First Nations / Mississauga / 2024-2025
Audited consolidated financial statementsFY 2024-2025
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Statements as published · FY 2024-2025
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Statement of Financial Position
FY 2024-2025 · PDF page 5
FA − FL = Net FA: matchedNet FA + NFA = Acc. surplus: matched
| 2025 | 2024 | |
|---|---|---|
| Cash (Note 2)n2 | 247,387,762 | 7,580,012 |
| Accounts receivable (Note 4)n4 | 6,243,548 | 4,386,734 |
| Robinson Huron Treaty settlement receivable (Note 5)n5 | -⚑ | 369,066,634 |
| Housing loans (Note 6)n6 | 115,261 | 151,260 |
| Portfolio investments (Note 7)n7 | 149,619 | 168,310 |
| Investment in government business enterprise (Note 9)n9 | 602,768 | 478,165 |
| Due from funders (Note 13)n13 | 1,000,482 | 215,344 |
| Due from the Mississagi Trust - restricted (Note 8)n8 | 1,755,044 | 1,887,412 |
| Trust Funds held by Federal Government (Note 10)n10 | 36,652 | 103,655 |
| [total financial assets] | 257,291,136 | 384,037,526 |
| Accounts payable and accrued liabilities (Note 11)n11 | 1,895,438 | 1,160,655 |
| Deferred revenue (Note 12)n12 | 16,857,492 | 6,619,001 |
| Long term debt (Note 14)n14 | 1,621,710 | 1,809,502 |
| [total liabilities] | 20,374,640 | 9,589,158 |
| Net financial assets | 236,916,496 | 374,448,368 |
| Tangible capital assets (Schedule 1) | 19,169,020 | 15,256,111 |
| Prepaid expenses and inventory of supplies | 26,238 | 150,678 |
| [total non-financial assets] | 19,195,258 | 15,406,789 |
| Accumulated surplus, end of year (Note 15)n15 | 256,111,754 | 389,855,157 |
Statement of Operations
FY 2024-2025 · PDF page 6
Rev − Exp = Surplus: matched
| Budget(budget) | 2025 | 2024 | |
|---|---|---|---|
| Indigenous Services Canada | 25,431,067 | 13,861,137 | 11,013,462 |
| Government of Canada - Other | 914,889 | 1,904,477 | 624,647 |
| Province of Ontario | 2,749,256 | 2,077,471 | 2,176,093 |
| North Shore Tribal Council | 512,649 | 856,625 | 1,353,793 |
| Band operated enterprises | 943,479 | 536,988 | 547,344 |
| OFNLP | 763,992 | 1,392,266 | 1,126,064 |
| Robinson Huron Treaty Litigation Fund (Note 5)n5 | -⚑ | 398,625 | 369,066,634 |
| Other revenue | 4,570,783 | 15,003,282 | 3,431,607 |
| Mississagi Trust Funds | -⚑ | 153,830 | 107,709 |
| Amounts earned in Trust Funds (Note 10)n10 | -⚑ | 38,223 | 18,364 |
| Income from government business entities (Note 9)n9 | -⚑ | 174,675 | 129,286 |
| Gain on sale of portfolio investments | -⚑ | (18,691) | 205 |
| Recovery of prior year funds | -⚑ | (50,009) | -⚑ |
| [total revenue] | 35,886,115 | 36,328,899 | 389,595,208 |
| Social assistance | 277,450 | 515,548 | 1,133,163 |
| Administration | 989,174 | 1,310,120 | 1,320,816 |
| Infrastructure maintenance | 738,432 | 1,679,999 | 1,490,750 |
| Education | 3,187,164 | 3,644,723 | 3,200,590 |
| Capital | 442,293 | 370,110 | 102,857 |
| Medical | 2,517,744 | 2,453,247 | 2,745,527 |
| Social Services | 2,483,553 | 2,453,429 | 2,131,348 |
| Enterprises | 978,673 | 1,387,866 | 1,279,476 |
| Other | 4,256,125 | 155,932,839 | 3,713,526 |
| Amounts released from Trust Funds (Note 10)n10 | -⚑ | 38,223 | 18,364 |
