --> 00:46:17,360 if there was a deficit, an overall 1348 00:46:17,360 --> 00:46:19,960 deficit in the water or wastewater 1349 00:46:19,960 --> 00:46:22,110 >> And who And who paid Okay, who pays for 1350 00:46:22,110 --> 00:46:22,120 » And who And who paid Okay, who pays for 1351 00:46:22,120 --> 00:46:24,720 the operating budget each year? 1352 00:46:24,720 --> 00:46:25,430 >> Uh, 1353 00:46:25,430 --> 00:46:25,440 » Uh, 1354 00:46:25,440 --> 00:46:28,270 >> All the taxpayers, correct? 1355 00:46:28,270 --> 00:46:28,280 » All the taxpayers, correct? 1356 00:46:28,280 --> 00:46:30,120 So, all the taxpayers pay for the 1357 00:46:30,120 --> 00:46:31,720 operating budget. 1358 00:46:31,720 --> 00:46:34,000 The overages from the operating budget 1359 00:46:34,000 --> 00:46:36,040 are going into the working fund, and the 1360 00:46:36,040 --> 00:46:38,680 working fund is going to pay for, 1361 00:46:38,680 --> 00:46:40,920 uh, the water and the wastewater. 1362 00:46:40,920 --> 00:46:42,710 >> On an internal loan that's getting paid 1363 00:46:42,710 --> 00:46:42,720 » On an internal loan that's getting paid 1364 00:46:42,720 --> 00:46:43,480 back to the taxpayers. 1365 00:46:43,480 --> 00:46:45,550 >> loan On an internal loan 1366 00:46:45,550 --> 00:46:45,560 » loan On an internal loan 1367 00:46:45,560 --> 00:46:46,910 >> We can we can do the same thing every 1368 00:46:46,910 --> 00:46:46,920 » We can we can do the same thing every 1369 00:46:46,920 --> 00:46:48,040 year 1370 00:46:48,040 --> 00:46:49,950 >> But nobody wants to say it. Nobody wants 1371 00:46:49,950 --> 00:46:49,960 » But nobody wants to say it. Nobody wants 1372 00:46:49,960 --> 00:46:52,200 to sit here on this council and say that 1373 00:46:52,200 --> 00:46:53,720 it's the taxpayers that are paying for 1374 00:46:53,720 --> 00:46:53,960 it. 1375 00:46:53,960 --> 00:46:54,990 >> But they're not paying for it. They're 1376 00:46:54,990 --> 00:46:55,000 » But they're not paying for it. They're 1377 00:46:55,000 --> 00:46:57,080 lending money to the township to cover 1378 00:46:57,080 --> 00:46:58,640 these expenses, which money will be 1379 00:46:58,640 --> 00:47:00,880 repaid. It's It's a loan from the 1380 00:47:00,880 --> 00:47:02,640 taxpayers, if you want to put it that 1381 00:47:02,640 --> 00:47:03,160 way. 1382 00:47:03,160 --> 00:47:04,550 >> Can we have a date when it's going to be 1383 00:47:04,550 --> 00:47:04,560 » Can we have a date when it's going to be 1384 00:47:04,560 --> 00:47:07,720 paid back to the taxpayers then? 1385 00:47:07,720 --> 00:47:09,470 >> Well, I mean, I don't have the entire 1386 00:47:09,470 --> 00:47:09,480 » Well, I mean, I don't have the entire 1387 00:47:09,480 --> 00:47:11,040 every all the books in front of me, but 1388 00:47:11,040 --> 00:47:12,630 >> Can we have a some sort of date when 1389 00:47:12,630 --> 00:47:12,640 » Can we have a some sort of date when 1390 00:47:12,640 --> 00:47:14,440 when the the taxpayers are going to get 1391 00:47:14,440 --> 00:47:15,080 a check to 1392 00:47:15,080 --> 00:47:16,790 >> we're getting off topic here anyway, so 1393 00:47:16,790 --> 00:47:16,800 » we're getting off topic here anyway, so 1394 00:47:16,800 --> 00:47:17,240 let us not 1395 00:47:17,240 --> 00:47:19,630 >> not It's not in here, so I 1396 00:47:19,630 --> 00:47:19,640 » not It's not in here, so I 1397 00:47:19,640 --> 00:47:22,320 Anyway, go ahead. 1398 00:47:22,320 --> 00:47:24,750 >> Carry on, Sue. 1399 00:47:24,750 --> 00:47:24,760 » Carry on, Sue. 1400 00:47:24,760 --> 00:47:27,630 >> Okay, where were we? We were on 1401 00:47:27,630 --> 00:47:27,640 » Okay, where were we? We were on 1402 00:47:27,640 --> 00:47:29,030 >> Page 10, I guess. 1403 00:47:29,030 --> 00:47:29,040 » Page 10, I guess. 1404 00:47:29,040 --> 00:47:31,230 >> We were on 1405 00:47:31,230 --> 00:47:31,240 » We were on 1406 00:47:31,240 --> 00:47:35,360 I was up to note two on page 14. 1407 00:47:35,360 --> 00:47:38,040 And I'm going to push you ahead to note 1408 00:47:38,040 --> 00:47:42,070 eight on page 16. 