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HomeMy WebLinkAbout2026-04-13 General Government Committee Post-Meeting Agenda Date:April 13, 2026 Time:9:30 a.m. Location:Council Chambers or Electronic Participation Municipal Administrative Centre 40 Temperance Street, 2nd Floor Bowmanville, Ontario Inquiries and Accommodations: For inquiries about this agenda, or to make arrangements for accessibility accommodations for persons attending, please contact: Laura Preston, Temporary Committee Coordinator, at 905-623-3379, ext. 2106 or by email at lpreston@clarington.net. Alternate Format: If this information is required in an alternate format, please contact the Accessibility Coordinator, at 905-623-3379 ext. 2131. Collection, Use and Disclosure of Personal Information: If you make a delegation, or presentation, at a Committee or Council meeting, the Municipality will be recording you and will make the recording public on the Municipality’s website, www.clarington.net/calendar. Written and oral submissions which include home addresses, phone numbers, and email addresses become part of the public record. If you have any questions about the collection of information, please contact the Municipal Clerk. Noon Recess: Please be advised that, as per the Municipality of Clarington’s Procedural By-law, this meeting will recess at 12:00 noon, for a one hour lunch break, unless otherwise determined by the Committee. Cell Phones: Please ensure all cell phones, mobile and other electronic devices are turned off or placed on non-audible mode during the meeting. Copies of Reports are available at www.clarington.net/archive. The Revised Agenda will be published on Wednesday after 12:00 p.m. Late items added or a change to an item will appear with a * beside them. Pages 1.Call to Order 2.Land Acknowledgement Statement 3.Declaration of Interest 4.Announcements 5.Presentations/Delegations 5.1 Delegation by Kirk Kemp, Algoma Orchards, Regarding a Request for an Irrigation Line on Concession Road 5, Orono 4 5.2 Delegation by Denis Beaulieu, Bowmanville Tennis Club, Regarding the Bowmanville Tennis Club 80th Anniversary 8 5.3 Delegation by Bonnie Wrightman, Clarington Board of Trade, Ron Hooper, Hooper's Jewellers and Nancy Morgenroth, Pop-A-Lock Locksmith of Durham Region, Regarding Clarington Board of Trade 2026 Impact Report 10 5.4 Delegation by Cynthia Davis, President and CEO and Chris Squire, Health System Executive, Lakeridge Health, Regarding a Durham Health Update 21 6.Consent Agenda 6.1 PUB-003-26 - Marie Hubbard Commemoration 24 6.2 CAO-003-26 - Municipal Accommodation Tax Program 28 6.3 CAO-004-26 - 2025 Annual Accessibility Update 67 6.4 FSD-013-26 - 2025 Annual Investment Report 72 6.5 FSD-014-26 - 2025 Annual Statement of Development Charges, Cash-in- Lieu - Parkland and Building Permit Reserve Funds 129 6.6 FSD-015-26 - Operational Replacements for Council Chambers 147 6.7 LGS-017-26 - EFW-WMAC Terms of Reference Update 154 General Government Committee Agenda April 13, 2026 Page 2 6.8 LGS-018-26 - Appointment to the Energy from Waste – Waste Management Advisory Committee and the Anti-Black Racism Advisory Committee 166 6.9 LGS-020-26 - Appointment of Municipal Elections Compliance Audit Committee Members 2026-2030 170 6.10 LGS-021-26 - Appointment of Integrity Commissioner – 2026-2030 178 7.Items for Separate Discussion 8.New Business 8.1 Bursary Motion (Mayor Foster)186 9.Confidential Items 10.Adjournment General Government Committee Agenda April 13, 2026 Page 3 From:no-reply@clarington.net To:ClerksExternalEmail Subject:New Delegation Request from Kemp Date:Monday, March 16, 2026 3:51:00 PM EXTERNAL A new delegation request has been submitted online. Below are the responses provided: Subject Road crossing - irrigation line on Concession 5 Action requested of Council Requesting an Irrigation line on concession 5 in Clarke township Date of meeting 4/13/2026 Summarize your delegation Asking for an Irrigation line on concession 5 in Clarke township Have you been in contact with staff or a member of Council regarding your matter of interest? Yes Name of the staff member or Councillor. Councillor Woo and Mariano P. Will you be attending this meeting in person or online? In person First name: Kirk Single/Last name Kemp Address Town/Hamlet Newcastle Page 4 Postal code Email address: Phone number Do you plan to submit correspondence related to this matter? No Do you plan to submit an electronic presentation (i.e. PowerPoint)? If yes, the file must be submitted to the Municipal Clerk’s Department by 2 p.m. on the Friday prior to the meeting date. No I acknowledge that the Procedural By-law Permits seven minutes for delegations and five minutes for Public Meeting participants. Yes [This is an automated email notification -- please do not respond] Page 5 Page 6 Page 7 From:no-reply@clarington.net To:ClerksExternalEmail Subject:New Delegation Request from Beaulieu Date:Friday, March 20, 2026 10:51:09 AM EXTERNAL A new delegation request has been submitted online. Below are the responses provided: Subject Bowmanville Tennis Club 80th Anniversary Action requested of Council Information only presentation Date of meeting 4/13/2026 Summarize your delegation We would like to inform Council of the History of the Bowmanville Tennis Club over the past 80 years. Although there are many Municipal tennis courts, wee believe our Club is the only place that offers instruction for youth and players of all levels. Have you been in contact with staff or a member of Council regarding your matter of interest? Yes Name of the staff member or Councillor. Marg zwart Will you be attending this meeting in person or online? In person First name: Denis Single/Last name Beaulieu How to pronounce your name: as it sounds Page 8 Firm/Organization (if applicable) Bowmanville Tennis Club Address Town/Hamlet Bowmanville Postal code Email address: Phone number Do you plan to submit correspondence related to this matter? No Do you plan to submit an electronic presentation (i.e. PowerPoint)? If yes, the file must be submitted to the Municipal Clerk’s Department by 2 p.m. on the Friday prior to the meeting date. No I acknowledge that the Procedural By-law Permits seven minutes for delegations and five minutes for Public Meeting participants. Yes [This is an automated email notification -- please do not respond] Page 9 From:no-reply@clarington.net To:ClerksExternalEmail Subject:New Delegation Request from Wrightman, Hooper, Morgenroth Date:Friday, March 20, 2026 4:41:03 PM EXTERNAL A new delegation request has been submitted online. Below are the responses provided: Subject Clarington Board of Trade Impact Report 2026 Action requested of Council Receive for information Date of meeting 4/13/2026 Summarize your delegation Highlighting the value and impact of the Clarington Board of Trade - reviewing our first ever Impact Report which provides the opportunity for businesses to step forward through these pages, and highlight the impact we all have on the community when we work together and show up for each other. Have you been in contact with staff or a member of Council regarding your matter of interest? No Report number (if known) n/a Correspondence number (if known) n/a Will you be attending this meeting in person or online? In person First name: 1. Bonnie 2. Ron 3. Nancy Page 10 Single/Last name 1. Wrightman 2. Hooper 3. Morgenroth Firm/Organization (if applicable) 1. Clarington Board of Trade 2. Hooper's Jewellers 3. Pop-A-Lock Locksmith of Durham Region Job title (if applicable) 1. Executive Director 2. Owner 3. Owner Address 1. 2. 3. Town/Hamlet 1. Bowmanville 2. Bowmanville 3. Bowmanville Postal code 1. 2. 3. Email address: 1. 2. Page 11 3. Phone number 1. 2. 3. Alternate phone number 1. 2. [Blank] 3. [Blank] Do you plan to submit correspondence related to this matter? Yes Do you plan to submit an electronic presentation (i.e. PowerPoint)? If yes, the file must be submitted to the Municipal Clerk’s Department by 2 p.m. on the Friday prior to the meeting date. Yes I acknowledge that the Procedural By-law Permits seven minutes for delegations and five minutes for Public Meeting participants. Yes [This is an automated email notification -- please do not respond] Page 12 Celebrating Business, Collaboration & Community Impact AT THE CENTRE OF BUSINESS: Impact Report 2026 Page 13 Chamber of Commerce Business-Lead Membership Based Not-For-Profit Advocacy Connection Tools & Resources Relationships Programming Collaboration WHO WE ARE WE DO WHAT Page 14 CBOT Supports ALL Businesses. Page 15 50+Events and engagementplatforms annually Value Build connections,partnerships, promotebusiness, learn Purposeful Programming Page 16 The Voice of Business Sharing whatmatters tobusiness with Regional leadersFederal leaders Ontario Chamberof Commerce Municipal Leaders Provincial Leaders Page 17 Job fairs Events that connect employers with student talent, such as co-op events Industry roundtables Education and training Business retention and expansion surveys ‘Shop Local’ promotion Events connecting local business to local projects and public sector procurement contacts Partnership in Supporting Economic Development Business Retention & Expansion Business Attraction & Investment Readiness Page 18 Page 19 cbot.ca/ourimpact AT THE CENTRE OF BUSINESS: Impact Report 2026 Read the full report: Thank you! Page 20 From:no-reply@clarington.net To:ClerksExternalEmail Subject:New Delegation Request from Davis, Squire Date:Thursday, April 2, 2026 10:56:01 AM EXTERNAL A new delegation request has been submitted online. Below are the responses provided: Subject Durham Health Update Action requested of Council None Date of meeting 4/13/2026 Summarize your delegation A Durham Region health care update Have you been in contact with staff or a member of Council regarding your matter of interest? Yes Name of the staff member or Councillor. Laura Preston Will you be attending this meeting in person or online? In person First name: 1. Cynthia 2. Chris Single/Last name 1. Davis 2. Squire How to pronounce your name: Page 21 1. Sin-the-ah Day-vis 2. Chris Squire Firm/Organization (if applicable) 1. Lakeridge Health 2. Lakeridge Health Job title (if applicable) 1. President and CEO 2. Health System Executive, Chief Finance Office Address 1. 2. Town/Hamlet 1. Oshawa 2. Oshawa Postal code 1. 2. Email address: 1. 2. Phone number 1. 2. Do you plan to submit correspondence related to this matter? No Do you plan to submit an electronic presentation (i.e. PowerPoint)? If yes, the file must be submitted to the Page 22 Municipal Clerk’s Department by 2 p.m. on the Friday prior to the meeting date. Yes I acknowledge that the Procedural By-law Permits seven minutes for delegations and five minutes for Public Meeting participants. Yes [This is an automated email notification -- please do not respond] Page 23 Staff Report If this information is required in an alternate accessible format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. Report To: General Government Committee Date of Meeting: April 13, 2026 Report Number: PUB-003-26 Authored by: Mariano Perini, Director, Public Works Submitted By: Lee-Ann Reck, Deputy CAO, Public Services Reviewed By: Mary-Anne Dempster, CAO By-law Number: Resolution Number: File Number: Report Subject: Marie Hubbard Commemoration Recommendation: 1. That Report PUB-003-26, and any related delegations or communications items, be received; 2. That Council approve $12,000 to support the renaming of the Soper Creek Trail in honour of Marie Hubbard as a commemorative recognition of her service to the community; 3. That Council defer the commemorative deck option (estimated at approximately $120,000) and direct staff not to proceed with any further work unless Council provides explicit direction through a future motion; 4. That Council direct the Deputy CAO, Finance and Technology to fund the approved option(s) from the General Municipal Reserve Fund and identify which projects need to be cancelled; and 5. That all interested parties be advised of Council’s decision. Page 24 Municipality of Clarington Page 2 Report PUB-003-26 Report Overview This report serves as an updated response to Council’s direction provided at the September The document addresses Council’s request for staff to assess the feasibility of renaming ie Hubbard’s 1. Background Page 25 Municipality of Clarington Page 3 Report PUB-003-26 2. Discussion 2.1 Staff considered renaming Soper Creek Park but decided it would disrupt its established identity and is contrary to Council Policy CP‑21. Instead, they evaluated renaming the Soper Creek Trail, which better aligns with CP-21 by naming a park amenity. The trail is more flexible for signage and improvements, connects multiple areas, and includes newer elements. Renaming the trail is less costly and operationally simpler than renaming the park. 2.1 Staff recognise Council’s interest in building a rear deck at the Visual Arts Centre for outdoor events. The deck, to be named in honour of Marie Hubbard, would require external design and construction services. The initial estimated cost is $120,000; reducing the deck’s size or finishes could lower expenses by up to $10 ,000. For the project to move forward, Building, Heritage, and Conservation Authority permits will be needed. 