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 - 2023 Statements
The District of Muskoka has released its 2023 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.
2025-2026 Budgets
| 2025-2026 Rate Supported Operating Budget and Capital Budget and Forecast |
The 2025 Budget Survey is now complete and the results are in!
For more information, please visit www.engagemuskoka.ca/district-budget.
2024 Budgets
| 2024 Tax Supported Operating Budget and Capital Budget and Forecast |
|
| 2024 Rate Supported Operating Budget and Capital Budget and Forecast |
|
2023 Budgets
| 2023 Tax Supported Operating Budget and Capital Budget and Forecast |
|
| 2023 Rate Supported Operating Budget and Capital Budget and Forecast |
|
2022 Budgets
| 2022 Tax Supported Operating Budget and Capital Budget and Forecast |
|
| 2022 Rate Supported Operating Budget and Capital Budget and Forecast |
|
2021 Budgets
| 2021 Tax Supported Operating Budget and Capital Budget and Forecast |
|
| 2021 Rate Supported Operating Budget and Capital Budget and Forecast |
|
2020 Budgets
| 2020 Tax Supported Operating Budget and Capital Budget and Forecast |
|
| 2020 Rate Supported Operating Budget and Capital Budget and Forecast |
|
2019 Budgets
| 2019 Tax Supported Operating Budget and Capital Budget and Forecast |
|
| 2019 Rate Supported Operating Budget and Capital Budget and Forecast |
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, 2024 - the audited consolidated financial statements demonstrate improved financial results for 2023.
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 $13.9 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 $3.8 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 $12.0 million, reinforcing our commitment to long-term financial stability.
The District owns critical assets valued at over 5.95 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 2023 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.
|
| 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.
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 and Asset Management Plan |
|
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.
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 Asset Management Plan helps the District and residents understand what it costs to operate, maintain, and replace our assets. In 2024, an update to the Asset Management Plan was completed and included all assets owned and managed by the District. This includes infrastructure like roads, bridges, water and wastewater systems, paramedic stations, community and affordable housing, long term care homes, and the Muskoka Airport. In addition to infrastructure assets, an inventory of all equipment was also evaluated and reported on, and includes things like fleet vehicles and heavy equipment, ambulances, and information technology (IT) assets. All of these assets together have an estimated replacement cost of $5.95 billion. Reserves allow the District to keep these assets in good repair, or replace them when they have reached the end of their service life. More work needs to be done however, and District staff are working to update the Asset Management Plan to make sure that we have enough savings to continue to deliver the services that our residents and visitors have come to rely on. |
| 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. |
| Audited Financial Statements |
|
The District Municipality of Muskoka's 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.