1409 00:47:42,080 --> 00:47:44,040 Uh, both note eight and note nine. 1410 00:47:44,040 --> 00:47:45,760 Anytime you pick up a 1411 00:47:45,760 --> 00:47:47,360 a financial statement, municipal or 1412 00:47:47,360 --> 00:47:48,840 otherwise, you want to look for a note 1413 00:47:48,840 --> 00:47:50,840 that that references contingencies or 1414 00:47:50,840 --> 00:47:53,480 lawsuits and commitments. Um, these 1415 00:47:53,480 --> 00:47:55,320 notes have just been updated for the the 1416 00:47:55,320 --> 00:47:56,880 year. They're not new. They certainly 1417 00:47:56,880 --> 00:47:58,360 were in the statements last year, but 1418 00:47:58,360 --> 00:48:07,030 just to bring them to your attention. 1419 00:48:07,040 --> 00:48:09,920 And the next note I'd like to talk about 1420 00:48:09,920 --> 00:48:14,200 is note 16 at the top of page 20. 1421 00:48:14,200 --> 00:48:16,080 You've all heard me year after year talk 1422 00:48:16,080 --> 00:48:18,840 about that this is my favorite note, and 1423 00:48:18,840 --> 00:48:22,280 it comes back to that $61.4 million 1424 00:48:22,280 --> 00:48:25,320 figure that we saw on page four of the 1425 00:48:25,320 --> 00:48:27,600 financial statements. 1426 00:48:27,600 --> 00:48:28,750 >> Sorry, what page? 1427 00:48:28,750 --> 00:48:28,760 » Sorry, what page? 1428 00:48:28,760 --> 00:48:33,550 >> Uh page 20, note 16 at the very top. 1429 00:48:33,550 --> 00:48:33,560 » Uh page 20, note 16 at the very top. 1430 00:48:33,560 --> 00:48:34,990 >> Accumulated surplus. 1431 00:48:34,990 --> 00:48:35,000 » Accumulated surplus. 1432 00:48:35,000 --> 00:48:36,870 >> Yeah, the accumulated surplus. 1433 00:48:36,870 --> 00:48:36,880 » Yeah, the accumulated surplus. 1434 00:48:36,880 --> 00:48:38,390 >> Accumulated surplus. Okay, got you. 1435 00:48:38,390 --> 00:48:38,400 » Accumulated surplus. Okay, got you. 1436 00:48:38,400 --> 00:48:40,630 >> Yeah. So, that's that same $61.4 million 1437 00:48:40,630 --> 00:48:40,640 » Yeah. So, that's that same $61.4 million 1438 00:48:40,640 --> 00:48:42,200 that we've seen a couple times in the 1439 00:48:42,200 --> 00:48:43,760 financial statements. 1440 00:48:43,760 --> 00:48:46,000 So, important to note that that of that 1441 00:48:46,000 --> 00:48:49,120 $61.4 $53.8 1442 00:48:49,120 --> 00:48:51,680 million is invested in tangible capital 1443 00:48:51,680 --> 00:48:53,000 assets. 1444 00:48:53,000 --> 00:48:55,800 There's about just shy of $5.5 million 1445 00:48:55,800 --> 00:48:59,800 in reserves and reserve funds. Um and 1446 00:48:59,800 --> 00:49:01,520 then you've got your breakdown at the 1447 00:49:01,520 --> 00:49:04,040 very top there of the general area 1448 00:49:04,040 --> 00:49:06,320 taxation surplus with the unfunded 1449 00:49:06,320 --> 00:49:08,000 liabilities for the asset retirement 1450 00:49:08,000 --> 00:49:09,480 obligations and the employee future 1451 00:49:09,480 --> 00:49:10,840 benefits. 1452 00:49:10,840 --> 00:49:13,160 So, just important to note, especially 1453 00:49:13,160 --> 00:49:15,320 with it being a campaign year, 1454 00:49:15,320 --> 00:49:17,000 uh important for people to know that you 1455 00:49:17,000 --> 00:49:19,000 know, the municipality does not have 1456 00:49:19,000 --> 00:49:22,880 $61.4 million of reserves or cash or any 1457 00:49:22,880 --> 00:49:25,040 of those things. It's broken down in in 1458 00:49:25,040 --> 00:49:25,880 these amounts. 1459 00:49:25,880 --> 00:49:28,430 >> Right. 1460 00:49:28,440 --> 00:49:29,880 » Um 1461 00:49:29,880 --> 00:49:34,440 and then last but not least, I just 1462 00:49:34,440 --> 00:49:36,520 wanted to just in general terms talk 1463 00:49:36,520 --> 00:49:38,040 about the schedules at the back. 1464 00:49:38,040 --> 00:49:41,240 Schedule one is on page 23. 1465 00:49:41,240 --> 00:49:43,600 And this gives you a detailed breakdown 1466 00:49:43,600 --> 00:49:45,840 of the reserves, the discretionary 1467 00:49:45,840 --> 00:49:47,920 reserve funds, as well as the obligatory 1468 00:49:47,920 --> 00:49:53,670 reserve funds. 1469 00:49:53,680 --> 00:49:56,240 Schedule two and three gives you more 1470 00:49:56,240 --> 00:49:59,240 details on the tangible capital assets. 1471 00:49:59,240 --> 00:50:01,960 Schedule two on page 24 breaks down the 1472 00:50:01,960 --> 00:50:04,680 tangible capital assets between land, 1473 00:50:04,680 --> 00:50:06,880 buildings, equipment, vehicles, and so 1474 00:50:06,880 --> 00:50:08,040 on. 1475 00:50:08,040 --> 00:50:09,320 Um 1476 00:50:09,320 --> 00:50:12,600 schedule three on page 25 uh segments 1477 00:50:12,600 --> 00:50:14,360 the tangible capital assets between 1478 00:50:14,360 --> 00:50:15,800 departments, general government, 1479 00:50:15,800 --> 00:50:17,680 protection, transportation, 1480 00:50:17,680 --> 00:50:19,640 environmental. 