2.6 This initiative is not recommended at this time due to the prohibitive costs. Staff will continue to work with Visual Arts Clarington (VAC) to pursue alternative funding opportunities to complete the project. 3. Financial Considerations 3.1 The estimated cost associated with renaming the Soper Creek Trail, including the design, fabrication, and installation of new signage, is approximately $12,000. 3.2 These costs are lower and more predictable than those associated with renaming Soper Creek Park, which would require broader signage changes and greater community transition considerations. 3.3 While staff are not recommending proceeding with the construction of a deck. If Council wishes to proceed, budget of a $120,000 would need to be approved. Staff would continue to work with VAC to find alternative funding opportunities to offset the cost of construction. 3.2 As the 2026 Budget has been adopted, any projects approved through this report would require funding from the General Municipal Reserve Fund or be referred to a future budget. Council should be aware that approving funds for this commemoration may impact the delivery of planned projects in 2027 and beyond, as reserve fund resources are limited and may require reprioritization. Page 26 Municipality of Clarington Page 4 Report PUB-003-26 4. Strategic Plan 4.1 The recommendations in this report support Council’s Strategic Plan objectives related to community pride, recognition of local leadership, and support for arts, culture, and heritage. 5. Climate Change 5.1 Composite decking offers environmental benefits by using recycled materials and lasting longer than pressure-treated wood. Its durability lowers greenhouse gas emissions through fewer replacements and less maintenance, making it a more sustainable option. 6. Concurrence This report has been reviewed by the Deputy CAO/Treasurer who concur with the recommendations. 7. Conclusion It is respectfully recommended that Council approve the recommendations within this report. Staff Contact: Mariano Perini, Director, Public Works, 905-623-3379 x2903 or mperini@clarignton.net. Attachments: Not Applicable Interested Parties: List of Interested Parties available from Department. 1. Dionne Powlenzuk, Executive Director, Visual Arts Centre of Clarington Page 27 Staff Report If this information is required in an alternate accessible format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. Report To: General Government Committee Date of Meeting: April 13, 2026 Report Number: CAO-003-26 Authored By: Glen Macfarlane; Paul Pirri Submitted By: Mary-Anne Dempster, CAO By-law Number: Resolution Number: File Number: Report Subject: Municipal Accommodation Tax Program Recommendations: 1. That Report CAO-003-26, Municipal Accommodation Tax (MAT) Program, be received; 2. That the Clerk be directed to bring forward the Municipal Accommodation Tax By- law, attached as Attachment 1, to establish a Municipal Accommodation Tax at a rate of five per cent (5%), effective July 1, 2026; 3. That Council approve the eligibility‑based Traditional Bed & Breakfast (B&B) exemption framework included in the draft By‑law, and direct staff to operationalize the exemption application and verification process, including maintaining the initial list of pre‑approved establishments on a Schedule administered by the Director of Economic Development. 4. That the Director of Economic Development in consultation with the Deputy CAO, Finance & Technology/Treasurer be authorized to execute an agreement with the Ontario Restaurant, Hotel & Motel Association (ORHMA) to act as the Municipality’s MAT collection agent, including all documents ancillary thereto, in a form satisfactory to the Municipal Solicitor, and that the associated costs (one‑time $3,000 onboarding fee and ongoing collection fees of 1.8% for hotels/motels and 5% for short‑term rentals) be recognized as reasonable administration costs under O. Reg. 435/17; 5. That staff be authorized to request and obtain any re quired consents from the Regional Municipality of Durham related to the incorporation of the Municipal Services Corporation, pursuant to Section 11(4) of the Municipal Act, 2001, S.O. 2001, c.25, as amended; Page 28 Municipality of Clarington Page 2 Report CAO-003-26 6. That Council approve the Tourism Municipal Services Corporation (MSC) Business Case Study (Attachment 2), and authorize staff to incorporate a tourism ‑focused Municipal Services Corporation, named “Experience Clarington” if available, pursuant to Section 203 of the Municipal Act, 2001 and Ontario Regulation 599/06; and that the Deputy CAO, Finance & Technology/Treasurer be authorized to execute any supporting documents required to obtain consent for incorporation, including any documents required by the Regional Municipality of Durham or the Province, as applicable; 7. That Council approve a one‑time start‑up loan in the amount of $15,000 to support incorporation and initial operations of the tourism‑focused Municipal Services Corporation, to be repaid from the Corporation’s future share of Municipal Accommodation Tax (MAT) revenues; and that the Deputy CAO, Finance & Technology/Treasurer be authorized to execute any documents required to administer the loan, in a form satisfactory to the Municipal Solicitor. 8. That for the purposes of incorporation, Council appoint the following positions as interim incorporators/first directors of the Municipal Services Corporation: one Member of Council (as appointed by the Mayor), the Director of Economic Development, the Deputy CAO, Finance & Technology/Treasurer, and up to two additional municipal staff; and that staff report back to Council with recommendations on the permanent Board composition, corporate by-laws, financial accountability agreement, asset transfer policy, annual budget, and other documents necessary to operationalize the Corporation; 9. That the Director of Economic Development be granted the authority to enter into agreements with the Municipal Services Corporation, includin g all ancillary documents, respecting reasonable financial accountability matters required under Ontario Regulation 435/17 to ensure MAT funds provided to the Corporation are used for the purpose of promoting and supporting tourism in Clarington, all in a form satisfactory to the Municipal Solicitor; 10. That a Municipal Accommodation Tax (MAT) Reserve Fund be established to receive the Municipality’s share of net MAT revenues, and that staff bring forward a MAT Reserve Fund Policy for Council approval; 11. That staff report back to Council in Q1 2027 on MAT program implementation and MSC set-up status. Page 29 Municipality of Clarington Page 3 Report CAO-003-26 Report Overview MAT administration, collection, and compliance, building on Council’s 2025 d ‑ 1. Background 1.1 At its meeting on October 6, 2025, General Government Committee c onsidered Report CAO‑016‑25, Proposed Municipal Accommodation Tax Program, which provided an overview of the Municipal Accommodation Tax (MAT) framework, including a jurisdictional scan, policy context, and proposed implementation approach. 1.2 Following its review of Report CAO‑016‑25, Council endorsed the proposed Municipal Accommodation Tax and directed staff to undertake additional work to advance the program. The Council directions included:  That the proposed Municipal Accommodation Tax be endorsed;  That staff develop a Municipal Accommodation Tax By-law in accordance with the proposed MAT framework; and  That staff complete a business case to support the implementati on of a tourism‑focused Municipal Services Corporation (MSC). 1.3 The October 2025 report provided Council with a detailed explanation of the MAT, including its purpose, common rates and practices across Ontario, and the provincial regulatory requirements governing MAT revenue allocation. This information remains unchanged and is not repeated here. 1.4 In accordance with Council’s directions, staff have prepared a draft MAT By-law that establishes the structure, administration, collection requirements, exemptions, and compliance mechanisms for the local program. Staff have also completed the business case for a tourism‑focused Municipal Services Corporation, which is required to serve as the eligible tourism entity under Ontario Regulation 435/17. 1.5 This report brings forward both documents for Council’s consideration and provides an overview of the key elements of the draft MAT By-law that will guide the implementation of the Municipal Accommodation Tax in Clarington. Page 30 Municipality of Clarington Page 4 Report CAO-003-26 2. Overview of Draft Municipal Accommodation Tax (MAT) By- law Purpose and Legislative Authority 2.1 The draft by-law establishes a Municipal Accommodation Tax (MAT) for transient accommodations in Clarington under the authority of s. 400.1 of the Municipal Act, 2001 and Ontario Regulation 435/17 (Transient Accommodation Tax). It sets out the rules for application, exemptions, collection and remittance, enforcement, and administration of the MAT. The by-law is presented to implement Council’s October 2025 direction to prepare a MAT by-law and bring it forward for consideration. Scope of Application and Rate 2.2 The MAT applies to the purchase of transient accommodation of up to twenty-nine (29) consecutive days in an establishment where accommodation is provided, including in cases of cancellation where the purchase price remains payable. The proposed tax rat e is five per cent (5%) of the purchase price, excluding HST, aligning with many other municipalities across Ontario. The “continuous period” rule clarifies that switching rooms/beds within the same establishment does not reset the count. 2.3 To provide regional context, several lower-tier municipalities within Durham Region have established MAT rates in recent years. The City of Oshawa and the Town of Ajax each apply a 5% MAT, while the Town of Whitby and the City of Pickering currently apply a 4% MAT. Staff are aware of ongoing discussions in various Ontario municipalities regarding increasing MAT rates to align with the increasingly common 5% rate. Clarington’s proposed 5% MAT rate is therefore consistent with the prevailing approach within Durham Region and aligns with the rate adopted by many municipalities elsewhere in Ontario. Exemptions 2.4 Exemptions align with provincial practice and comparable municipal by-laws. The MAT does not apply to accommodations provided by:  The Crown and Crown agencies;  School boards, universities, colleges and specified post‑secondary institutions;  Public and private hospitals, long‑term care homes, retirement homes, homes for special care, and hospices;  Treatment centres supported under the Ministry of Community and Social Service s Act;  Houses of refuge or lodging for the reformation of offenders; Page 31 Municipality of Clarington Page 5 Report CAO-003-26  Charitable or non‑profit emergency shelters, and rooms used by the Municipality, the Regional Municipality of Durham, or their service providers for shelter purposes in hotels/motels.  