| Mississagi Trust distributions | -⚑ | 286,198 | 115,738 |
| [total expenses] | 15,870,608 | 170,072,302 | 17,252,155 |
| Annual surplus (deficit) | 20,015,507 | (133,743,403) | 372,343,053 |
| Accumulated surplus, beginning of year | 389,855,157 | 389,855,157 | 17,512,104 |
| Accumulated surplus, end of year | 409,870,664 | 256,111,754 | 389,855,157 |
Statement of Changes in Net Financial Assets
FY 2024-2025 · PDF page 7
| Budget(budget) | 2025 | 2024 | |
|---|---|---|---|
| Annual surplus (deficit) | 20,015,507 | (133,743,403) | 372,343,053 |
| Acquisition of tangible capital assets | (14,005,768) | (5,223,578) | (3,836,372) |
| Amortization of tangible capital assets | -⚑ | 1,291,819 | 1,154,914 |
| Gain on disposal of tangible capital assets | -⚑ | 18,850 | -⚑ |
| Prepaid expenses and inventory of supplies | -⚑ | 124,440 | 17,636 |
| Net change in net financial assets | 6,009,739 | (137,531,872) | 369,679,231 |
| Net financial assets, beginning of year | 374,448,368 | 374,448,368 | 4,769,137 |
| Net financial assets, end of year | 380,458,107 | 236,916,496 | 374,448,368 |
Statement of Cash Flows
FY 2024-2025 · PDF page 8
| 2025 | 2024 | |
|---|---|---|
| Annual surplus (deficit) | (133,743,403) | 372,343,053 |
| Loss on disposal of tangible capital assets | 18,850 | -⚑ |
| Amortization | 1,291,819 | 1,154,914 |
| Loss (gain) on sale of portfolio investments | 18,691 | (205) |
| [subtotal operating items not involving cash] | (132,414,043) | 373,497,762 |
| Accounts receivable | (1,856,814) | (1,241,963) |
| Robinson Huron Treaty settlement receivable | 369,066,634 | (369,066,634) |
| Prepaid expense | 124,440 | 17,636 |
| Deferred revenue | 10,238,491 | 703,600 |
| Due from the Mississagi Trust | 132,368 | 8,029 |
| Trust Funds held by Federal Government | 67,003 | 55,871 |
| Accounts payable | 734,783 | 146,484 |
| Due to funders | (785,138) | (597,167) |
| [subtotal changes in non-cash operating balances] | 245,307,724 | 3,523,618 |
| Acquisition of tangible capital assets | (5,223,578) | (3,836,372) |
| Housing loans | 35,999 | 40,395 |
| Investment in Mississaugi Retail Cannabis Corporation | (124,603) | (83,066) |
| [subtotal investing activities] | (88,604) | (42,671) |
| Payments on long term debt | (187,792) | (189,225) |
| Increase (decrease) in cash | 239,807,750 | (544,650) |
| Cash, beginning of year | 7,580,012 | 8,124,662 |
| Cash, end of year | 247,387,762 | 7,580,012 |
Schedules as published
Schedule 1 - Consolidated Tangible Capital AssetsPDF p. 22
| Land | Land Improvements/ Buildings(other) | Housing(other) | Infrastructure(other) | Roads(other) | Heavy Equipment(other) | Furniture & Vehicles(other) | Equipment(other) | Construction in Progress(other) | Total 2025(other) | Total 2024(other) | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost, beginning of year | 1 | 10,932,758 | 12,572,934 | 2,890,032 | 2,101,348 | 398,510 | 3,027,226 | 1,521,956 | 1,389,168 | 34,833,933 | 30,997,561 |
| Additions | -⚑ | 158,586 | -⚑ | 203,859 | -⚑ | -⚑ | 755,857 | 324,669 | 3,780,607 | 5,223,578 | 3,836,372 |