1481 00:50:19,640 --> 00:50:21,760 And then, last but not least, schedule 1482 00:50:21,760 --> 00:50:23,600 four is the schedule of segmented 1483 00:50:23,600 --> 00:50:25,760 revenues and expenses, and it shows a 1484 00:50:25,760 --> 00:50:29,040 comparative of the revenues and expenses 1485 00:50:29,040 --> 00:50:34,200 by department, 2025 compared to 2024. 1486 00:50:34,200 --> 00:50:36,440 And those figures that you see there 1487 00:50:36,440 --> 00:50:39,240 um at the bottom of the 2025 and 2024 1488 00:50:39,240 --> 00:50:42,080 columns on the far right, 2.5 million 1489 00:50:42,080 --> 00:50:45,080 and 3.2 million, those tie back into 1490 00:50:45,080 --> 00:50:46,360 page five to the statement of 1491 00:50:46,360 --> 00:50:48,720 operations. 1492 00:50:48,720 --> 00:50:49,310 >> Councillor Menard? 1493 00:50:49,310 --> 00:50:49,320 » Councillor Menard? 1494 00:50:49,320 --> 00:50:50,070 >> Yeah. 1495 00:50:50,070 --> 00:50:50,080 » Yeah. 1496 00:50:50,080 --> 00:50:52,160 Uh Brent, just got a question for you. 1497 00:50:52,160 --> 00:50:54,800 With all uh two capital 1498 00:50:54,800 --> 00:50:57,240 uh that's uh all the brackets down there 1499 00:50:57,240 --> 00:50:59,760 going into the reserves, is that 1500 00:50:59,760 --> 00:51:01,760 which funds are they coming from? 1501 00:51:01,760 --> 00:51:02,390 >> Sorry, what page 1502 00:51:02,390 --> 00:51:02,400 » Sorry, what page 1503 00:51:02,400 --> 00:51:03,470 >> what page are you discussing? 1504 00:51:03,470 --> 00:51:03,480 » what page are you discussing? 1505 00:51:03,480 --> 00:51:06,670 >> Oh, sorry, page 23, schedule one. 1506 00:51:06,670 --> 00:51:06,680 » Oh, sorry, page 23, schedule one. 1507 00:51:06,680 --> 00:51:13,630 >> Okay. 1508 00:51:13,640 --> 00:51:15,320 » And everything that's in the bracket 1509 00:51:15,320 --> 00:51:17,840 under I think there's 2 million 1510 00:51:17,840 --> 00:51:21,160 323 431. 1511 00:51:21,160 --> 00:51:22,680 Is that coming would that be coming out 1512 00:51:22,680 --> 00:51:25,520 of uh our working fund? 1513 00:51:25,520 --> 00:51:27,270 >> Uh through the chair to 1514 00:51:27,270 --> 00:51:27,280 » Uh through the chair to 1515 00:51:27,280 --> 00:51:30,120 uh Councillor Menard. No, it 1516 00:51:30,120 --> 00:51:34,520 the 2.3 million is uh for uh payment 1517 00:51:34,520 --> 00:51:36,440 from the reserves 1518 00:51:36,440 --> 00:51:39,120 for the various capital projects, and 1519 00:51:39,120 --> 00:51:42,440 the funding sources for those negative 1520 00:51:42,440 --> 00:51:44,640 for those numbers in brackets 1521 00:51:44,640 --> 00:51:48,640 uh is in the reserve line, so 1522 00:51:48,640 --> 00:51:49,390 >> So, those 1523 00:51:49,390 --> 00:51:49,400 » So, those 1524 00:51:49,400 --> 00:51:51,310 >> For example, the fire for the fire 1525 00:51:51,310 --> 00:51:51,320 » For example, the fire for the fire 1526 00:51:51,320 --> 00:51:53,680 department, we have 1527 00:51:53,680 --> 00:51:55,800 914 1528 00:51:55,800 --> 00:51:58,880 uh thousand dollar not 915,000 dollars 1529 00:51:58,880 --> 00:52:01,200 and that is funding for 1530 00:52:01,200 --> 00:52:01,960 um 1531 00:52:01,960 --> 00:52:04,240 coming out of the fire reserve to fund 1532 00:52:04,240 --> 00:52:06,120 fire capital projects. 1533 00:52:06,120 --> 00:52:09,110 >> Okay. 1534 00:52:09,120 --> 00:52:09,880 Oh, the working 1535 00:52:09,880 --> 00:52:11,110 >> working fund working fund 1536 00:52:11,110 --> 00:52:11,120 » working fund working fund 1537 00:52:11,120 --> 00:52:12,710 >> working fund, we fund it capital 1538 00:52:12,710 --> 00:52:12,720 » working fund, we fund it capital 1539 00:52:12,720 --> 00:52:15,240 projects from the working fund of about 1540 00:52:15,240 --> 00:52:16,600 19,000 dollars. 1541 00:52:16,600 --> 00:52:21,230 >> Okay. 1542 00:52:21,240 --> 00:52:22,400 Got you. 1543 00:52:22,400 --> 00:52:26,310 Okay, thanks. 1544 00:52:26,320 --> 00:52:27,880 Casey 1545 00:52:27,880 --> 00:52:30,230 >> That's the end of my comments, but I'm 1546 00:52:30,230 --> 00:52:30,240 » That's the end of my comments, but I'm 1547 00:52:30,240 --> 00:52:32,360 happy to entertain further questions and 1548 00:52:32,360 --> 00:52:33,920 of course all the difficult ones will be 1549 00:52:33,920 --> 00:52:36,200 directed to the treasurer. 