Hospitality rooms used for meetings, displays, or entertaining;  Group bookings with contracts entered into prior to the effective date;  Campgrounds, tourist camps, trailer parks, including Non‑Serviced Roofed Accommodation within such facilities;  Non‑Serviced Roofed Accommodation in any location;  Employers providing accommodation to their employees in premises operated by the employer; and  Traditional Bed & Breakfast (B&B) establishments that meet the eligibility criteria in Section 3.2 of the draft by-law (see 2.4 below) Traditional Bed and Breakfast (B&B) Exemption (Eligibility Based) 2.5 The draft by-law includes an eligibility-based exemption for Traditional Bed and Breakfast establishments. This exemption is included because Traditional B&Bs operate very differently from hotels, motels, and commercial short-term rentals such as Airbnb or Vrbo. Traditional B&Bs in Clarington are usually small, owner operated businesses located within a principal residence. Operators live on site during guest stays, offer a home-based hospitality experience, and typically operate with low occupancy levels and limited administrative resources. 2.6 Requiring these small operations to collect, track, and remit the Municipal Accommodation Tax would create an administrative workload that is disproportionate to their size and revenue. Hotels and motels already maintain the type of financial and occupancy records required for MAT compliance, and short-term rental platforms provide automated systems for collecting and separating tax amounts on behalf of hosts. Traditional B&Bs do not have these systems, and imposing the same administrative expectations on them would create an unnecessary burden and potentially discourage the continued operation of these small businesses. The exemption therefore supports these local operators and ensures the MAT program is implemented in a fair and proportional way. 2.7 To qualify for this exemption, a Traditional Bed and Breakfast establishment must:  Meet the applicable zoning definition under By-law 84-63 or hold legal non-conforming status.  Operate within the operator’s principal residence, with the operator or designated staff living on the property during all guest stays.  Provide breakfast as part of the accommodation, either as a hot meal prepared and served by the operator or as perishable ingredients supplied for guests to prepare a hot breakfast. Public health requirements apply where mandated. Page 32 Municipality of Clarington Page 6 Report CAO-003-26  Offer a direct booking method, such as telephone, email, or an operator maintained website, in addition to any third-party platform listings.  Maintain private liability insurance for the accommodation operation, obtained directly by the operator, and provide proof to the Municipality upon request. 2.8 A list of pre‑approved Traditional Bed and Breakfast establishments will b e included within the final by-law. This list will be based on direct engagement with known B&B operators to confirm that they meet the eligibility criteria. All other operators may apply for the exemption by demonstrating compliance with the criteria. The list included at the time of enactment will reflect the operators that have been verified through this process, and it may expand over time as additional eligible establishments apply. Collection and Remittance 2.9 Providers are required to collect the MAT at the time accommodation is purchased and show the MAT as a separate line item on invoices or receipts. Hotels, motels, and other traditional accommodation providers must remit collected MAT on a monthly basis by the fifteenth (15th) day of the following m onth. Short‑term rental operators who use platforms such as Airbnb or Vrbo must remit on a quarterly basis, also by the fifteenth (15th) day following the end of each quarter. Providers must submit accompanying statements in a format determined by the Municipality or its collection agent, outlining booked nights, amounts charged, MAT collected, and any other required information. Accommodation providers will be provided training on how to collect and remit prior to MAT implementation. Delegation of Authority 2.10 If Council approves the recommendations in this report, the Treasurer would be authorized to administer and enforce the by‑law, including approvals, appeals, enforcement actions, and the issuance of interpretation guidelines. 2.11 Subject to Council’s approval, the Director of Economic Development would be authorized to enter into agreements with an eligible tourism entity to ensure that MAT revenues are used for tourism‑related purposes in accordance with provincial requirements. These delegations support efficient administration and timely implementation. Interest, Fees, and Liens 2.12 The Treasurer may apply interest of 1.25 per cent per month on late or outstanding MAT amounts. Additional fees apply for dishonoured payments in accordance with the Municipality’s User Fee By-law. Past‑due MAT, including interest and penalties, may be added to the tax roll of any property owned by the provider and collected in the same manner as property taxes, though without priority lien status. Page 33 Municipality of Clarington Page 7 Report CAO-003-26 Audit, Inspection, and Record-Keeping Requirements 2.13 Providers must maintain books and accounts sufficient to verify MAT collection and remittance for a minimum of seven (7) years. Providers must permit audits and inspections by the Municipality and must answer questions, provide documents, and make records available upon request. Providers are prohibited from falsifying, altering, destroying, or concealing documents related to MAT reporting. Assessment, Reassessment, and Refunds 2.14 The Treasurer may determine or reassess MAT amounts owing if a provider has not remitted as required. Assessments may be issued within three years of the date the MAT was due, with no time limit in cases involving misrepresentation or fraud. Refunds may be issued where MAT has been remitted in error, provided an appl ication is submitted within twenty‑four months. Offences and Penalties 2.15 The by-law establishes offences for non‑compliance, including failure to remit MAT, providing false information, obstructing audits, or attempting to evade the tax. Penalties include fines for first and subsequent offences, continuing offences, and multiple offences, consistent with ranges used by other Ontario municipalities. Effective Date and Short Title 2.16 The by-law may be cited as the Municipal Accommodation Tax By-law and is proposed to take effect on July 1, 2026. The effective date is intended to provide sufficient time between Council endorsement and implementation to train accommodation providers on how to collect and remit the MAT, and to complete onboarding with the designated tax collection agent. The effective date may be adjusted by Council based on implementation requirements and coordination with the collection agent. 3. Stakeholder Engagement 3.1 To support the development of the draft Municipal Accommodation Tax By-law, staff carried out focused stakeholder engagement with accommodation providers and industry partners. Economic Development staff visited all of Clarington’s hotels and motels on site to inform them of the proposed MAT, answer questions, and encourage participation in the online survey hosted through Clarington Connected. 3.2 Staff also worked with short-term rental platforms, including Airbnb and Vrbo, to ensure that hosts in Clarington received consistent information about the MAT and knew how to access engagement materials and provide feedback. Page 34 Municipality of Clarington Page 8 Report CAO-003-26 3.3 Traditional Bed and Breakfast operators were engaged directly to discuss their unique operating contexts and to review and comment on the draft exemption criteria. Their feedback helped refine the eligibility-based exemption included in the by-law. 3.4 In addition to direct outreach, staff reviewed feedback collected through the online survey. Input from survey respondents and accommodation operators helped shape the clarity, structure, and administrative requirements of the draft b y-law. 3.5 To ensure alignment with best practices, staff also connected with several Ontario municipalities that have already implemented a Municipal Accommodation Tax. In addition, staff worked closely with the Ontario Restaurant, Hotel and Motel Association, which serves as the MAT collection agent for many municipalities and provided valuable insight into program administration and implementation considerations. 4. Overview of Tourism Municipal Services Corporation (MSC) Business Case Study Purpose and Regulatory Context 4.1 The Business Case Study has been prepared in accordance with Section 6 of Ontario Regulation 599/06 under Section 203(4) of the Municipal Act, 2001. It evaluates the establishment of a not‑for‑profit Municipal Services Corporation to act as Clarington’s Eligible Tourism Entity for the purposes of receiving and investing MAT revenues, as required by Ontario Regulation 435/17. Mandate and Role 4.2 The proposed Corporation will promote tourism and lead tourism product development initiatives in Clarington. It will use MAT revenues to deliver destination marketing, product development, and visitor experience initiatives, including placemaking enhancements that directly support the visitor experience, coordinated with municipal economic development priorities. A proposed Tourism Development Officer funded by the municipal portion of MAT revenue would support implementation and coordination with the Corporation’s board. Governance Approach 4.3 The Corporation would be incorporated under the Not ‑for‑Profit Corporations Act, 2010. An interim set of incorporators would guide incorporation and foundational documents, followed by the appointment of a term‑based Board of Directors. Council, as the sole voting member, would select and elect the Board and receive regular reporting. Detailed recommendations on composition, by‑laws, accountability agreement, and related policies will return to Council. Page 35 Municipality of Clarington Page 9 Report CAO-003-26 Funding and Use of MAT Revenues 4.4 Under Ontario Regulation 435/17, the Municipality is required to provide 50 per cent of Municipal Accommodation Tax revenues, less the Municipality’s reasonable costs of collecting and administering the tax, to an Eligible Tourism Entity. The proposed Municipal Services Corporation would therefore receive this portion of MAT revenues to support its tourism promotion mandate. The Municipality intends to establish a dedicated MAT Reserve to receive its share of revenues. 4.5 One potential use of the municipal portion that staff may explore in future is the establishment of a Tourism Development Officer position to support the work of the Corporation and advance Clarington’s tourism objectives. Should Cou ncil wish to consider this option, staff would bring forward a formal proposal as part of the 2027 budget process, with funding to be drawn from the municipal share of MAT revenues. 4.6 The Corporation’s share of MAT revenues will be directed toward implementing tourism initiatives, including marketing, partnerships, and product development. The Ontario Restaurant, Hotel & Motel Association (ORHMA) is contemplated as the collection agent that would remit MAT revenues to the Municipality, after which the required allocation would be transferred to the Corporation. 