Town of Cobourg Publishes Consolidated Financial Reporting, Audit Status, Historical Financial Matters and Administrative Improvements

Cobourg, ON (October 22, 2026) – In response to a notice of motion passed on Tuesday, October 13, 2026, the Town of Cobourg has published a consolidated financial report outlining the municipality’s audit status, historical financial matters and administrative improvements implemented over the last six years.

On Tuesday, October 13, Council passed a motion directing the CAO, in consultation with the Treasurer, to produce a consolidated report addressing the concerns and questions raised by Council in previous motions concerning the release of closed-session financial records, historical financial reporting, unfinanced capital, external audits, and related administrative matters. As per Council’s direction, the report has made available via the municipal website at www.Cobourg.ca/FinancialUpdates.

The consolidated financial report provides a clear distinction between historical concerns, questions raised and the Town's current financial circumstances, while reinforcing the meaningful action taken over time. Its chronology begins with the KMPG service and delivery review in 2020 and outlines the significant work completed since that time to enhance and modernize the Town’s operations and processes to improve the current financial position and fiscal sustainability.

The report provides a clear and transparent account for the original findings of the KPMG Service and Organizational review, and subsequent staff reports and updates made to Council over the last six years. The KPMG Service and Organizational review, reported to Council in open session in November 2020 and October 2021, identified longstanding organizational, resource, process, and financial management challenges.

In response to KPMG’s recommendations, progress update reports brought forward in January and September 2021, and March and September 2022. All these reports presented in open session and documented the implementation of approved recommendations, progress achieved and ongoing efforts to ensure accountability, transparency and continuous improvements in the Town’s operations and financial management.

The October 22, 2026, consolidated report includes eight staff reports which brought before Council and made available for public scrutiny between the periods of 2024 and October 2026. These reports represent successive stages in the Town’s response to the concerns raised by KPMG, where staff have investigated underlying issues, established formal policies, improved reporting and controls, and continued monitoring and implementation.  

The principal reports and documentations associated with this review are: 

• November 6, 2020 - Service Delivery Review
• October 21, 2021 – Organizational Review
• May 5, 2025 - COR-2025-010 – Financial Sustainability Plan
• September 24, 2025 - COR-2025-018 – Long-term Debt Policy
• October 29, 2025 - COR-2025-021 – Annual Surplus/Deficit Allocation Policy
• December 17, 2025 - COR-2025-027 – Reserve and Reserve Fund Policy
• December 17, 2025 - COR-2025-029 – Municipal Reserve Fund Strategy and Sustainability Review
• March 25, 2026 - COR-2026-002 – Financial Status Update
• October 8, 2026 - Response to Notice of Motion – Release of Closed Session Report CM-2024-15
• The Town’s audited financial statements, Audit and Risk Committee updates, and related financial reporting.
  

Taken together, these reports provide a substantial body of information addressing the concerns raised in the original motions of Council. They also demonstrate that corrective measures have been initiated, including the development of formal financial policies, the preparation of a Financial Sustainability Plan, the transition to a new external auditor, and strengthened financial reporting and monitoring. 

Recognizing the fact these reports have been issued over a six-year period, staff have consolidated and published all relevant documents in one centralized location to enhance transparency, improve public accessibility, and provide residents with a comprehensive and easily navigable record of the Town’s financial reporting and progress over time. The consolidated financial report and its corresponding attachments have been made available for public review on the municipal website www.Cobourg.ca/FinancialUpdates.