| Disposals | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (399,736) | -⚑ | -⚑ | (399,736) | -⚑ |
| Capitalized construction | |||||||||||
| Cost, end of year | 1 | 11,091,344 | 12,572,934 | 3,093,891 | 2,101,348 | 398,510 | 3,383,347 | 1,846,625 | 5,169,775 | 39,657,775 | 34,833,933 |
| Accumulated amortization, beginning of year | -⚑ | 6,735,790 | 6,089,098 | 2,168,161 | 1,744,948 | 350,763 | 1,707,523 | 781,539 | -⚑ | 19,577,822 | 18,422,908 |
| Amortization | -⚑ | 266,114 | 417,602 | 79,947 | 25,871 | 12,943 | 344,997 | 144,345 | -⚑ | 1,291,819 | 1,154,914 |
| Disposals | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (380,886) | -⚑ | -⚑ | (380,886) | -⚑ |
| Accumulated amortization, end of year | -⚑ | 7,001,904 | 6,506,700 | 2,248,108 | 1,770,819 | 363,706 | 1,671,634 | 925,884 | -⚑ | 20,488,755 | 19,577,822 |
| Net carrying amount, end of year 2025 | 1 | 4,089,440 | 6,066,234 | 845,783 | 330,529 | 34,804 | 1,711,713 | 920,741 | 5,169,775 | 19,169,020 | -⚑ |
| Net carrying amount, end of year 2024 | 1 | 4,196,968 | 6,483,836 | 721,871 | 356,400 | 47,747 | 1,319,703 | 740,417 | 1,389,168 | -⚑ | 15,256,111 |
Schedule 2 - Consolidated Segment DisclosurePDF p. 24
| Social Assistance | Administration(other) | Infrastructure Maintenance(other) | Education(other) | Capital(other) | Medical(other) | Social Services(other) | Enterprises(other) | Other(other) | Total 2025(other) | Total 2024(other) | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Indigenous Services Canada | 20,962 | 861,164 | 1,028,314 | 3,157,775 | 4,095,746 | 1,720,680 | 2,151,232 | 23,467 | 801,797 | 13,861,137 | 11,013,462 |
| Government of Canada - Other | -⚑ | -⚑ | -⚑ | -⚑ | 1,309,963 | -⚑ | -⚑ | 345,636 | 248,878 | 1,904,477 | 624,647 |
| Province of Ontario | -⚑ | 174,104 | 23,285 | 130,974 | -⚑ | 410,507 | 108,969 | -⚑ | 1,229,632 | 2,077,471 | 2,176,093 |
| North Shore Tribal Council | 275,810 | -⚑ | -⚑ | -⚑ | -⚑ | 25,473 | -⚑ | -⚑ | 555,342 | 856,625 | 1,353,793 |
| Band operated enterprises | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 536,988 | -⚑ | 536,988 | 547,344 |
| Robinson Huron Treaty Litigation Fund | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 398,625 | 398,625 | 369,066,634 |
| Other | 8,728 | 857,561 | 184,585 | 34,564 | 300,860 | 301,544 | 136,872 | 286,825 | 14,632,046 | 16,743,585 | 4,813,235 |
| Recovery of prior year funds | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (50,009) | -⚑ | -⚑ | (50,009) | -⚑ | -⚑ |
| [total revenue] | 305,500 | 1,892,829 | 1,236,184 | 3,323,313 | 5,706,569 | 2,408,195 | 2,397,073 | 1,192,916 | 17,866,320 | 36,328,899 | 389,595,208 |
| Salaries, wages and benefits | 312,219 | 1,191,741 | 246,020 | 814,660 | -⚑ | 1,464,612 | 1,441,531 | 486,185 | 2,596,904 | 8,553,872 | 7,919,488 |
| Materials and supplies | 43,859 | 319,588 | 244,201 | 151,375 | 1,101,623 | 602,704 | 872,306 | 341,866 | 746,148 | 4,423,670 | 3,975,169 |
| Contracted services | 8,398 | 531,487 | 359,886 | 106,586 | (755,659) | (151,258) | 131,270 | 620,946 | 129,545 | 981,201 | 1,168,348 |
| Rents and financial expenses | 121,188 | 93,840 | 115,793 | -⚑ | (376) | 46,255 | 3,573 | 11,965 | 65,670 | 457,908 | 138,869 |