4.7 In the initial implementation period, the Municipality will collect MAT and allow the MAT Reserve to build while the Corporation is being established, with 50 per cent of net MAT revenues transferred to the eligible tourism entity no later than 60 days after the end of the fiscal year, in accordance with Ontario Regulation 435/17. Financial Estimates and Tools 4.8 The Business Case Study outlines preliminary revenue estimates for the Municipal Accommodation Tax (MAT) based on projected occupancy levels and MAT rate assumptions. These estimates demonstrate that MAT revenues will provide a sustainable source of funding to support both municipal and tourism ‑focused initiatives once the program is operational. 4.9 To support the legal incorporation and initial setup of the tourism ‑focused Municipal Services Corporation (MSC), staff are recommending that Council approve a one ‑time start‑up loan of $15,000, as reflected in the recommendation section of this report. This loan will fund necessary expenses such as legal incorporation fees, corporate by‑law development, policy and governance documents, and initial administrative tools required for the Corporation to become operational. The loan will be repaid through the MSC’s future share of MAT revenues, consistent with the requirements of Ontario Regulation 435/17. Page 36 Municipality of Clarington Page 10 Report CAO-003-26 4.10 The Corporation will maintain an operating budget and a discretionary reserve and will present audited financial statements at its Annual General Meeting to en sure transparency, accountability, and appropriate oversight of MAT revenues. Accountability and Reporting 4.11 The Corporation will operate transparently and report to Council at least annually, outlining activities undertaken and the use of MAT revenues. A financial accountability agreement with the Municipality will ensure compliance with provincial requirements and alignment with municipal priorities. Rationale in Brief 4.12 Creating a tourism‑focused MSC satisfies the provincial requirement for an Eligible Tourism Entity, provides a clear and accountable structure for MAT investment, and enables timely, locally responsive tourism initiatives that support economic development in Clarington. 5. Implementation Plan & Next Steps 5.1 Subject to Council approval of this report’s recommendations, staff will undertake the following steps to implement the Municipal Accommodation Tax (MAT) and establish the tourism‑focused Municipal Services Corporation (MSC):  Execute the MAT collection agreement with ORHMA.  Implement the MAT By‑law upon adoption and coordinate the onboarding and training of accommodation providers (including STR providers) in advance of the effective date, including training delivered through ORHMA.  Publish a MAT webpage with FAQs and operator guidance in advance of the effective date.  Operationalize the Traditional B&B exemption by vetting and publishing the initial pre‑approved list and providing a simple application path for other eligible establishments.  Obtain the required consent of the Regional Municipality of Durham to incorporate the MSC, pursuant to Section 11(4) of the Municipal Act, 2001.  Complete incorporation activities for the MSC: conduct the corporate name search, file articles of incorporation, and prepare initial corporate by‑laws and foundational governance documents. Some documents may be prepared by external legal counsel, funded through the approved $15,000 start‑up loan.  Open a dedicated MSC bank account through the Finance Department to support initial operations and financial controls. Page 37 Municipality of Clarington Page 11 Report CAO-003-26  Establish the MAT Reserve Fund and bring forward a MAT Reserve Fund Policy for Council consideration, consistent with the revenue allocation framework under O. Reg. 435/17.  Prepare the required agreements between the Municipality and the MSC (e.g., financial accountability agreement under O. Reg. 435/17), engaging external legal support where appropriate.  Recruit and bring forward a term‑based Board of Directors and remaining governance particulars (e.g., corporate by‑laws, accountability agreement, asset transfer policy) for Council approval.  Bring forward, as part of a future budget process, any recommended municipal staffing required to support the Corporation and the administration of the MAT.  Report back to Council in Q4 2026 on program implementation, initial MAT collections, and the status of MSC setup. 6. Financial Considerations MAT Revenue Estimates and Required Allocation 6.1 Based on projected hotel and motel occupancy rates of 50 to 75 per cent, the Municipal Accommodation Tax (MAT), applied at a rate of five per cent, is estimated to generate between $428,364 and $642,546 in total annual gross revenue for the program. Under Ontario Regulation 435/17, at least 50 per cent of net MAT revenues (after reasonable administration and collection costs) must be transferred to the Eligible Tourism Entity, meaning the Municipality will retain approximately half of the total revenue. These estimates are based on the Business Case Study for the Tourism Municipal Services Corporation (Attachment 2) and do not yet include additional MAT revenues anticipated from short‑term rental accommodations (e.g., Airbnb, Vrbo) or any potential additions to Clarington’s hotel/motel inventory. 6.2 To support implementation and provide a transparent mechanism for revenue management, staff propose to establish a dedicated Municipal Accommodation Tax (MAT) Reserve Fund, housed within the Economic Development budget. The Reserve will receive the Municipality’s share of MAT revenues and may be used to support tourism‑related initiatives, including the potential funding of a full‑time Tourism Development Officer whose role would support the workplan of the proposed tourism‑focused Municipal Services Corporation (MSC). During the MSC incorporation period, all MAT revenues will be held in the Reserve. Transfers to the MSC will occur no later than 60 days after the end of the fiscal year, as required by Ontario Regulation 435/17. Page 38 Municipality of Clarington Page 12 Report CAO-003-26 ORHMA Collection Costs 6.3 As identified in Report CAO‑016‑25, staff recommend engaging the Ontario Restaurant, Hotel & Motel Association (ORHMA) as the Municipality’s MAT collection partner. ORHMA provides centralized remittance services to over 30 municipalities and supports implementation through municipal staff training, provider onboarding, by‑law review, and data reporting. 6.4 Associated costs include:  A one-time setup fee of $3,000 to onboard the Municipality; and  Ongoing collection fees of 1.8% of MAT collected from hotels and motels; and  Ongoing collection fees of 5% of MAT collected from short-term rentals. 6.5 These percentage‑based fees are deducted from gross MAT collections before the net amount is remitted to the Municipality. For example, $400,000 in hotel/motel MAT revenue would generate approximately $7,200 in ORHMA fees. Given the cost‑effective nature of this model and the lack of internal capacity to deliver these services more efficiently, staff recommend partnering with ORHMA for MAT collection. Tourism Municipal Services Corporation (MSC) Start-Up Costs 6.6 To support the legal incorporation and initial setup of the tourism ‑focused Municipal Services Corporation, staff are requesting Council approval for a one ‑time start‑up loan of $15,000, as outlined in the Business Case Study. This loan is proposed to be funded from the Economic Development Reserve Fund, and will provide resources for incorporation fees, external legal review, the drafting of foundational governance documents, and initial administrative tools or systems not otherwise available through the Municipality. 6.7 This amount is consistent with costs incurred by comp arator municipalities, including the Town of Whitby, which reported similar legal and start‑up expenses during its establishment of the Whitby Tourism Development Corporation. The loan will be repaid through the Corporation’s future share of MAT revenues, ensuring no impact to the municipal tax levy and aligning with the revenue allocation framework required under Ontario Regulation 435/17. Overall Financial Impacts 6.8 There are no direct impacts on the municipal tax levy resulting from the approval of this report. The $3,000 one‑time ORHMA setup fee required to onboard the Municipality will be funded through the Economic Development Reserve Fund, as outlined in Report CAO‑016‑25. Ongoing ORHMA collection fees, along with other MAT administration costs, will be funded directly through MAT revenues. If Council approves the Page 39 Municipality of Clarington Page 13 Report CAO-003-26 recommended $15,000 start‑up loan to support incorporation of the tourism‑focused Municipal Services Corporation, that loan would be repaid through the Corporation’s future share of MAT revenues, consistent with the revenue allocation requirements set out in Ontario Regulation 435/17. 7. Strategic Plan 7.1 This report supports Priority G.1.2: Continue to support business and industry to thrive by providing a direct funding source to support Clarington’s tourism industry and tourism businesses. 8. Climate Change Not Applicable. 9. Concurrence This report has been reviewed by the Deputy CAOs for both the Finance and Technology Department and the Legislative Services who concur with the recommendations. 10. Conclusion 10.1 The draft Municipal Accommodation Tax By‑law and the Tourism Municipal Services Corporation Business Case Study presented through this report complete the work directed by Council in October 2025 to advance a local Municipal Accommodation Tax program. Together, these documents establish the administrative, financial, and governance framework required for implementation, ensuring the MAT program is compliant with provincial legislation and aligned with Clarington’s economic development objectives. 10.2 The proposed approach provides a clear structure for MAT collection, remittance, and oversight; introduces an exemption for Traditional Bed and Breakfast establishments that reflects local operating contexts; and outlines the mechanism through which MAT revenues will support tourism promotion through a dedicated Municipal Services Corporation. Subject to Council’s endorsement of the recommendations contained in this report, staff will proceed with the next steps required to prepare for program launch and support the orderly implementation of the Municipal Accommodation Tax in Clarington. It is respectfully recommended that the report be received and it’s recommendations be approved. Page 40 Municipality of Clarington Page 14 Report CAO-003-26 Staff Contact: Paul Pirri, Director, Economic Development, Ppirri@Clarington.net Glen Macfarlane, Economic Development Officer, Gmacfarlane@Clarington.net Attachments: Attachment 1 – Draft Municipal Accommodation Tax (MAT) By-law Attachment 2 – Tourism Municipal Services Corporation (MSC) Business Case Study Interested Parties: The following interested parties will be notified of Council's decision:  Ontario Restaurant, Hotel & Motel Association (ORHMA)  Regional Municipality of Durham  Clarington hotels and motels  Known traditional Bed & Breakfast establishments  Short-term rental platforms including Airbnb, Vrbo, and Booking.com Page 41 Attachment 1 to Report CAO-003-26 If this information is required in an alternate format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. The Corporation of the Municipality of Clarington By-law YYYY-NN Being a By-law to establish a Municipal Accommodation Tax. Whereas Subsection 400.1(1) of the Municipal Act, 2001, S.O. 2001, c. 25 (“Municipal Act”) as amended, authorizes a local municipality, by by-law, to impose a direct tax in respect of the purchase of transient accommodation in the municipality; and, Whereas pursuant to section 400.1 of the Municipal Act and Ontario Regulation 435/17 (Transient Accommodation Tax) under the Municipal Act, the Council of the Corporation of the Municipality of Clarington (“Council”) wishes to establish a municipal accommodation tax to be levied on the purchase of transient accommodation within the Municipality of Clarington; and, Whereas pursuant to subsection 400.1(3) of the Municipal Act, Council may establish and use such enforcement measures as Council considers appropriate if an amount