Budget and Finances


​The City of Thorold is committed​ to a responsible and balanced approach to budgeting and managing municipal finances. The City's approach is to continue to provide top quality services and affordable property taxes, while meeting the needs of a growing community and planning for the future. 

 Operating and Capital Budgets

Each year as part of the budget process, the City must seek a balance between the fiscal pressures of tax rate changes and the costs of providing programs, services and facilities.  The budget process is focused on delivering initiatives as determined by City Council as well as maintaining existing service levels and planning for infrastructure renewal.  The budget documents outline the spending targets for the City for the year and the tax rate required.  The budget is an important element in the accountability cycle and provide a standard against which subsequent performance can be judged.

The Finance Department is responsible for the co-ordination and preparation of the annual operating and capital budgets.

  • The operating budget provides the necessary resources to deliver programs, provide services and operate facilities to meet the needs of Thorold’s growing community and accommodate inflationary pressures.  The operating budget is funded primarily through property taxes and user fees.
  • The capital budget and forecast are a comprehensive financial plan that identifies the capital requirements of growth and maintaining existing infrastructure.  The capital budget is funded through property taxes, reserves, development charges, debt and grants.  The capital budget is used to either build, maintain or rehabilitate assets that will last for more than one year.
  • Reserves and reserve funds receive annual contributions from the operating budget to assist with creating a solid financial position to support the City’s future cash requirements.  Maintaining sufficient balances in reserves and reserve funds is a critical component of a municipality’s long-term financial plan as it strengthens its long-term financial sustainability, helps to minimize fluctuations in the tax rates, and provides funding for infrastructure needs.
Operating Capital
2024 Operating Budget 2024 Capital Budget
2023 Operating Budget 2023 Capital Budget
2022 Operating Budget 2022 Capital Budget
2021 Operating Budget 2021 Capital Budget
2020 Operating Budget 2020 Capital Budget
2019 Operating Budget 2019 Capital Budget
2018 Operating Budget 2018 Capital Budget
2017 Operating Budget 2017 Capital Budget
2016 Operating Budget 2016 Capital Budget
2015 Operating Budget 2015 Capital Budget
2014 Operating Budget 2014 Capital Budget
2013 Operating Budget 2013 Capital Budget
2012 Operating Budget 2012 Capital Budget
 2011 Operating Budget 2011 Capital Budget
Financial Statements 

The City of Thorold's consolidated financial statements reflect the City's balances of assets and liabilities at the end of the fiscal year and the net revenues and expenses for the fiscal year. The consolidated financial statements include the operations of the City, the City's various committees, the Thorold public Library and the Thorold BIA.

The preparation of annual financial statements is required by the Municipal Act, 2001, Section 294.1 which states: “A municipality shall, for each fiscal year, prepare annual financial statements for the municipality in accordance with generally accepted accounting principles for local governments as recommended, from time to time, by the Public Sector Accounting Board of the Chartered Professional Accounts of Canada.”

Supplementary/Omitted Tax Billings

Property Assessment Change Notices are issued for additional assessment (such as swimming pools, decks or other additions), new homes or property class changes. The property tax dollars associated with the changes are retroactive to the date of occupancy / purchase, or when the renovation or alterations were completed.

Please note the Municipal Property Assessment Corporation (MPAC) assesses your property for the additional assessment, a new home or a property class change which could take up to three years to occur.

The City issues your supplementary/omitted tax bill(s) and payments are typically due in two installments. Depending on the determined assessment, the additional property taxes may be in the thousands of dollars. The City may be able to assist in preparation for the imminent supplementary/omitted tax bill(s) to minimize the impact of this bill. Please contact the Finance Department for additional information and assistance. 

 Municipal Property Assessment Corporation Contact
Call: 1-866-296-(MPAC) 6722

1-877-889-(MPAC) 6722 TTY
Fax: 1-866-297-6703
Web: www.mpac.ca
Write: P.O. Box 9808, Toronto, Ontario   M1S 5T9
Visit: 100 Via Renzo Dr. Suite 302, Richmond Hill, Ontario   L4S 0B8

Learn more about your property assessment at About my Property.   

Contact Us

© 2018 The Corporation of the City of Thorold, 3540 Schmon Parkway, PO Box 1044, Thorold ON, L2V 4A7

Hours of Operation: 8:30 a.m. to 4:30 p.m. Monday to Friday

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