| External transfers | 8,877 | -⚑ | -⚑ | 1,999,852 | -⚑ | -⚑ | -⚑ | -⚑ | 99,466 | 2,108,195 | 2,477,447 |
| Payouts to Band Members | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 152,000,571 | 152,000,571 | -⚑ |
| Travel and training | 4,636 | 21,210 | 3,102 | 16,661 | -⚑ | 55,439 | 62,910 | 5,573 | 85,535 | 255,066 | 417,919 |
| Amortization | 19,167 | 20,298 | 409,352 | 43,264 | -⚑ | 61,438 | 76,443 | 568,670 | 93,187 | 1,291,819 | 1,154,915 |
| Transfers between segments | (2,796) | (868,044) | 301,645 | 512,325 | 24,522 | 374,057 | (134,604) | (647,339) | 440,234 | -⚑ | -⚑ |
| [total expenses] | 515,548 | 1,310,120 | 1,679,999 | 3,644,723 | 370,110 | 2,453,247 | 2,453,429 | 1,387,866 | 156,257,260 | 170,072,302 | 17,252,155 |
| Excess (deficiency) of revenue over expenses | (210,048) | 582,709 | (443,815) | (321,410) | 5,336,459 | (45,052) | (56,356) | (194,950) | (138,390,940) | (133,743,403) | 372,343,053 |
Notes to the financial statements
Verbatim, as published. Statement lines above link to their notes.
Note 2Cash
| 2025 | 2024 | |
|---|---|---|
| Externally restricted - CMHC reserves | 418,553 | 386,236 |
| Internally restricted - Robinson Huron Treaty reserves | 228,515,462 | -⚑ |
| Unrestricted | 18,453,747 | 7,193,776 |
| [total] | 247,387,762 | 7,580,012 |
Note 4Accounts receivable
| 2025 | 2024 | |
|---|---|---|
| Due from members - CMHC Housing arrears | 401,367 | 411,628 |
| Less: allowance for doubtful accounts [Due from members - CMHC Housing arrears] | (373,979) | (390,100) |
| [subtotal Due from members - CMHC Housing arrears] | 27,388 | 21,528 |
| Due from members - Housing Rent to Own arrears | 224,262 | 239,589 |
| Less: allowance for doubtful accounts [Due from members - Housing Rent to Own arrears] | (213,765) | (230,754) |
| [subtotal Due from members - Housing Rent to Own arrears] | 10,497 | 8,835 |
| Indigenous Services Canada | 942,681 | 1,119,948 |
| Government of Canada - Other | 1,613,106 | 169,826 |
| Province of Ontario | 697,038 | 846,750 |
| North Shore Tribal Council | 869,177 | 365,026 |
| Union of Ontario Indians | 855,599 | 645,369 |
| Nogdawindamin | 771,066 | 568,254 |
| Other | 616,094 | 777,281 |
| Less: allowance for doubtful accounts [Other] | (159,098) | (136,083) |
| [subtotal Other] | 6,205,663 | 4,356,371 |
| [total] | 6,243,548 | 4,386,734 |
Note 6Housing loans
| 2025 | 2024 | |
|---|---|---|
| Housing proceeds receivable | 195,554 | 251,775 |
| Present value write down | (80,293) | (100,515) |
| [total] | 115,261 | 151,260 |
Note 7Portfolio Investments
| 2025 | 2024 | |
|---|---|---|
| CEW Superior VI Limited Partnership - 5,099 Class A units [Cost] | 51 | 51 |
| Equities and mutual funds [Market value] | 149,568 | 168,259 |
| [total Market value] | 149,619 | 168,310 |
Note 9Investment in government business enterprise
| 2025 | 2024 | |
|---|---|---|
| Issued common shares - 100 | 100 | 100 |
| Accumulated surplus | 402,718 | 228,043 |
| Loan receivable, 0% interest, repayable $42,700 annually, due March 31, 2031 | 200,050 | 250,122 |