assessed for outstanding tax, penalties or interest remains unpaid after it is due ; and, Whereas Council has adopted the recommendations contained in Staff Report LLL- NNN-YY; Now therefore the Council of the Corporation of the Municipality of Clarington enacts as follows: 1. Definitions 1.1. For the purposes of this By-law, unless stated otherwise or the context requires a different meaning: a. “Accommodation” means Lodging, and the right to use Lodging, that is provided for consideration, whether or not the Lodging is actually used ; b. “Books and Accounts” includes books, accounts, bills, receipts, invoices, financial statements, and records in any format; Page 42 c. “By-law” means this by-law and any amendments made thereto, including schedules; d. “Council” means the Council of the Municipality of Clarington; e. “Director of Economic Development” means the Municipality’s Director of Economic Development, or their designate. f. “Eligible Tourism Entity” has the meaning given to it in Ontario Regulation 435/17, as amended; g. “Establishment” means the physical location, a building or part of a building that provides Accommodation; h. “Lodging” includes: i. the use of a bedroom, a suite of rooms containing a bedroom, or the use of a bed within a bedroom, domicile, or other physical location; and, ii. the use of one or more additional beds or cots in a bedroom or suite; i. “Multiple Offence” means an offence in respect to two (2) or more acts or omissions each of which separately constitutes an offence and is a contravention of the same provision of this By-law; j. “Municipal Accommodation Tax” means the tax imposed under this By- law; k. “Municipal Solicitor” means the Deputy CAO, Legislative Services/Solicitor, or their designate; l. “Municipality” means the Corporation of the Municipality of Clarington, or its geographical area, as the context requires; m. “Non‑Serviced Roofed Accommodation” means a roofed structure intended for temporary overnight stays that does not have both continuous electricity and potable running water. Non‑Serviced Roofed Accommodations are not considered Accommodation under this By-law. Page 43 n. “Person” includes an individual, a corporation, a partnership, a sole proprietorship, a trust, a joint venture, an association or any other organization or entity of any kind and their respective heirs, executors, administrators, successors, assigns or other legal representatives of a person to whom the context can apply according to law; o. “Provider” means a Person who sells, offers for sale, or otherwise provides Accommodation, and includes agents, hosts or any others who sell, offer for sale or otherwise provide Accommodation. Where a Provider cannot be easily determined, the owner of a property providing Accommodation is deemed to be the Provider; p. “Purchase Price” means the price for which Accommodation is purchased, including the price paid and other consideration accepted by the Provider in return for the Accommodation provided, including all fees and surcharges for additional occupants and beds, but does not include the harmonized sales tax imposed by the Government of Canada or by the Province of Ontario; q. “Purchaser” means a Person who purchases Accommodation; r. “Treasurer” means the Deputy CAO, Finance and Technology/Treasurer, or their designate. 2. Application 2.1. Subject to the exemptions set out in section 3 of this By-law, a Purchaser shall, at the time of purchasing Accommodation, pay the Municipal Accommodation Tax in the amount of five per cent (5%) of the Purchase Price of Accommodation provided for a period of twenty-nine (29) consecutive days or less in an Establishment where Accommodation is provided, including in the event of cancellation where the Purchase Price is payable. For greater certainty, the continuous period is not disrupted by the purchase of different rooms, suites, beds, or other Lodging in the same Establishment in the course of the continuous period. 3. Exemptions 3.1. The Municipal Accommodation Tax does not apply to Accommodation provided by: Page 44 a. the Crown, every agency of the Crown in right of Ontario, and every authority, board, commission, corporation, office or organization of persons a majority of whose directors, members or officers are appointed or chosen by or under the authority of the Lieutenant Governor in Council or a member of the Executive Council; b. every board as defined in subsection 1(1) of the Education Act; c. every university in Ontario and every college of applied arts and technology and post-secondary institution in Ontario whether or not affiliated with a university, the enrolments of which are counted for purposes of calculating annual operating grants entitlements from the Crown; d. every hospital referred to in the list of hospitals and their grades and classifications maintained by the Minister of Health and Long-Term Care under the Public Hospitals Act and every private hospital operated under the authority of a license issued under the Private Hospitals Act; e. every long-term care home as defined in subsection 2(1) of the Fixing Long- Term Care Act, 2021 and every hospice; f. Any retirement home as defined in the Retirement Home Act, 2010; g. Any home for special care within the meaning of the Homes for Special Care Act; h. a hotel or motel used by the Municipality, Regional Municipality of Durham or its service providers for shelter purposes; i. a treatment centre that receives private funding or provincial aid under the Ministry of Community and Social Services Act; j. a house of refuge or Lodging for the reformation of offenders; k. a charitable, non-profit philanthropic corporation organized as shelter for the relief of the poor or for emergency; l. a tent or trailer site supplied by a campground, tourist camp or trailer park, including any Non-Serviced Roofed Accommodation located within such facilities; Page 45 m. Non-Serviced Roofed Accommodations, regardless of location. n. employers to their employees in premises operated by the employer; o. a hospitality room in an establishment that may or may not contain a bed and is used for displaying merchandise, holding meetings or entertaining; or, p. group bookings with contracts that are entered into prior to the date that this By-law takes effect. q. traditional Bed & Breakfast Establishments, subject to the eligibility criteria set out in Section 3.2. 3.2. To qualify as a Traditional Bed & Breakfast Exemption, the following shall apply: a. The Establishment complies with Zoning By‑law 84‑63 or 2005-109 (“Zoning By-laws), as amended or replaced from time to time, including any provisions related to the use of the property as a Bed & Breakfast as defined in the applicable Zoning By-law; b. The Establishment is operated within the operator’s principal residence, and the operator (or designated staff) resides on the property during all guest stays; c. A breakfast is included as part of the accommodation experience, consisting of either a hot meal prepared and served by the operator, or perishable ingredients supplied for guests to prepare a hot breakfast themselves. Only breakfasts requiring cooking or refrigeration qualify for this exemption; pre‑packaged or shelf‑stable snacks do not. Health inspections are required only where mandated by the Durham Region Health Department. d. The Establishment provides guests with a method to book directly with the operator (including but not limited to telephone, email, or an operator‑maintained website), demonstrating that it operates as a traditional small-business Bed & Breakfast rather than exclusively through online travel platforms; e. The Establishment maintains private liability insurance for the accommodation operation, obtained directly by the operator and not through a short‑term rental platform or other third‑party intermediary. Proof of insurance shall be provided to the Municipality upon request ; Page 46 f. The Establishment must be included in the Traditional Bed & Breakfast Registry maintained by the Director of Economic Development. 3.3. The Schedule shall be maintained by the Director of Economic Development and updated administratively as Establishments are verified, added, or removed based on compliance with subsection 3.2. 3.4. At the discretion of the Director of Economic Development, an Establishment may be added to the Traditional Bed & Breakfast Registry if the Establishment has demonstrated compliance with section 3.2. 4. Collection and Remittance 4.1. A Provider shall collect the Municipal Accommodation Tax from the Purchaser at the time the Accommodation is purchased. 4.2. A Provider shall identify the amount of the Municipal Accommodation Tax as a separate item on a bill, receipt, invoice or similar document issued by the Provider in respect of the Accommodation on which the tax is imposed and shall identify the item as “Municipal Accommodation Tax”. 4.3. A Provider shall be responsible for the collection and remittance of HST directly to the Government of Canada and/or the Province of Ontario. 4.4. A Provider operating a hotel, motel, or other traditional accommodation shall, on or before the fifteenth (15th) day of the month, remit to the Municipality, or its tax collection agent, the amount of the Municipal Accommodation Tax collected for the previous month and shall submit monthly statements in a form required by the Municipality which details the number of Accommodations sold, the Purchase Price of each Accommodation, the amount of the Municipal Accommodation Tax collected and any other information as required by the Municipality for the purposes of administering and enforcing this By-law. 4.5. A Provider offering short-term accommodations through platforms such as Airbnb, Vrbo, or similar services shall remit the Municipal Accommodation Tax on a quarterly basis. Remittance shall be made to the Municipality, or its tax collection agent, on or before the fifteenth (15th) day of the month following the end of each calendar quarter. Specifically, remittances shall be due on April 15 for the first quarter (January 1 to March 31), July 15 for the second quarter (April Page 47 1 to June 30), October 15 for the third quarter (July 1 to September 30), and January 15 for the fourth quarter (October 1 to December 31). The Provider shall also submit a quarterly statement, in a form required by the Municipality, detailing the number of nights booked, the total amo unt charged to guests for the accommodations, the amount of Municipal Accommodation Tax collected, and any other information required by the Municipality for the purposes of administering and enforcing this By-law. 5. Delegation of Authority 5.1. The Treasurer is authorized to administer and enforce this By-law, including but not limited to approvals, appeals, enforcement, collection, and for instructing legal counsel to take such legal action as may be considered appropriate. 5.2. In administering this By-law, the Treasurer, or their designate, may issue interpretation bulletins and guidelines as deemed necessary or advisable from time to time. 5.3. The Director of Economic Development, or their designate, is delegated the authority to enter into agreements, including all necessary documents ancillary thereto, with an Eligible Tourism Entity(ies) that receives an amount of the Municipal Accommodation Tax, respecting reasonable financial accountability matters, in order to ensure that the amount paid to the entity is used for the exclusive purpose of promoting tourism in Clarington, and the agreements may provide for other matters, all in a form satisfactory to the Municipal Solicitor. 6. Tax Collection Agent 6.1. The tax collection agent for the Municipality under this By-law is the Person who is designated in an agreement with the Municipality to collect the Municipal Accommodation Tax as an agent for the Municipality. 