1550 00:52:36,200 --> 00:52:37,470 >> Of course. 1551 00:52:37,470 --> 00:52:37,480 » Of course. 1552 00:52:37,480 --> 00:52:38,920 Um 1553 00:52:38,920 --> 00:52:40,600 So, is there any further questions? 1554 00:52:40,600 --> 00:52:42,630 >> I was I just have one 1555 00:52:42,630 --> 00:52:42,640 » I was I just have one 1556 00:52:42,640 --> 00:52:45,000 page 16. 1557 00:52:45,000 --> 00:52:46,480 I was just wondering 1558 00:52:46,480 --> 00:52:47,360 uh 1559 00:52:47,360 --> 00:52:49,640 Brent, you mentioned that uh 1560 00:52:49,640 --> 00:52:53,040 with regards to the contracts with 1561 00:52:53,040 --> 00:52:55,160 regards to 1562 00:52:55,160 --> 00:52:58,400 uh Colgan are separate than from the 1563 00:52:58,400 --> 00:53:02,190 other ones for for Aqua. 1564 00:53:02,200 --> 00:53:04,600 How's How's the How's that a like our 1565 00:53:04,600 --> 00:53:07,880 our contract for for Aqua 1566 00:53:07,880 --> 00:53:09,320 for [clears throat] Col the Colgan 1567 00:53:09,320 --> 00:53:12,840 wastewater treatment plant is 453 815 1568 00:53:12,840 --> 00:53:16,520 plus a 17.65 management fee 1569 00:53:16,520 --> 00:53:18,800 and 1570 00:53:18,800 --> 00:53:21,600 an annual reconciliation to actual 1571 00:53:21,600 --> 00:53:23,920 charges, which we talked about earlier. 1572 00:53:23,920 --> 00:53:26,800 Which we we we're getting a a refund 1573 00:53:26,800 --> 00:53:30,350 back of 141,000. 1574 00:53:30,360 --> 00:53:32,880 Um 1575 00:53:32,880 --> 00:53:35,960 What's the water agreement stipulated an 1576 00:53:35,960 --> 00:53:42,550 annual price of 56,800? 1577 00:53:42,560 --> 00:53:44,440 » Uh the uh through the through the chair 1578 00:53:44,440 --> 00:53:47,280 to counselor Meadows, that the $56,000 1579 00:53:47,280 --> 00:53:48,840 is 1580 00:53:48,840 --> 00:53:49,600 uh 1581 00:53:49,600 --> 00:53:52,280 I consider it an an addendum with Aqua, 1582 00:53:52,280 --> 00:53:54,200 so that's for the additional the 1583 00:53:54,200 --> 00:53:56,440 additional they're charging above the 1584 00:53:56,440 --> 00:53:58,600 the original contract for the additional 1585 00:53:58,600 --> 00:54:00,760 infrastructure that was installed in 1586 00:54:00,760 --> 00:54:02,480 tribute by tribute. 1587 00:54:02,480 --> 00:54:03,430 >> Because there's more in 1588 00:54:03,430 --> 00:54:03,440 » Because there's more in 1589 00:54:03,440 --> 00:54:04,990 >> There's more there's more infrastructure 1590 00:54:04,990 --> 00:54:05,000 » There's more there's more infrastructure 1591 00:54:05,000 --> 00:54:07,480 for them to maintain. 1592 00:54:07,480 --> 00:54:08,470 >> Okay, so 1593 00:54:08,470 --> 00:54:08,480 » Okay, so 1594 00:54:08,480 --> 00:54:09,990 >> And that will 1595 00:54:09,990 --> 00:54:10,000 » And that will 1596 00:54:10,000 --> 00:54:11,840 My understanding is uh 1597 00:54:11,840 --> 00:54:15,000 the the contract with Aqua will be 1598 00:54:15,000 --> 00:54:16,560 uh 1599 00:54:16,560 --> 00:54:18,520 renegotiated, so there's just one 1600 00:54:18,520 --> 00:54:19,600 contract. 1601 00:54:19,600 --> 00:54:23,870 >> Okay, so when when like it this is a a 1602 00:54:23,870 --> 00:54:23,880 » Okay, so when when like it this is a a 1603 00:54:23,880 --> 00:54:26,200 5-year term for this wastewater 1604 00:54:26,200 --> 00:54:29,440 treatment agreement with Aqua. 1605 00:54:29,440 --> 00:54:31,800 So it's it doesn't end until October 1606 00:54:31,800 --> 00:54:36,310 27th, 2029. 1607 00:54:36,320 --> 00:54:39,470 So 1608 00:54:39,480 --> 00:54:41,960 we haven't assumed 1609 00:54:41,960 --> 00:54:43,480 uh the wastewater treatment plant yet, 1610 00:54:43,480 --> 00:54:44,880 have we? 1611 00:54:44,880 --> 00:54:46,270 >> Correct. 1612 00:54:46,270 --> 00:54:46,280 » Correct. 1613 00:54:46,280 --> 00:54:50,790 >> So if we haven't assumed it, 1614 00:54:50,800 --> 00:54:52,920 um 1615 00:54:52,920 --> 00:54:57,400 or how how can we bind in a a contract 1616 00:54:57,400 --> 00:54:59,200 with them for that wastewater treatment 1617 00:54:59,200 --> 00:55:01,720 plant for for that length of time? You 1618 00:55:01,720 --> 00:55:03,320 know what I mean? Because we haven't 1619 00:55:03,320 --> 00:55:06,120 assumed the plant yet. 1620 00:55:06,120 --> 00:55:07,270 >> Uh 1621 00:55:07,270 --> 00:55:07,280 » Uh 1622 00:55:07,280 --> 00:55:09,400 Correct. So I'm I'm sorry, what is what 1623 00:55:09,400 --> 00:55:10,760 is your question? 