Financial Statements

Audited Financial Statements

For more information please see the year end audited financial statements listed below.

2023 Financial Statements

Ontario municipalities are required to follow the Public Sector Accounting Board (PSAB) recommendations of the Chartered Professional Accountants of Canada for reporting their annual audited financial statements.  This reporting format is different than the requirement of  the Municipal Act for setting tax rates and the related tax rate budget.  The major differences for the Township of North Kawartha are as follows:

The PSAB format records all capital as an asset, amortization is provided on the assets, revenue for the purchase of capital assets is recorded as revenue when received while the asset is amortized over its estimated useful life, the annual cost for the landfill liability is recorded as an expense, transfers to and from reserves and reserve funds are not reported as revenue or expense.  

The tax rate budget records all capital purchases as an expense and as a result there is no amortization,  only costs expected to be spent in the year are recorded for the landfill expense therefore no future costs are included, transfers to and from reserves and reserve funds are treated as a revenue or expense.

2025 Building Permit Fees Report