6.2. The Director of Economic Development in consultation with the Treasurer, may designate additional tax collection agents for the Municipality and is delegated the authority to enter into agreements with such designated tax collection agents. Page 48 6.3. The tax collection agent(s) shall collect and administer the Municipal Accommodation Tax as an agent for the Municipality in accordance with this By- law and the agreement between the Municipality and that tax collection agent. 7. Interest and Fees 7.1. The Treasurer may impose a monthly interest charge of one and one-quarter per cent (1.25%) of the Municipal Accommodation Tax that remains outstanding, beginning on the day after the tax payment is due and on the sixteenth day of each month thereafter, until the Municipal Accommodation Tax, including all charges and interest owing, is paid in full. 7.2. If the amount of Municipal Accommodation Tax owed to the Municipality cannot be determined, the interest charge of 1.25% would be based on the full occupancy of the Establishment. 7.3. The Treasurer shall charge a fee for all payment remittances that are not honoured by the financial institution upon which it is drawn in an amount as set out in the Municipality’s User Fee By-Law 2023-044, as amended. 8. Liens 8.1. All Municipal Accommodation Tax, interest, and penalties that are past due will be deemed to be in arrears and may be added to the tax roll for any real property in the Municipality of Clarington that is registered in the name of the Provider to be collected in the same manner as property taxes and will constitute a lien upon the lands, but such lien will not be a priority lien for the purposes of subsections 1(2.1), (2.2) and (3) of the Municipal Act and such lien will not have a higher priority than it would otherwise have in law in relation to other claims, liens or encumbrances. 9. Audit and Inspection 9.1. A Provider shall keep all Books and Accounts that are sufficient to furnish the Municipality, or its representative, with the necessary particulars of sales of Accommodations and the amount of the Municipal Accommodation Tax collected, payable and remitted, for no less than seven (7) years from the date of the sale of the Accommodation. Page 49 9.2. A Provider shall permit the Municipality, or its representative, at all reasonable times, entry into any premises where any business is carried on, where any property is kept, where anything is done in connection with any business, or where any Books and Accounts are or should be kept and shall permit the Municipality or its representative to audit and inspect all Books and Accounts of the Provider. A Provider shall produce copies of any Books and Accounts that may be required by the Municipality or its representative for the purposes of administering and enforcing this By-law. 9.3. A Provider shall: a. give the Municipality or its representative all reasonable assistance with the audit or inspection; b. answer all questions relating to the audit or inspection either orally or, if the Municipality requires, in writing, on oath or by statutory declaration; and, c. attend at the premises with the Municipality or its representative for the purposes of giving reasonable assistance and answering questions relating to the audit or inspection. 9.4. A Provider shall comply with a written demand from the Municipality or its representative for information or for the production on oath or otherwise of any Books and Accounts as the Municipality or its representative considers necessary to determine compliance with this By-law. A Provider in receipt of such a demand shall comply with the demand within the time specified in the demand. 9.5. No Person shall make, participate in, assent to or contribute to the making of false or deceptive statements or entries in a report, statement, form, Books and Accounts, or other document that is prepared, submitted or filed under or for the purposes of the By-law. 9.6. No Person shall destroy, alter, mutilate, hide or otherwise dispose of any Books or Accounts in order to evade payment or remittance of any amounts owing under this By-law. 10. Determination of Amount 10.1. The Treasurer may determine an amount of the Municipal Accommodation Tax that is required to be remitted, together with any interest imposed upon any Municipal Accommodation Tax that is outstanding, if a Provider who is Page 50 responsible for the payment or remittance of the Municipal Accommodation Tax fails to pay or remit as required by this By-law. 10.2. The Treasurer may assess or reassess for any Municipal Accommodation Tax that is payable by the Provider within three (3) years from the day the Municipal Accommodation Tax was remittable, except that where the Treasurer establishes that a Provider has made any negligent or wilful misrepresentation or has committed any fraud in supplying, or omitting to supply, any information under this By-law, then the Treasurer may assess or reassess, for any time that the Treasurer considers reasonable, the Municipal Accommodation Tax payable. 10.3. A Provider shall pay the amount of the Municipal Accommodation Tax and any interest set out in the notice of calculation made unde r this section 10 of this By- law within thirty (30) days from the date of mailing of the notice of calculation. 10.4. Liability to pay an amount is not affected by an incorrect or incomplete assessment or by the fact that no assessment has been made. 10.5. The Municipality is not bound by any information delivered by or on behalf of a Provider responsible for the payment of tax and may, notwithstanding any information that has been delivered or if no information has been delivered, assess the tax payable. 10.6. This calculation, subject to being varied or adjusted due to an objection or appeal and subject to a recalculation, shall be deemed to be valid and binding despite any error, defect or omission in the assessment or in any proceeding related to it. 11. Refunds 11.1. Where a Provider has paid or remitted an amount not payable under this By-law, the Municipality may, upon receipt of satisfactory evidence, determine that the amount was wrongly paid or remitted. If such a determination is made, the Municipality shall refund or credit all or part of the amount. However, no refund shall be issued unless an application for refund is submitted within 24 months of the payment date. 11.2. Where a Provider has applied for a refund in accordance with this By-law, and the claim is denied in whole or in part, the Municipality shall deliver to the Page 51 Provider a statement specifying the denied amount and the reasons for the denial. 12. Offences and Penalties 12.1. Every Person is guilty of an offence under this By-law who: a. makes, participates in, assents to or contributes to the making of false or deceptive statements in a report, statement, form or other document that is prepared, submitted or filed under or for the purposes of this By-law; b. destroys, alters, mutilates, hides or otherwise disposes of any Books and Accounts in order to evade payment or remittance of any amounts owing under this By-law; c. makes, participates in, assents to or contributes to the making of false or deceptive entries, including omitting to enter an entry, in any Books and Accounts; d. hinders, obstructs or interferes with any audit or inspection conducted by the Municipality or its representative under this By-law; e. willfully, in any manner, evades or attempts to evade: I. paying the Municipal Accommodation Tax; II. remitting the Municipal Accommodation Tax; or, III. otherwise complying with this By-law; or, f. conspires with any other Person to commit an offence described in subsections 12.1 (a) through (e) of this By-law. 12.2. Pursuant to the authority established in section 429(2) of the Municipal Act, 2001, S.O. 2001, c. 25, every Person who contravenes any provision of this By- law is guilty of an offence and upon conviction pursuant to Part III of the Provincial Offences Act, R.S.O. 1990, Chapter P.33, as amended, shall be subject to the following penalties: a. upon a first conviction, a fine of not less than $300.00 and not more than $50,000.00 if the Provider is a Person other than a corporation, and not less than $500.00 and not more than $100,000.00 if the Provider is a corporation; Page 52 b. upon a second or subsequent conviction for the same offence, a fine of not less than $500.00 and not more than $100,000.00; c. upon conviction for a continuing offence, a fine of not less than $500.00 and not more than $10,000.00 for each day or part of a da y that the offence continues and the total of all of the daily fines for the offence is not limited to $100,000.00; and, d. upon conviction for Multiple Offences, for each offence included in the Multiple Offence, a fine of not less than $500.00 and not more than $10,000.00 and the total of all fines for each included offence is not limited to $100,000.00. 13. General 13.1. If any section or portion of this By-law is found by a court of competent jurisdiction to be invalid, illegal, unenforceable or of no force and effect, then it is the intention of Council that all remaining sections and portions of this By-law continue in force and effect to the fullest extent possible according to law. 14. Short Title 14.1. This By-law may be referred to as the “Municipal Accommodation Tax By-law”. 15. Effective Date 15.1. This By-law shall come into force and take effect on July 1, 2026. Passed in Open Council this XX day of MMMM, YYYY. _____________________________________ Name, Mayor _____________________________________ Name, Municipal Clerk By signing this by-law on XXXX XX, YYYY, Mayor ADRIAN FOSTER will not exercise the power to veto this by-law and this by-law is deemed passed as of this date. Page 53 Page 54 Business Case Study – Tourism Municipal Services Corporation Prepared according to Section 6 of Ontario Regulation 599/06: Municipal Services Corporations as per section 203(4) of the Municipal Act, 2001, S.O. 2001, c.25 as amended. 1.0 Purpose The Municipality of Clarington is proposing to incorporate a not-for-profit Municipal Services Corporation, tentatively named “Experience Clarington”, to serve as Clarington’s designated Eligible Tourism Entity. This Corporation will be responsible for promoting tourism within Clarington, in accordance with the requirements of Ontario Regulation 435/17. More specifically, the Corporation’s role will be to utilize Municipal Accommodation Tax (MAT) revenues to support tourism promotion activities, which will include destination marketing and the development of tourism products. In accordance with Section 6 of Ontario Regulation 599/06, made under Section 203(4) of the Municipal Act, 2001, this Business Case Study has been prepared to assess the feasibility and benefits of establishing the Corporation. The regulation requires municipalities to adopt such a study prior to exercising their powers to incorporate a Municipal Services Corporation. This document outlines the proposed Corporation’s mandate and strategic objectives, governance structure, funding sources, accountability mechanisms, reporting frameworks, and implementation strategy. The establishment of this Corporation is intended to ensure that MAT revenues are reinvested locally to enhance tourism promotion and economic development in Clarington. 2.0 Defined Terms “Eligible Tourism Entity” is a non-profit entity whose mandate includes the promotion of tourism in Ontario or in a municipality and may include the development of tourism products. “Municipal Accommodation Tax (MAT)” is a tax on the purchase of transient accommodation in the municipality which funds tourism promotion and other projects that will benefit the local economy. “Municipal Services Corporation” is a corporation that is established by a municipality or by a municipality and one or more other public sector entities and whose purpose is to provide a system, service, or thing that the municipality itself could provide. Attachment 2 to Report CAO-003-26 Page 55 Page 2 “Ontario Restaurant Hotel & Motel Association (ORHMA)” is the largest provincial hospitality association in Canada that represents over 5,000 members and more than 11,000 hospitality establishments across the province. “Transient Accommodation” is accommodation for a continuous period of stay of 29 nights or less; this continuous period is not disrupted by the purchase of different rooms, suites, beds or lodging in the same licensed establishment, such as a hotel, motel or short-term rental. 