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Budget and Financial Statements

HomeFinance and AdministrationBudget and Finances
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The District Municipality of Muskoka produces an annual service based budget and 10-year forecast that outlines how finances will be used to deliver essential services to residents. By reading on, you'll find documents and downloads about our Budgets. You can also learn more about how you can participate in the budget process. 

Consolidated Financial Statements - 2022 Statements  

The District of Muskoka has released its 2022 consolidated financial statements, providing residents with the District's financial health and progress status. These statements highlight the District's commitment to responsible financial management and the betterment of our community.

  • To learn more about these Statements and why we're proud of the results - scroll to the bottom of this page or click here and we'll take you there - let us show you your money.   

2024 Budgets

2024 Rate Supported Operating Budget and Capital Budget and Forecast
  • Notice of Intention to Adopt the 2024 Rate Supported Budget


 
2023 Budgets

Image of charts showing where money comes from and where money goes based on the 2023 budget breakdown

2023 Tax Supported Operating Budget and Capital Budget and Forecast
  • 2023 Draft Tax Supported Operating Budget and Capital Budget and Forecast (as amended and adopted March 20, 2023 by Muskoka District Council) 
  • Presentation of the 2023 Draft Tax Supported Operating Budget and Capital Budget and Forecast
  • Notice of Intention to Adopt the 2023 Tax Supported Budget
  • The Budget Explained: Investing in a Healthy Future for Muskoka (News release: Tues. Mar. 21, 2023)
2023 Rate Supported Operating Budget and Capital Budget and Forecast
  • 2023 Draft Rate Supported Operating Budget and Capital Budget and Forecast (adopted February 21, 2023 by Muskoka District Council)
  • Presentation of the 2023 Draft Rate Supported Operating Budget and Capital Budget and Forecast
  • Notice of Intention to Adopt the 2023 Rate Supported Budget

2022 Budgets

2022 Tax Supported Operating Budget and Capital Budget and Forecast
  • 2022 Draft Tax Supported Operating Budget and Capital Budget and Forecast (as amended and adopted February 22, 2022 by Muskoka District Council)
  • Presentation of the 2022 Draft Tax Supported Operating Budget and Capital Budget and Forecast
  • Notice of Intention to Adopt the 2022 Tax Supported Budget.
2022 Rate Supported Operating Budget and Capital Budget and Forecast
  • 2022 Draft Rate Supported Operating Budget and Capital Budget and Forecast (as amended and adopted February 22, 2022 by Muskoka District Council)
  • Presentation of the 2022 Draft Rate Supported Operating Budget and Capital Budget and Forecast
  • Notice of Intention to Adopt the 2022 Rate Supported Budget

2021 Budgets

2021 Tax Supported Operating Budget and Capital Budget and Forecast
  • 2021 Draft Tax Supported Operating Budget and Capital Budget and Forecast (as amended and adopted March 15, 2021 by Muskoka District Council)
  • Presentation of the 2021 Draft Tax Supported Operating Budget and Capital Budget and Forecast
  • Notice of Intention to Adopt the 2021 Tax Supported Budget.
2021 Rate Supported Operating Budget and Capital Budget and Forecast
  • 2021 Draft Rate Supported Operating Budget and Capital Budget and Forecast (as amended and adopted December 21, 2020 by Muskoka District Council)
  • Presentation of the 2021 Draft Rate Supported Operating Budget and Capital Budget and Forecast
  • Notice of Intention to Adopt the 2021 Rate Supported Budget

2020 Budgets

2020 Tax Supported Operating Budget and Capital Budget and Forecast
  • 2020 Draft Tax Supported Operating Budget and Capital Budget and Forecast (as amended and adopted February 18, 2020 by Muskoka District Council)
  • 2020 Draft Tax Supported Budget by Section (as amended and adopted February 18, 2020 by Muskoka District Council)
  • Presentation of the 2020 Draft Tax Supported Operating Budget and Capital Budget and Forecast
  • Notice of Intention to Adopt the 2020 Tax Supported Budget
2020 Rate Supported Operating Budget and Capital Budget and Forecast
  • 2020 Draft Rate Supported Operating Budget and Capital Budget and Forecast (as amended and adopted December 16, 2019 by Muskoka District Council)
  • Presentation of the 2020 Draft Rate Supported Operating Budget and Capital Budget and Forecast
  • Notice of Intention to Adopt the 2020 Rate Supported Budget

2019 Budgets

2019 Tax Supported Operating Budget and Capital Budget and Forecast
  • 2019 Draft Tax Supported Operating Budget and Capital Budget and Forecast (as amended and adopted February 19, 2019 by Muskoka District Council)
  • 2019 Draft Tax Supported Budget by Section (as amended and adopted February 19, 2019 by Muskoka District Council)
  • Presentation of the 2019 Draft Tax Supported Operating Budget and Capital Budget and Forecast
  • Notice of Intention to Adopt the 2019 Tax Supported Budget
2019 Rate Supported Operating Budget and Capital Budget and Forecast
  • 2019 Draft Rate Supported Operating Budget and Capital Budget and Forecast
  • Presentation of the 2019 Draft Rate Supported Operating Budget and Capital Budget and Forecast
  • Notice of Intention to Adopt the 2019 Rate Supported Budget

Showing You Your Money: Your District’s Financial Health

Consolidated financial statements are like a snapshot of Muskoka's financial health. They give us a clear picture of how your District is managing your money and resources.

These statements showcase your hard-earned tax dollars at work. Announced in July, 2023 - the audited consolidated financial statements demonstrate improved financial results for 2022. 

This is our financial report card.

✅ We Passed: The auditors have reviewed Muskoka's financial statements and have provided a clean audit report. This means that the numbers are accurate, and we can have confidence in the information presented.