| Advances, interest free, unsecured, no specific terms of repayment | (100) | (100) |
| [total] | 602,768 | 478,165 |
| 2025 | 2024 | |
|---|---|---|
| Assets | 654,468 | 494,226 |
| Liabilities | 251,650 | 266,083 |
| Retained earnings | 402,818 | 228,143 |
| Revenue | 1,804,617 | 1,530,408 |
| Expenses | 1,629,942 | 1,407,610 |
| Net income for the year | 174,675 | 122,798 |
Note 10Trust Funds held by Federal Government
| March 31, 2024 | Additions 2025(other) | Withdrawals 2025(other) | March 31, 2025(other) | |
|---|---|---|---|---|
| Revenue | 12,655 | 38,223 | (14,226) | 36,652 |
| Capital | 91,000 | -⚑ | (91,000) | -⚑ |
| [total] | 103,655 | 38,223 | (105,226) | 36,652 |
Note 11Accounts payable
| 2025 | 2024 | |
|---|---|---|
| Trade payables | 1,515,335 | 821,511 |
| Elementary and Secondary tuition payables | 232,883 | 221,195 |
| Accrued wages and employee benefits payable | 147,220 | 117,949 |
| [total] | 1,895,438 | 1,160,655 |
Note 12Deferred revenue and government transfers
| Balance March 31, 2024 | Funding Received 2025(other) | Revenue Recognized 2025(other) | Balance March 31, 2025(other) | |
|---|---|---|---|---|
| Indigenous Services Canada | 4,796,787 | 23,624,887 | 13,861,137 | 14,560,537 |
| Gov't of Canada - Other | 505,217 | 1,968,617 | 1,904,477 | 569,357 |
| Province of Ontario | 113,140 | 2,372,437 | 2,077,471 | 408,106 |
| North Shore Tribal Council | -⚑ | 875,782 | 856,625 | 19,157 |
| Enterprises | -⚑ | 536,988 | 536,988 | -⚑ |
| OFNLP | -⚑ | 1,392,266 | 1,392,266 | -⚑ |
| Robinson Huron Treaty | -⚑ | 718,461 | 398,625 | 319,836 |
| Other | 1,203,857 | 15,077,952 | 15,301,310 | 980,499 |
| [total] | 6,619,001 | 46,567,390 | 36,328,899 | 16,857,492 |
| 2025 | 2024 | |
|---|---|---|
| Social Assistance | -⚑ | 3,428 |
| Administration | 19,157 | 408,832 |
| Infrastructure maintenance | 418,299 | 375,911 |
| Education | 1,318,042 | 1,185,761 |
| Capital | 10,640,871 | 1,505,401 |
| Medical | 990,472 | 1,142,189 |
| Enterprises | -⚑ | 46,133 |
| Other | 2,130,625 | 1,339,493 |
| Social services | 1,340,026 | 611,853 |
| [total] | 16,857,492 | 6,619,001 |
Note 13Due to (from) funders
| 2025 | 2024 | |
|---|---|---|
| Province of Ontario | 532,333 | 530,800 |
| Indigenous Services Canada | (1,532,815) | (746,144) |
| [total] | (1,000,482) | (215,344) |
Note 14Long term debt
| 2025 | 2024 | |
|---|---|---|
| CMHC Mortgage at 1.78%, due in monthly payments of $3,777 including interest, maturing June 1, 2026, guaranteed by ISC | 56,133 | 100,103 |
| CMHC Mortgage at 3.74%, due in monthly payments of $2,613 including interest, maturing April 1, 2028, guaranteed by ISC | 91,520 | 119,032 |
| CMHC Mortgage at 1.30%, due in monthly payments of $4,704 including interest, maturing April 1, 2026 guaranteed by ISC | 260,171 | 312,939 |
| CMHC Mortgage at 3.64%, due in monthly payments of $2,780 including interest, maturing August 1, 2029, guaranteed by ISC | 373,959 | 394,278 |
| CMHC Mortgage at 3.64%, due in monthly payments of $3,058 including interest, maturing August 1, 2029, guaranteed by ISC | 411,292 | 433,639 |
| CMHC Mortgage at 0.96%, due in monthly payments of $2,026 including interest, maturing March 1, 2026, guaranteed by ISC | 350,398 | 371,274 |