1624 00:55:10,760 --> 00:55:12,950 >> I I guess my question is how can we have 1625 00:55:12,950 --> 00:55:12,960 » I I guess my question is how can we have 1626 00:55:12,960 --> 00:55:14,960 an agreement till 1627 00:55:14,960 --> 00:55:19,000 October 27th, 2029? 1628 00:55:19,000 --> 00:55:20,680 Cuz I I'm sure we're going to be 1629 00:55:20,680 --> 00:55:25,230 assuming that plant soon, but 1630 00:55:25,240 --> 00:55:27,800 we might not have Aqua or 1631 00:55:27,800 --> 00:55:30,320 we we may not assume it. We we don't 1632 00:55:30,320 --> 00:55:33,160 know, so 1633 00:55:33,160 --> 00:55:35,840 it's not our plant. 1634 00:55:35,840 --> 00:55:40,230 I guess is what I'm getting at. 1635 00:55:40,240 --> 00:55:41,880 So, how can we have a contract with 1636 00:55:41,880 --> 00:55:45,120 something that's not ours? 1637 00:55:45,120 --> 00:55:47,630 >> Well, we have the main contract with 1638 00:55:47,630 --> 00:55:47,640 » Well, we have the main contract with 1639 00:55:47,640 --> 00:55:49,600 with Aqua, I believe. 1640 00:55:49,600 --> 00:55:51,960 And then we have the a separate contract 1641 00:55:51,960 --> 00:55:53,040 for 1642 00:55:53,040 --> 00:55:55,720 the Colgan wastewater treatment plant. 1643 00:55:55,720 --> 00:55:57,870 >> I guess what I'm saying is why are why 1644 00:55:57,870 --> 00:55:57,880 » I guess what I'm saying is why are why 1645 00:55:57,880 --> 00:56:00,800 are the taxpayers paying for 1646 00:56:00,800 --> 00:56:02,400 uh 1647 00:56:02,400 --> 00:56:04,520 main- let's say something breaks down 1648 00:56:04,520 --> 00:56:07,040 there maintenance costs for for the 1649 00:56:07,040 --> 00:56:08,680 wastewater treatment plant when we don't 1650 00:56:08,680 --> 00:56:10,600 own it. 1651 00:56:10,600 --> 00:56:12,310 >> Well, we are we are also collecting the 1652 00:56:12,310 --> 00:56:12,320 » Well, we are we are also collecting the 1653 00:56:12,320 --> 00:56:13,920 revenue for the wastewater treatment 1654 00:56:13,920 --> 00:56:14,200 plant. 1655 00:56:14,200 --> 00:56:15,790 >> being Is it being recovered? You recover 1656 00:56:15,790 --> 00:56:15,800 » being Is it being recovered? You recover 1657 00:56:15,800 --> 00:56:17,880 it from the developer. 1658 00:56:17,880 --> 00:56:18,750 >> Well, 1659 00:56:18,750 --> 00:56:18,760 » Well, 1660 00:56:18,760 --> 00:56:19,720 the way they 1661 00:56:19,720 --> 00:56:21,190 >> No, but I'm saying like if there's a 1662 00:56:21,190 --> 00:56:21,200 » No, but I'm saying like if there's a 1663 00:56:21,200 --> 00:56:22,720 maintenance Let's say the 1664 00:56:22,720 --> 00:56:24,030 >> are collecting the 1665 00:56:24,030 --> 00:56:24,040 » are collecting the 1666 00:56:24,040 --> 00:56:25,760 Aqua is maintaining the plant and we are 1667 00:56:25,760 --> 00:56:27,600 collecting the revenue that's being 1668 00:56:27,600 --> 00:56:28,560 generated from the 1669 00:56:28,560 --> 00:56:32,350 >> And we're we're we're paying for any 1670 00:56:32,350 --> 00:56:32,360 » And we're we're we're paying for any 1671 00:56:32,360 --> 00:56:34,200 uh thing that breaks down in that plant 1672 00:56:34,200 --> 00:56:36,680 right now? 1673 00:56:36,680 --> 00:56:37,680 Or is 1674 00:56:37,680 --> 00:56:40,270 >> My understanding because 1675 00:56:40,270 --> 00:56:40,280 » My understanding because 1676 00:56:40,280 --> 00:56:41,880 and like I could be wrong, but my 1677 00:56:41,880 --> 00:56:43,640 understanding is since we haven't 1678 00:56:43,640 --> 00:56:45,880 assumed the plant, if something breaks 1679 00:56:45,880 --> 00:56:47,920 down, it's the responsibility of the 1680 00:56:47,920 --> 00:56:49,400 developer. 1681 00:56:49,400 --> 00:56:52,030 >> Is it so anything any maintenance any 1682 00:56:52,030 --> 00:56:52,040 » Is it so anything any maintenance any 1683 00:56:52,040 --> 00:56:54,360 main- cuz in the Well, I'm just I'm just 1684 00:56:54,360 --> 00:56:57,080 curious because it says in in here 1685 00:56:57,080 --> 00:56:59,720 uh with regards to operations and 1686 00:56:59,720 --> 00:57:01,600 maintenance. 