Budget and Financial Statements

Finance

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.

Budget

2026 Budget Timetable and Presentations to Council

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.

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

The Asset Management Plan (AMP) for the Township of Cavan Monaghan meets all requirements outlined in the provincial Building Together Guide for Municipal Asset Management Plans and Ontario Regulation 588/17. It serves as a strategic, tactical, and financial document to ensure municipal infrastructure is managed using sound asset management practices while optimizing resources and maintaining desired levels of service. Reliable and well-maintained infrastructure is essential for delivering critical services and supporting economic development, competitiveness, and quality of life for residents.

On September 15, 2025, Council received the updated AMP, which fulfills the Phase 4 legislative requirements. This update builds upon previous phases and includes:

Defined service levels and their appropriateness.
Lifecycle management strategies.
A comprehensive financial plan addressing long-term sustainability.

All AMP updates have been developed in partnership with senior municipal staff and PSD CityWide Inc, to ensure accurate asset data integration with financial planning. The plan emphasizes continued investment in municipal infrastructure while managing risk and maintaining fiscal responsibility.

The Ministry of Infrastructure timelines:

July 1, 2022 (Phase 2): Core assets AMP.
July 1, 2024 (Phase 3): All municipal assets AMP.
July 1, 2025 (Phase 4): Full AMP with service levels, lifecycle strategies, and financial planning.

The AMP is a living document that supports annual budget development, grant applications, and long-term infrastructure planning. The AMP emphasizes the need to continue to invest in municipal infrastructure while managing risks and replacement with fiscal responsibility.