3.0 Background Tourism provides meaningful contributions to the economic, social, and cultural vitality of communities across Ontario, delivering valuable benefits to local businesses and residents. On December 1, 2017, the Province of Ontario introduced Ontario Regulation 435/17: Transient Accommodation Tax, authorizing municipalities to levy a tax on transient accommodations for the purpose of supporting tourism growth and development within their communities. Under the authority of this regulation, the Municipality of Clarington intends to implement a Municipal Accommodation Tax (MAT) on Transient Accommodations in Clarington, including hotels, motels, and short-term rentals. Ontario Regulation 435/17 requires municipalities to allocate a minimum of 50% of MAT revenues (less the Municipality’s reasonable costs of collecting and administering the tax) to an entity designated as an Eligible Tourism Entity. The Municipality of Clarington does not have its own Eligible Tourism Entity to receive these funds as mandated by the Province of Ontario. To meet this requirement, the Municipality of Clarington intends to incorporate a not-for-profit Municipal Services Corporation to serve as the Eligible Tourism Entity for the purposes of the MAT. The entity will be named “Experience Clarington”, subject to name availability at the time of incorporation. This Business Case Study is presented to fulfill the requirements of Ontario Regulation 599/06. 4.0 Mandate and Objectives 4.1 Context and Rationale Until December 2022 the Municipality of Clarington operated an internal tourism team known as Clarington Tourism. This team was responsible for promoting Clarington as a destination and supporting tourism product development. In early 2023, Clarington Tourism was transitioned into Invest Clarington, which adopted a broader focus on advancing key economic sectors including Future Energy, Agri-Food, Advanced Manufacturing, and Downtime Destinations. Page 56 Page 3 Although tourism continues to be represented within the Downtime Destinations sector, Clarington no longer has a dedicated group focused solely on tourism promotion and product development. In January 2025, the Municipality adopted a refreshed Economic Development Action Plan to be implemented throughout 2025 and 2026. A key component of this strategy is the implementation of the Municipal Accommodation Tax (MAT), which will serve as the catalyst for re-establishing dedicated tourism support in Clarington. 4.2 Mandate The proposed Municipal Services Corporation will serve as Clarington’s designated Eligible Tourism Entity under Ontario Regulation 435/17. Its mandate is to promote tourism within Clarington using MAT revenues allocated for this purpose. The Corporation will operate independently but in close coordination with the Municipality, ensuring that tourism promotion efforts are aligned with local economic development priorities. It is proposed that the Tourism Development Officer would be a municipal employee funded through the Municipality’s share of MAT revenues. Under this model, the Officer’s primary responsibility would be to support and implement the work of the Corporation, including coordination with the Corporation’s board, execution of strategic initiatives, and facilitation of collaboration across municipal departments and tourism stakeholders. The Corporation will be responsible for developing and executing a comprehensive Tourism Strategy, guiding its activities and investments in tourism promotion, product development, and visitor experience enhancement. 4.3 Strategic Objectives 4.3.1 Guiding Objectives The following guiding objectives will inform the Corporation’s decision-making throughout its lifecycle, regardless of changes in leadership, strategy, or operational priorities: 1. The Corporation will act as the steward and receiver of MAT funds allocated to Clarington’s Eligible Tourism Entity. 2. The Corporation’s activities will be guided by a Tourism Strategy and aligned with Clarington’s broader economic development plans. 3. The Corporation will engage in tourism promotion and tourism product development within Clarington. Page 57 Page 4 4. The Corporation may serve as a vehicle for distributing tourism-related funding to third parties, where such funding complements but does not replace existing municipal support. 5. The Corporation will report to Council at least annually, or as otherwise stipulated in its by-laws. 6. The Corporation will operate transparently and accountably, with decision- making processes that deliver community-wide benefits. 4.3.2 Operational Objectives To fulfill its mandate, the Corporation will pursue the following operational objectives: 1. Develop and implement a comprehensive Tourism Strategy for Clarington. 2. Promote Clarington as a destination through coordinated marketing and branding initiatives. 3. Support tourism product development and placemaking efforts that enhance visitor experiences. 4. Invest in tourism-related infrastructure and amenities. 5. Build strategic partnerships with local businesses, organizations, and regional tourism bodies. 6. Ensure the responsible and effective use of MAT revenues in accordance with Ontario Regulation 435/17. 5.0 Analysis 5.1 Benefits of a Municipal Services Corporation (MSC) The benefits of the Municipality establishing a Municipal Services Corporation include: 1. Satisfying the Province’s requirement for a non-profit tourism entity to serve as an Eligible Tourism Entity that utilizes a minimum of 50% of MAT revenues; 2. Adopting an MSC model, which provides accountability, corporate responsibility, and reasonable controls through the role of the voting members; 3. Ensuring Council, as sole voting member, will be responsible for selecting and electing the Board of Directors (which will include staff and Council representatives) that establish the governance framework for business plans, expenditures and Corporate policies. Page 58 Page 5 4. Allowing municipal staff to continue operating within the existing organizational structure, ensuring seamless transition and delivery of tourism initiatives. 5. Providing strategic oversight of MAT spending through an elected Board of Directors, whose decisions will guide the execution of tourism programming and promotional activities. 6. Creating a transparent and accountable mechanism for reporting on the use of MAT revenues to Council, tourism stakeholders and the public. 7. Supporting local economic development by attracting visitors to Clarington, generating direct financial benefits for accommodations, restaurants, event venues, retailers, and cultural organizations. 8. Enhancing placemaking efforts that improve public spaces, support community vibrancy, and create amenities that benefit both visitors and local residents. 9. Enabling the Corporation to operate with the flexibility and responsiveness often required in the tourism sector, allowing for timely decision-making and efficient execution of initiatives that support Clarington’s tourism goals. As Clarington does not currently have a designated Eligible Tourism Entity, establishing a Municipal Services Corporation offers the most effective and locally controlled mechanism for managing and investing MAT revenues in tourism promotion and development. 5.2 Governance Structure and Incorporation To proceed with the establishment of the Municipal Services Corporation, the Municipality must submit an application to the Province to incorporate a not-for-profit corporation under the Not-for-Profit Corporations Act, 2010 (Ontario). The Corporation will be created by way of articles of incorporation which will be drafted with the assistance of the Municipality’s Legislative Services Department and/or external legal support. The application will include the following information: 1. Name of the Corporation: Experience Clarington 2. Address of Head Office: 40 Temperance Street, Bowmanville, Ontario L1C 3A6 3. Incorporators: Staff propose the following positions to be the incorporators who will act as the Interim Board of Directors of the Corporation: • Member of Council, as appointed by the Mayor • Director of Economic Development Page 59 Page 6 • Deputy CAO, Finance and Technology/Treasurer • Up to two additional municipal staff The Board of Directors will have oversight and critical decision-making roles concerning the operation of the Corporation. Staff will bring a report back to Council with final recommendations regarding the governance structure of the Corporation. This report will include proposed Board composition, organizational by-laws, a financial accountability agreement, asset transfer policy, budget, terms of reference and other foundational elements required to bring the Corporation into full operation. In the interim, the positions listed above will serve as the incorporators and act as the initial Board of Directors, guiding the legal incorporation process and developing the core agreements and policies necessary to establish the Corporation in compliance with provincial regulations. Once the first term-based Board of Directors has been appointed, the incorporators may continue to serve as voting or non-voting members, as determined through the forthcoming governance structure report to Council. Those not serving as voting members may be invited to attend meetings in an advisory capacity to support continuity and provide institutional knowledge during the Corporation’s early stages of operation. 4. Objects of the Corporation include the delivery of, and support for, tourism promotion in Clarington. 5. Special Provisions: • The Corporation is limited to providing services to members of the Corporation on behalf of The Corporation of the Municipality of Clarington in place of the Municipality providing those services. • Directors shall serve without renumeration, and no Director shall directly or indirectly receive any profit from their position as such, provided that a Director may be reimbursed for reasonable expenses incurred in performing their duties. A Director shall not be prohibited from receiving compensation for services provided to the Corporation in another capacity. • Upon the dissolution of the Corporation and after payment of all debts and liabilities, the Corporation’s remaining property shall be distributed, or disposed of, to The Corporation of the Municipality of Clarington. The Corporation’s Articles of Incorporation and By-laws will define its powers, membership structure, and the process for making changes to its governance Page 60 Page 7 framework, in accordance with the Not-for-Profit Corporations Act, 2010 (Ontario). 5.3 Funding, Budget and Collection of MAT Funds 5.3.1 Financial Impact of the MAT It is anticipated that the Municipal Accommodation Tax (MAT), applied at a rate between 4% and 6%, will generate approximately $342,691 to $771,055 in new annual revenue for the Municipality. These figures are based on projected hotel and motel occupancy rates ranging from 50% to 75%. The total revenue will be split equally between the Municipality and the Municipal Services Corporation, less the Municipality’s reasonable costs for administering and collecting the tax. Notably, these estimates do not yet account for revenue from short-term rental accommodations (e.g., Airbnb, Vrbo), which will also be subject to the MAT once implementation is complete. Appendix A provides a detailed breakdown of MAT revenue scenarios by rate, occupancy level, and associated ORHMA collection costs. 