Budget and Financial Statements


The Finance Department ensures accountability through budgeting, accounting and reporting on the municipal financial transactions.

Each year the Municipality is responsible for determining the costs of providing services to residents in the form of a budget. The budget contains estimated revenues and expenditures for the Municipality for a given year. The budget serves as a guide for Council and Staff to ensure they are providing services in an effective and efficient manner.


2024 Budget Timetable

2024 Budget Timetable

2024 Budget Notice

 Operating Budget

The Operating Budget is the plan for the day-to-day operations of the Municipality including salaries, materials and supplies.

Capital Budget

The Capital Budget is the annual plan for the purchase and financing for the Municipality capital assets which include infrastructure, land, buildings, machinery and equipment.

2024 Budget Reports to Council 
Prior Year Budgets

Reserves and Development Charge Reserve Funds (Audited)

Summary of Use of Reserve and Reserve Funds

Consolidated Financial Statements

The Consolidated Financial Statements are the responsibility of the Municipality's management. The Council of the Township of Cavan Monaghan appoints a Chartered Accountant firm to audit the financial statements.

Financial Information Returns (FIR) - Ministry of Municipal Affairs and Housing

FIR by Year and Municipality

Asset Management Plan

This Asset Management Plan (AMP) for the Township of Cavan Monaghan meets all requirements as outlined within the provincial "Building Together Guide for Municipal Asset Management Plans." It provides a strategic, tactical, and financial document, ensuring the management of the municipal infrastructure follows sound asset management practices and principles, while optimizing available resources and establishing desired levels of service. The performance of a community's infrastructure provides the foundation for its economic development, competitiveness, prosperity, reputation, and the overall quality of life for its residents. Reliable and well-maintained infrastructure assets are essential for the delivery of critical core services for the citizens of a municipality.

On June 20, 2022 Council received the Asset Management Plan for the Township of Cavan Monaghan and approved the posting of the AMP to the Township of Cavan Monaghan’s website.  This update contains the July 1, 2022 (Phase 2) legislative requirements as they relate to the Asset Management Plan, per O. Reg. 588/17: Asset Management Planning for Municipal Infrastructure, Infrastructure for Jobs and Prosperity Act, 2015, S.O. 2015, c.15.

The Public Works Department will be working with Public Sector Digest to update the Asset Management Plan to include updated information in relation to forecasting asset details.

The Ministry of Infrastructure Asset Management Plan (AMP) timelines are as follows;

  • July 1, 2022 (Phase 2): Asset Management Plan for core assets (roads, bridges and culverts, water, wastewater and stormwater management systems) that identifies current levels of service and the cost of maintaining those levels of service.
  • July 1, 2024 (Phase 3): Asset Management Plan for all municipal assets that identifies current levels of service and the cost of maintaining those levels of service.
  • July 1, 2025 (Phase 4): Asset Management Plan for all municipal assets that builds upon the requirements set out in 2024. This includes service levels and their appropriateness; a lifecycle management and financial strategy; funding sources and needs; and other assumptions.

The AMP emphasizes the need to continue to invest in municipal infrastructure while managing risks and replacement with fiscal responsibility.