Impressive $2 million surplus announced by Town of Caledon

CALEDON, ON (October 9, 2024) – The Town of Caledon’s $2 million surplus for 2024 has far exceeded expectations for efficient operation in 2024, delivering taxpayers with more value than ever before without compromising service.  

Last year, the Town projected it would save $1 million a year. Process improvements, including the implementation of emerging financial management techniques and innovations in program delivery, have found efficiencies that put the Town in a strong position as it readies for significant future growth. 

“The credit for this surplus belongs to staff, who rose to the challenge of finding new, more effective ways of meeting the needs of our community with the resources given to us in the Council-approved budget,” said Nathan Hyde, Chief Administrative Officer who joined Caledon last year. “It has been a year of innovation and growth to prioritize what matters for our community, and I am confident we have the best team to deliver the result.” 

The Town plans to reinvest these funds into reserves which help to strengthen the overall financial state of the municipality. Specifically, the funds will be dedicated for both capital and operating contingencies, which fund unanticipated costs like emergency bridge repairs or increased fuel costs, as well as a reserve for tax stabilization.  

“The achievement not only highlights our financial stability but also reflects the town’s commitment to transparency and accountability," said Mayor Annette Groves. “We are focused on building a brighter future for our growing community, and this surplus positions us well for ongoing investments.” 

Hyde joined the Town of Caledon in August 2023 with more than 20 years of public sector leadership and a strong track record of fiscal accountability and saving taxpayer dollars. His skills in guiding significant and rapid growth is helping to build a strong foundation for Caledon as it prepares to grow from 80,000 residents to more than 300,000 residents and 125,000 businesses by 2051.  

For more information on the Town of Caledon and the Strategic Plan, visit caledon.ca.  

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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 businesses 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.