Growing Financial Assets: Net financial assets increased by $20.3 million, demonstrating the District's strengthening financial situation. Our growth signifies our ability to effectively manage funds and make strategic investments for the benefit of our community.

Reducing Debt: The District has successfully reduced municipal debt by $3.7 million, alleviating the burden on taxpayers. This responsible debt management approach allows us to free up funds for other critical initiatives and minimize the financial strain on our community. 

Safeguarding Our Future: The District's reserves and reserve funds have grown by $21.4 million, reinforcing our commitment to long-term financial stability.

The District owns critical assets valued at over 2.88 billion dollars – it’s necessary to have savings to take care of them.

Reserves act as a safety net for unforeseen expenses, ensuring that we are well-prepared to address emergencies and prioritize the maintenance, continued operation or replacement of assets, when they need attention.

Understanding the financial story of your District, empowers us as active citizens. It allows us to engage in discussions, ask questions, and contribute to shaping the future of our community.

Breaking Down our Financial Statements

When it comes to managing and investing your tax dollars, the District of Muskoka follows specific rules. We appointed an independent auditor, BDO Canada LLP, to audit our 2022 financial statements and ensure these rules were followed in reporting our financial position and operating results. Our Audited Financial Statements are at the bottom of this page. 

Here's a breakdown of what some of the numbers mean: 

 Accumulated Surplus: 

Think of economic resources the District has available to provide future services.  This includes both cash and non cash items such as reserves and reserve funds and tangible capital assets, net of outstanding debt and unfunded liabilities. 

In the context of the District's annual operating results, a surplus means that our revenues (money coming in) are greater than our expenses (money going out) during the year. This surplus helps fund debt repayments and finance future replacement of our infrastructure.  It's a positive sign and shows that our financial situation is healthy.

In 2022, our accumulated surplus was $698.0 million which included $199.9 million in reserves and reserve funds, $551.7 million in tangible capital assets, less $53.6 million in outstanding debt and unfunded liabilities.

 Reserves and Reserve Funds

Reserves are funds set aside for unexpected expenses or future needs. Think of it this way: imagine you've bought a home and want to make sure you're prepared for unexpected costs, like a new furnace or roof. You start a savings account for these unforeseen expenses to ensure your home remains comfortable and well-maintained.

The District sets aside money in reserves and reserve funds to be prepared for unexpected expenses or to fund specific needs in the future. The level of reserves necessary depends on the services provided, the age and condition of our assets, and the level of expenditures and timing of capital commitments.

In 2022, our reserves and reserve funds increased by $21.4 million for a total of $199.9 million.  Of these funds set aside, $123.1 million is already committed for future capital projects.

These reserves provide us with financial stability and flexibility, allowing us to address future needs without relying solely on borrowing or increasing taxes. It's like having that savings account to cover unexpected home repairs instead of relying on loans or credit cards.

By having reserves and reserve funds, we can confidently tackle challenges, seize opportunities, and maintain essential services without putting an excessive burden on our community.  

 Tangible Capital Assets

These are the things you can see, touch, and experience the benefit of in our community, such as roads, bridges, buildings, vehicles, equipment, water and wastewater systems.   They are a significant economic resource and a key component in the delivery of many government programs and services. 

Understanding tangible capital assets helps us appreciate the investments made in our community and the value they bring to our everyday lives. They represent the physical resources that enhance our living environment and make Muskoka a place we're proud to call home.  These resources have a useful life beyond a financial accounting period, or one year, and must be amortized or charged to operations as the asset is used or ages.

Tangible capital assets are recorded at the cost we paid for them when they are put into service.  Amortization represents the portion of this cost that is used up during the year.  The value of these assets is called the net book value, which represents the cost of the assets put into service, less the accumulated amortization.

At the end of 2022, the net book value of our Tangible Capital Assets was $551.7 million. Our 2022 financial results show that our assets are just over 50% consumed or used up.

When these assets are used up they need to be replaced to continue providing future programs and services.  Surplus funds set aside in reserves and reserve funds are used to replace these assets.

The 2022 Asset Management Plan for Core Assets, which included roads, bridges, water and wastewater systems, reported replacement cost of these assets at $2.8 billion. 

 Accounting Standards

The consolidated financial statements are prepared by the District of Muskoka in accordance with Canadian public sector accounting standards.

The District is required by the Ontario Municipal Act, 2001, to appoint an independent auditor to express an opinion on the fairness of the financial statements.

BDO Canada LLP has audited the financial statements, and their independent auditor's report was submitted.   

 

 

 

 

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 Audited Financial Statements

The District Municipality of Muskoka's annual audited financial statements: 

  • 2022 Annual Audited Financial Statements 
  • 2021 Annual Audited Financial Statements
  • 2020 Annual Audited Financial Statements
  • 2019 Annual Audited Financial Statements
  • 2018 Annual Audited Financial Statements
  • 2017 Annual Audited Financial Statements
  • 2016 Annual Audited Financial Statements
  • 2015 Annual Audited Financial Statements
  • 2014 Annual Audited Financial Statements
  • 2013 Annual Audited Financial Statements
  • 2012 Annual Audited Financial Statements
  • 2011 Annual Audited Financial Statements
  • 2010 Annual Audited Financial Statements
  • 2009 Annual Audited Financial Statements
  • 2008 Annual Audited Financial Statements
  • 2007 Annual Audited Financial Statements

Looking for a previous year, or something specific? Please contact us, we're here to help. 

We're here to help. Looking for an accessible version? Alternate formats are available upon request by contacting us. 

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The District Municipality of Muskoka

70 Pine Street
Bracebridge, ON P1L 1N3

Phone: 705-645-2100
Fax: 705-645-5319

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