1687 00:57:01,600 --> 00:57:05,160 So, if we're paying for maintenance 1688 00:57:05,160 --> 00:57:06,870 >> We are. 1689 00:57:06,870 --> 00:57:06,880 » We are. 1690 00:57:06,880 --> 00:57:07,550 >> Then 1691 00:57:07,550 --> 00:57:07,560 » Then 1692 00:57:07,560 --> 00:57:08,750 >> But the maintenance is not the same as 1693 00:57:08,750 --> 00:57:08,760 » But the maintenance is not the same as 1694 00:57:08,760 --> 00:57:11,320 repair. Maintenance is 1695 00:57:11,320 --> 00:57:13,320 upkeep. Upkeep just to make sure that 1696 00:57:13,320 --> 00:57:15,040 the filter that's worth 50 bucks is 1697 00:57:15,040 --> 00:57:15,880 okay. 1698 00:57:15,880 --> 00:57:17,350 >> There's no filters in there for 50 1699 00:57:17,350 --> 00:57:17,360 » There's no filters in there for 50 1700 00:57:17,360 --> 00:57:18,920 bucks. They're a million bucks. So, 1701 00:57:18,920 --> 00:57:20,560 that's why I'm kind of concerned when 1702 00:57:20,560 --> 00:57:22,120 we're we're going to be paying for 1703 00:57:22,120 --> 00:57:24,910 maintenance. 1704 00:57:24,920 --> 00:57:27,200 » Well, the the way I read this is that we 1705 00:57:27,200 --> 00:57:29,240 probably had to have an obligation 1706 00:57:29,240 --> 00:57:30,840 towards the province 1707 00:57:30,840 --> 00:57:32,880 to enter into a 1708 00:57:32,880 --> 00:57:35,200 maintenance agreement with Aqua because 1709 00:57:35,200 --> 00:57:37,400 the system is running but then all the 1710 00:57:37,400 --> 00:57:39,880 repair costs are being 1711 00:57:39,880 --> 00:57:42,560 forced or paid for by the developer. 1712 00:57:42,560 --> 00:57:45,120 That's kind of how I read it and then 1713 00:57:45,120 --> 00:57:47,360 this these terms the so that the the 1714 00:57:47,360 --> 00:57:49,080 contract terms and the cost of the 1715 00:57:49,080 --> 00:57:51,400 contract is being 1716 00:57:51,400 --> 00:57:54,240 funded by the revenue that comes in from 1717 00:57:54,240 --> 00:57:55,840 the people who live in Colgan who pay 1718 00:57:55,840 --> 00:57:58,040 the monthly uh 1719 00:57:58,040 --> 00:57:59,160 switch fees. 1720 00:57:59,160 --> 00:58:01,270 >> Is there any way 1721 00:58:01,270 --> 00:58:01,280 » Is there any way 1722 00:58:01,280 --> 00:58:04,760 I can get a copy of that agreement? 1723 00:58:04,760 --> 00:58:06,040 Or is that 1724 00:58:06,040 --> 00:58:07,280 not 1725 00:58:07,280 --> 00:58:08,510 >> You would have you would have signed off 1726 00:58:08,510 --> 00:58:08,520 » You would have you would have signed off 1727 00:58:08,520 --> 00:58:09,880 on the agreement but I can forward a 1728 00:58:09,880 --> 00:58:11,240 copy of the 1729 00:58:11,240 --> 00:58:12,160 the agreements. 1730 00:58:12,160 --> 00:58:15,790 >> I I I would appreciate that. Thank you. 1731 00:58:15,790 --> 00:58:15,800 » I I I would appreciate that. Thank you. 1732 00:58:15,800 --> 00:58:17,230 >> No, there's a confusion there because it 1733 00:58:17,230 --> 00:58:17,240 » No, there's a confusion there because it 1734 00:58:17,240 --> 00:58:20,320 also it all all of the waste and water 1735 00:58:20,320 --> 00:58:22,480 and waste water systems 1736 00:58:22,480 --> 00:58:23,960 I understand there's a stipulation for 1737 00:58:23,960 --> 00:58:27,960 Colgan there but the 5-year term two 1738 00:58:27,960 --> 00:58:30,440 you're right. But the 5-year term is in 1739 00:58:30,440 --> 00:58:34,200 a generality of just just Colgan. 1740 00:58:34,200 --> 00:58:35,720 That's what I'm 1741 00:58:35,720 --> 00:58:37,600 I understand where you're coming from. 1742 00:58:37,600 --> 00:58:40,080 I'm wondering if this statement is 1743 00:58:40,080 --> 00:58:42,200 off. general 1744 00:58:42,200 --> 00:58:45,080 5 years including what's going on. 1745 00:58:45,080 --> 00:58:46,790 >> If you read the entire paragraph there, 1746 00:58:46,790 --> 00:58:46,800 » If you read the entire paragraph there, 1747 00:58:46,800 --> 00:58:48,680 it does state that there is a pre there 1748 00:58:48,680 --> 00:58:49,800 there are two contracts we are 1749 00:58:49,800 --> 00:58:50,360 discussing. 1750 00:58:50,360 --> 00:58:50,990 >> Correct. 1751 00:58:50,990 --> 00:58:51,000 » Correct. 1752 00:58:51,000 --> 00:58:52,750 >> The first one from January 22 to 1753 00:58:52,750 --> 00:58:52,760 » The first one from January 22 to 1754 00:58:52,760 --> 00:58:56,800 December 30 of 26 is for what was before 1755 00:58:56,800 --> 00:58:59,680 Colgan. Naturally because it was dated 1756 00:58:59,680 --> 00:59:02,440 to 2022, it couldn't capture Colgan back 1757 00:59:02,440 --> 00:59:04,000 then because there was no Colgan in 1758 00:59:04,000 --> 00:59:07,480 2022, right? So that's why I think 1759 00:59:07,480 --> 00:59:09,160 instead of breaking that contract so 1760 00:59:09,160 --> 00:59:11,200 close to the expiration date, the 1761 00:59:11,200 --> 00:59:13,320 township just entered into a new 1762 00:59:13,320 --> 00:59:15,640 contractual agreement with Aqua just for 1763 00:59:15,640 --> 00:59:17,560 Colgan specifically. 