| Indigenous Affairs Native Claims Loans, due to be deducted from the proceeds on settlement of the claim, plus interest at the Minister of Finance rate only upon default of payment | 78,237 | 78,237 |
| [subtotal] | 1,621,710 | 1,809,502 |
| Less current portion | 189,960 | 192,755 |
| [total] | 1,431,750 | 1,616,747 |
| Amount | |
|---|---|
| 2026 | 189,960 |
| 2027 | 160,253 |
| 2028 | 152,443 |
| 2029 | 127,327 |
| 2030 | 113,250 |
| Thereafter | 878,477 |
| [total] | 1,621,710 |
Note 15Accumulated surplus
| 2025 | 2024 | |
|---|---|---|
| Robinson Huron Treaty | 228,515,462 | 369,066,634 |
| Medical - Long term care | 36,017 | 36,017 |
| Health - Bus | 10,365 | 10,365 |
| Scholarships | 7,143 | 7,143 |
| Donnie MacIver Bursary | 9,000 | 9,000 |
| Casino Rama - Community Development | 5,316,161 | 4,334,376 |
| Redpine Complex | 3,610 | 3,610 |
| CMHC Housing Replacement | 24,502 | -⚑ |
| CMHC Housing Operating | 38,455 | -⚑ |
| Land Resources | 62,034 | 62,034 |
| Day Care | 3,247 | 3,247 |
| Band Vehicles Replacement | 16,628 | 16,628 |
| Patient transportation | 53,030 | 53,030 |
| School Bus | 28,671 | -⚑ |
| First Nation Fuel Charge Proceeds | 1,182,249 | -⚑ |
| Social Services Fundraising | 8,713 | -⚑ |
| Negotiations and Implementation | 42,225 | 42,225 |
| Forestry | 89,138 | 89,138 |
| Joint Action Ratification Plan (Land Code) | 165,843 | -⚑ |
| Internal funds held in trust - revenue | 1,106,075 | 994,560 |
| [subtotal Reserves set aside for specific purposes by the First Nation] | 236,718,568 | 374,728,007 |
| Equity in tangible capital assets | 17,625,553 | 13,524,846 |
| Members' equity (deficit) | (426,881) | (616,906) |
| Restricted Mississagi Trust reserve | 1,755,044 | 1,887,412 |
| Funds held in trust by Federal Government | 36,652 | 103,655 |
| Equity in enterprises | 402,818 | 228,143 |
| [total] | 256,111,754 | 389,855,157 |
| Amount | |
|---|---|
| Reserves | 2,541,738 |
| Reserves - Robinson Huron Treaty | (140,551,171) |
| Equity in tangible capital assets | 4,100,702 |
| Members' surplus (deficit) | 190,025 |
| Restricted Mississagi Trust reserve | (132,368) |
| Funds held in trust | (67,004) |
| Equity in enterprises | 174,675 |
| [total] | (133,743,403) |
Note 17Funding reconciliation
| Amount | |
|---|---|
| Indigenous Services Canada revenue per the financial statements | 13,861,137 |
| 2024 Solid waste and service amount on confirm but recorded in 2024 | 145,635 |
| 2025 Solid waste and service amount not on confirm | (223,067) |
| 2024 Band Representative Services on confirm but recorded in 2024 | 462,505 |
| 2025 Band Representative Services not on confirm | (683,502) |
| 2025 Tuition not on confirm | (565,674) |
| Child Mental Health amount on confirm but not received until April 2025 and is for 25/26 | 96,786 |
| Medical travel reimbursements | (65,376) |
| Other | (1,188) |
| Less: Deferred revenue, beginning of year | (4,796,787) |
| Add: Deferred revenue, end of year | 14,560,537 |
| [total Indigenous Services Canada revenue per funding confirmation] | 22,791,006 |