Town of Caledon reports remarkable 2024 year-end surplus of over $5.3 million

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CALEDON, ON (May 27, 2025) – The Town of Caledon is proud to report its second consecutive year-end budget surplus of over $5.3 million for 2024 – more than doubling 2023. This marks a significant milestone in the Town’s continued demonstration of fiscal responsibility and prudent resource management. Achieving back-to-back surpluses underscores Caledon’s strong financial stewardship and its dedication to delivering value to residents while maintaining sustainable growth.

"This surplus is the result of exceptional dedication of our entire team. Through a shared commitment to managing taxpayer dollars responsibly, we’ve achieved results that reinforce Caledon’s long-term financial sustainability," said Nathan Hyde, CAO. “I thank our staff for continuing to provide service excellence, and for their unwavering accountability to the community. As we look ahead, we remain focused on strategic investments that will ensure continued growth, resilience, and high-quality services for the people of Caledon."

The surplus is due to a strong financial performance following the budget’s approval earlier this year. Higher-than-anticipated revenues combined with lower debt servicing costs contributed to a positive year-end outcome.

“By approving the budget ahead of schedule, we empowered staff to prioritize year-end processes and key financial decisions much earlier than previous years. This level of proactive leadership and disciplined planning is exactly what drives results like these,” said Mayor Annette Groves. “It’s a clear reflection of our commitment to strong fiscal stewardship and delivering real, lasting value for the people of Caledon.”

In accordance with the Town Surplus: Allocation to Reserves motion, the 2024 surplus is recommended to be allocated to the following reserves:

  • Firefighter Post-Retirement Benefits Reserve
  • Tax Stabilization Reserve
  • Tax Funded Capital Contingency Reserve
  • Tax Funded Operating Contingency Reserve

These allocations are designed to strengthen the Town’s ability to manage future financial pressures, respond to unforeseen needs, and continue investing in critical infrastructure and services.

A full report on the 2024 financial results will be presented to Council and made available to the public through the Town’s website.

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Media contact:
Communications
905.584.2272 | communications@caledon.ca
www.caledon.ca | @TownofCaledon

About Caledon 

Caledon is home to close to 80,000 residents and 4,000 businesses and is well-known for its natural attractions, rural charm and vital role in the economic engine of the Greater Toronto Area. It will soon be one of Ontario’s fastest growing communities as it prepares to become a city of 300,000 residents and 125,000 jobs by 2051. Under its current strategic plan, Caledon’s priorities remain environmental leadership, community vitality and livability, enhanced transportation and mobility, and service excellence and accountability. For more information, visit Caledon.ca or follow us on X (formerly Twitter), Facebook, LinkedIn and Instagram.