1764 00:59:17,560 --> 00:59:19,840 That's how I read it. 1765 00:59:19,840 --> 00:59:22,390 >> Yeah, well I I I draw I I just like to 1766 00:59:22,390 --> 00:59:22,400 » Yeah, well I I I draw I I just like to 1767 00:59:22,400 --> 00:59:27,070 >> Well, we can get clarification. 1768 00:59:27,080 --> 00:59:27,120 Do 1769 00:59:27,120 --> 00:59:28,630 >> you have any other answers? 1770 00:59:28,630 --> 00:59:28,640 » you have any other answers? 1771 00:59:28,640 --> 00:59:29,390 >> I'm good. Thank you. 1772 00:59:29,390 --> 00:59:29,400 » I'm good. Thank you. 1773 00:59:29,400 --> 00:59:30,550 >> Um, 1774 00:59:30,550 --> 00:59:30,560 » Um, 1775 00:59:30,560 --> 00:59:31,720 so I guess 1776 00:59:31,720 --> 00:59:32,760 is 1777 00:59:32,760 --> 00:59:34,640 from our discussion earlier, we're going 1778 00:59:34,640 --> 00:59:35,720 to 1779 00:59:35,720 --> 00:59:38,320 change the language on the uh tangible 1780 00:59:38,320 --> 00:59:39,000 assets. 1781 00:59:39,000 --> 00:59:40,470 >> Yeah. 1782 00:59:40,470 --> 00:59:40,480 » Yeah. 1783 00:59:40,480 --> 00:59:41,190 >> I hope so. 1784 00:59:41,190 --> 00:59:41,200 » I hope so. 1785 00:59:41,200 --> 00:59:42,430 >> I think for that we need to change 1786 00:59:42,430 --> 00:59:42,440 » I think for that we need to change 1787 00:59:42,440 --> 00:59:43,720 policy. 1788 00:59:43,720 --> 00:59:45,590 >> I just Yeah, I just want to 1789 00:59:45,590 --> 00:59:45,600 » I just Yeah, I just want to 1790 00:59:45,600 --> 00:59:47,550 >> The only change I noted to the draft 1791 00:59:47,550 --> 00:59:47,560 » The only change I noted to the draft 1792 00:59:47,560 --> 00:59:49,760 financial statement is to remove the 1793 00:59:49,760 --> 00:59:53,960 last sentence in note 22D. 1794 00:59:53,960 --> 00:59:55,640 And it reads, "It also consists of 1795 00:59:55,640 --> 00:59:57,600 providing waste disposal to citizens." 1796 00:59:57,600 --> 00:59:59,320 That is coming out. That's the only 1797 00:59:59,320 --> 01:00:00,680 change to the audited financial 1798 01:00:00,680 --> 01:00:02,160 statement that I gathered from our 1799 01:00:02,160 --> 01:00:03,280 discussion. 1800 01:00:03,280 --> 01:00:04,990 >> Okay. 1801 01:00:04,990 --> 01:00:05,000 » Okay. 1802 01:00:05,000 --> 01:00:06,920 Like personally, I 1803 01:00:06,920 --> 01:00:09,600 Ideally, we don't need to look into 1804 01:00:09,600 --> 01:00:10,150 >> the asset 1805 01:00:10,150 --> 01:00:10,160 » the asset 1806 01:00:10,160 --> 01:00:11,990 >> the wording on the assets 1807 01:00:11,990 --> 01:00:12,000 » the wording on the assets 1808 01:00:12,000 --> 01:00:15,070 >> uh for future Like could we put that as 1809 01:00:15,070 --> 01:00:15,080 » uh for future Like could we put that as 1810 01:00:15,080 --> 01:00:17,360 a motion or an amendment amendment to 1811 01:00:17,360 --> 01:00:20,080 the motion, Robin, that uh 1812 01:00:20,080 --> 01:00:22,360 uh when it's brought to council to look 1813 01:00:22,360 --> 01:00:25,800 into to that for the next audit? Am I 1814 01:00:25,800 --> 01:00:26,320 clear? 1815 01:00:26,320 --> 01:00:27,510 >> Uh through the chair to Councillor 1816 01:00:27,510 --> 01:00:27,520 » Uh through the chair to Councillor 1817 01:00:27,520 --> 01:00:29,320 Meadows, uh I would say the council 1818 01:00:29,320 --> 01:00:30,720 meeting would be the most appropriate 1819 01:00:30,720 --> 01:00:32,680 place because uh as the auditor has 1820 01:00:32,680 --> 01:00:35,600 indicated, it is a change in policy. So, 1821 01:00:35,600 --> 01:00:37,760 at the time accept the financials for 1822 01:00:37,760 --> 01:00:39,120 this year and then provide direction to 1823 01:00:39,120 --> 01:00:40,880 staff to review the changeable assets 1824 01:00:40,880 --> 01:00:42,560 going forward. 1825 01:00:42,560 --> 01:00:43,270 >> Councillor Meadows. 1826 01:00:43,270 --> 01:00:43,280 » Councillor Meadows. 1827 01:00:43,280 --> 01:00:45,350 >> Yeah, just So, to that point uh through 1828 01:00:45,350 --> 01:00:45,360 » Yeah, just So, to that point uh through 1829 01:00:45,360 --> 01:00:47,600 the chair to Madam Clerk, could we get a 1830 01:00:47,600 --> 01:00:49,400 copy of the policy? I don't know if 1831 01:00:49,400 --> 01:00:51,240 that's available. 1832 01:00:51,240 --> 01:00:53,200 So, that we see exactly what we are 1833 01:00:53,200 --> 01:00:55,080 dealing with and what's in that policy 1834 01:00:55,080 --> 01:00:56,320 that we are 1835 01:00:56,320 --> 01:00:56,950 >> changing 1836 01:00:56,950 --> 01:00:56,960 » changing 1837 01:00:56,960 --> 01:00:58,470 >> proposing to change needs to be changed 1838 01:00:58,470 --> 01:00:58,480 » proposing to change needs to be changed 1839 01:00:58,480 --> 01:00:59,760 or 1840 01:00:59,760 --> 01:01:01,470 >> Yes, we can have that the treasurer uh 1841 01:01:01,470 --> 01:01:01,480 » Yes, we can have that the treasurer uh 1842 01:01:01,480 --> 01:01:02,840 we can have the treasurer circulate that 1843 01:01:02,840 --> 01:01:04,080 to you for information. 1844 01:01:04,080 --> 01:01:04,830 >> Thank you. 1845 01:01:04,830 --> 01:01:04,840 » Thank you. 1846 01:01:04,840 --> 01:01:06,150 >> Perfect. 1847 01:01:06,150 --> 01:01:06,160 » Perfect. 1848 01:01:06,160 --> 01:01:07,470 >> Perfect. All right, if there's no 1849 01:01:07,470 --> 01:01:07,480 » Perfect. All right, if there's no 1850 01:01:07,480 --> 01:01:09,440 further questions, 1851 01:01:09,440 --> 01:01:11,080 thank you, Sue. 1852 01:01:11,080 --> 01:01:11,870 >> Thank you very much. 1853 01:01:11,870 --> 01:01:11,880 » Thank you very much. 1854 01:01:11,880 --> 01:01:13,630 >> Nice to see you once once a year. 1855 01:01:13,630 --> 01:01:13,640 » Nice to see you once once a year. 1856 01:01:13,640 --> 01:01:15,237 >> Thank you, Sue. 1857 01:01:15,237 --> 01:01:15,247 » Thank you, Sue. 1858 01:01:15,247 --> 01:01:16,710 >> [laughter] 1859 01:01:16,710 --> 01:01:16,720 » [laughter] 1860 01:01:16,720 --> 01:01:18,270 >> Um, 1861 01:01:18,270 --> 01:01:18,280 » Um, 1862 01:01:18,280 --> 01:01:24,670 so where were we here? Item 5.2. 1863 01:01:24,680 --> 01:01:27,240 For I didn't Okay. 1864 01:01:27,240 --> 01:01:29,680 5.3. So, I had Councillor Borrows so we 1865 01:01:29,680 --> 01:01:32,440 move it so Councillor Meadows. 1866 01:01:32,440 --> 01:01:34,280 The recommendation reads reads that the 1867 01:01:34,280 --> 01:01:36,480 draft audited financial statements for 1868 01:01:36,480 --> 01:01:40,480 the year 2025 be received. 1869 01:01:40,480 --> 01:01:42,400 And that the audit committee recommends 1870 01:01:42,400 --> 01:01:44,400 that council approve the draft audited 1871 01:01:44,400 --> 01:01:52,150 financial statements for the year 2025. 1872 01:01:52,160 --> 01:01:55,080 Amend the motion. 1873 01:01:55,080 --> 01:01:57,030 >> Councillor Meadows suggested that to put 1874 01:01:57,030 --> 01:01:57,040 » Councillor Meadows suggested that to put 1875 01:01:57,040 --> 01:01:59,200 an amendment to this statement there 1876 01:01:59,200 --> 01:02:00,920 that pending. 1877 01:02:00,920 --> 01:02:01,830 >> Well, 1878 01:02:01,830 --> 01:02:01,840 » Well, 1879 01:02:01,840 --> 01:02:04,760 ideally this audit this 1880 01:02:04,760 --> 01:02:06,720 This This This is your statement should 1881 01:02:06,720 --> 01:02:08,200 be received and then we're going to 1882 01:02:08,200 --> 01:02:11,320 change policies coming further. 1883 01:02:11,320 --> 01:02:13,230 >> For the next next council meeting. For 1884 01:02:13,230 --> 01:02:13,240 » For the next next council meeting. For 1885 01:02:13,240 --> 01:02:14,520 the next For the council meeting. This 1886 01:02:14,520 --> 01:02:16,680 is just a This is just to bring this 1887 01:02:16,680 --> 01:02:17,880 this forward. 1888 01:02:17,880 --> 01:02:19,270 >> Which we've Yeah, we've decided we're 1889 01:02:19,270 --> 01:02:19,280 » Which we've Yeah, we've decided we're 1890 01:02:19,280 --> 01:02:20,400 doing that. 1891 01:02:20,400 --> 01:02:22,200 We've given directions. So, all those in 1892 01:02:22,200 --> 01:02:23,640 favor? 1893 01:02:23,640 --> 01:02:26,520 And that is carried. 1894 01:02:26,520 --> 01:02:28,400 And now we'll move to item six, 1895 01:02:28,400 --> 01:02:31,080 adjournment. I now declare this meeting 1896 01:02:31,080 --> 01:02:32,920 be adjourned at 1897 01:02:32,920 --> 01:02:35,280 6:58 p.m. 1898 01:02:35,280 --> 01:04:38,750 Thank you very much everyone. 1899 01:04:38,760 --> 01:04:40,920 » Mhm.