5.3.2 Municipality of Clarington MAT Reserve Fund With the implementation of the Municipal Accommodation Tax (MAT), staff will seek Council approval to establish a dedicated MAT Reserve Fund to receive the Municipality’s portion of MAT revenues. It is proposed that this reserve be housed within the Economic Development budget to ensure alignment with Clarington’s broader economic development objectives. Once the reserve fund has accumulated a sufficient buffer, Economic Development proposes to allocate a portion of the funds toward hiring a full-time Tourism Development Officer. This position will be dedicated to supporting the workplan of the Municipal Services Corporation and advancing Clarington’s tourism objectives. The role is intended to be funded on an ongoing basis through the Municipality’s share of MAT revenues, providing a sustainable source of support for tourism programming and coordination. During the initial implementation period, the Municipality will collect MAT and allow the MAT Reserve to build while the Corporation is being established, with 50 per cent of net MAT revenues transferred to the Corporation no later than 60 days after the end of the fiscal year, in accordance with Ontario Regulation 435/17. 5.3.3 Corporation Annual and Multi-Year Operating Budget The Corporation will be funded from a minimum of 50% of the proceeds of the Municipal Accommodation Tax (MAT) revenues. Similar to the Municipality, the Corporation will establish a discretionary reserve fund to support its operations and strategic initiatives. Page 61 Page 8 Responsibility for creating and managing both an annual and multi-year operating budget will rest with the Corporation’s Board of Directors. These budgets will guide the Corporation’s investments in tourism promotion, product development, placemaking initiatives, and visitor experience enhancements, as outlined in its strategic plan or workplan. Given that the Municipality intends to use its portion of MAT revenues to fund a full-time Tourism Development Officer, the Corporation’s portion will be primarily directed toward implementing tourism initiatives and programs. Operating costs may include marketing and branding efforts, partnership development, event support, and other contractual or professional services that align with the Corporation’s mandate. The Corporation may also invest in modest capital costs associated with placemaking initiatives, such as enhancements to public spaces, wayfinding, visitor amenities, and other improvements that support both resident and visitor experiences, where such expenditures align with the Tourism Strategy. The Corporation will report audited financial statements at its Annual General Meeting, ensuring transparency and accountability in the use of public funds. 5.3.4 Loan from the Municipality for Startup Costs To support the legal incorporation and initial operations of the Municipal Services Corporation, staff will seek Council approval for a one-time startup loan of $15,000. This loan is intended to cover essential incorporation and startup costs, including legal fees to incorporate the MSC, incorporation filing fees, and any required administrative tools or services not already available through the Municipality. Staff will bring forward a recommended repayment framework for Council’s consideration as part of the MSC implementation report. 5.3.5 Financial Accountability Agreement The Corporation will enter into an agreement with the Municipality respecting reasonable financial accountability matters to ensure the amounts paid to the Corporation are used for the sole purposes of promoting tourism and developing or enhancing tourism products in the Municipality of Clarington. The agreement may also provide for other matters. 5.3.6 Collection of Funds MAT-eligible accommodation providers, including hotels, motels, and short-term rentals, will collect the Municipal Accommodation Tax (MAT) from guests at the time of booking and remit these funds to the Ontario Restaurant Hotel & Motel Association (ORHMA), which will act as the Municipality’s collection agent. Before collections begin, the Municipality will pay ORHMA a one‑time implementation fee of $3,000. Once collections are underway, ORHMA will deduct its ongoing administration fees, which are equal to 1.8 per cent of the MAT collected on hotel and motel accommodations and 5 per cent of Page 62 Page 9 the MAT collected on short‑term rentals. ORHMA will remit the remaining net proceeds to the Municipality. In accordance with Ontario Regulation 435/17, the Municipality will then remit 50 per cent of the net MAT revenues, after deducting reasonable collection and administration costs, to the Corporation. Detailed rate, occupancy, and fee impact scenarios are provided in Appendix A. 5.4 Accountability and Reporting Upon incorporation, the Corporation will develop a tourism strategy to serve as its guiding document and ensure alignment with Clarington’s Strategic Plan. It is anticipated that reporting to Council by the Corporation would take place at least once a year or as otherwise stipulated in the Corporation’s by-laws. Such report shall inform Council of the tourism activities and promotion undertaken by the Corporation in Clarington and how MAT revenue supported those activities. 6.0 Conclusion This Business Case demonstrates the rationale for establishing a Municipal Services Corporation (MSC) dedicated to promoting tourism in Clarington, in compliance with Ontario Regulation 599/06 and Ontario Regulation 435/17. Creating a tourism-focused MSC will enable the Municipality to allocate 50% of Municipal Accommodation Tax (MAT) revenues to an Eligible Tourism Entity, ensuring these funds are reinvested locally to strengthen tourism promotion and product development. The Corporation will play a critical role in advancing Clarington’s strategic goals, enhancing visitor experiences, and supporting economic growth through a transparent, accountable, and sustainable governance model. Page 63 Page 10 Appendix A – Municipal Accommodation Tax (MAT) Revenue Scenarios and Collection Cost Analysis To assess the potential financial impact of implementing a Municipal Accommodation Tax (MAT) in Clarington, a preliminary revenue forecast has been developed based on available data for hotel and motel accommodations. This forecast provides a foundational understanding of the revenue-generating potential of the MAT and informs decisions regarding resource allocation and tourism investment. Assumptions The following assumptions were used in the financial model: • Number of hotel and motel rooms = 288 • Average nightly rate = $163 • MAT rate = 4% - 6% • Administrative fee: 1.8% of gross MAT revenue (charged by ORHMA) • Occupancy scenarios = 50% and 75% • Calculation period = 365 days per year Note: This is a preliminary calculation based on Clarington’s current inventory of hotel and motel rooms only. The revenue potential will increase further as short‑term rentals and additional hotel rooms are incorporated into the accommodation inventory. Revenue Calculation Methodology The estimated MAT revenue is calculated using the following formula: Estimated Gross MAT Revenue = (Number of Rooms x Average Nightly Rate x Occupancy Rate x 365 Days) x MAT Rate Net MAT Revenue = Gross MAT Revenue – Administrative Fee (1.8%) Municipality and Tourism Entity Shares = Net MAT Revenue ÷ 2 Revenue Estimates MAT Rate = 4% • 50% Occupancy Gross MAT Revenue = (288 rooms x $163 x 0.50 x 365 days) x 0.04 = $342,691 Page 64 Page 11 Admin Fee = $342,691 x 0.018 = $6,168 Net MAT Revenue = $342,691 - $6,168 = $336,523 Municipal & Tourism Entity = $336,523 ÷ 2 = $168,261 each • 75% Occupancy Gross MAT Revenue = (288 rooms x $163 x 0.75 x 365 days) x 0.04 = $514,037 Admin Fee = $514,037 x 0.018 = $9,253 Net MAT Revenue = $514,037 - $9,253 = $504,784 Municipal & Tourism Entity = $504,784 ÷ 2 = $252,392 each MAT Rate = 5% • 50% Occupancy Gross MAT Revenue = (288 rooms x $163 x 0.50 x 365 days) x 0.05 = $428,364 Admin Fee = $428,364 x 0.018 = $7,711 Net MAT Revenue = $428,364 - $7,711 = $420,653 Municipal & Tourism Entity = $420,653 ÷ 2 = $210,326.50 each • 75% Occupancy Gross MAT Revenue = (288 rooms x $163 x 0.75 x 365 days) x 0.05 = $642,546 Admin Fee = $642,546 x 0.018 = $11,566 Net MAT Revenue = $642,546 - $11,566 = $630,980 Municipal & Tourism Entity = $630,980 ÷ 2 = $315,490 each MAT Rate = 6% • 50% Occupancy Gross MAT Revenue = (288 rooms x $163 x 0.50 x 365 days) x 0.06 = $514,037 Admin Fee = $514,037 x 0.018 = $9,253 Net MAT Revenue = $514,037 - $9,253 = $504,784 Municipal & Tourism Entity = $504,784 ÷ 2 = $252,392 each • 75% Occupancy Gross MAT Revenue = (288 rooms x $163 x 0.75 x 365 days) x 0.06 = $771,055 Admin Fee = $771,055 x 0.018 = $13,879 Net MAT Revenue = $771,055 - $13,879 = $757,176 Municipal & Tourism Entity = $757,176 ÷ 2 = $378,588 each Page 65 Page 12 Summary Table MAT Rate 50% Occupancy 75% Occupancy Gross: ORHMA Fee: $6,168 Gross: ORHMA Fee: $9,253 Gross: ORHMA Fee: $7,711 Gross: ORHMA Fee: $11,566 Gross: ORHMA Fee: $9,253 Gross: ORHMA Fee: $13,879 Implications These revenue projections demonstrate the potential for the MAT to generate significant funding to support tourism development and placemaking in Clarington. Even under conservative occupancy assumptions, annual revenues could range from approximately $343,000 to $771,000, depending on the selected tax rate. Half of these funds would be allocated to a dedicated tourism entity, with the remainder retained by the Municipality to support tourism-related staffing and/or programming. Page 66 Staff Report If this information is required in an alternate accessible format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. Report To: General Government Committee Date of Meeting: April 13, 2026 Report Number: CAO-004-26 Authored by: Jeannette Whynot, Diversity, Equity, Inclusion and Accessibility Specialist Submitted By: Mary-Anne Dempster, CAO By-law Number: Resolution Number: File Number: Report Subject: 2025 Annual Accessibility Update Recommendation: 1. That Report CAO-004-26, and any related delegations or communication items, be received for information. 2. That Report CAO-004-26, be placed on the Municipality’s website to meet the Accessibility for Ontarians with Disabilities Act (AODA) requirements; and 3. That all interested parties listed in Report CAO-004-26 be advised of Council’s decision. Page 67 Municipality of Clarington Page 2 Report CAO-004-26 Report Overview The Integrated Accessibility Standard Regulations (IASR) requires Municipalities to prepare and publish an annual status report on their AODA Multi-Year Accessibility Plan (MYAP) progress. This annual accessibility update provides a summary of the Municipality’s progress and commitment to ensure compliance with all five stand ards and associated requirements. 1. Background 1.1 The Diversity, Equity and Inclusion Office, within the Office of the CAO, oversees the Municipality’s compliance with the Accessibility for Ontarians with Disabilities Act (AODA) and acts as a resource for all municipal service areas. The Diversity, Equity, Inclusion and Accessibility Specialist collaborates with municipal departments to address accessibility concerns and ensures that Clarington continues to make strides towards becoming a barrier-free community. 1.2 Under the AODA, Clarington is required to develop a Multi-Year Accessibility Plan (MYAP) that outlines how the Municipality will meet its obligations under the legislation and remove barriers for people with disabilities. 1.3 This Annual Accessibility Update highlights the progress of the MYAP in 2025 but is not intended to be an inventory of every accomplishment. 2. Multi-Year Accessibility Plan Progress 2.1 In 2025, the Municipality continued to advance actions identified in its Multi-Year Accessibility Plan through improvements to accessible customer service, employment, information and communication, transportation, the built environment, and governance. Key areas of progress are summarized below. Governance 2.2 The Municipality submitted its 2025 Accessibility Compliance Report to the Ministry of Seniors and Accessibility, confirming full compliance with AODA requirements. Accessible Customer Service 2.3 Adult change tables were installed at the Garnet B. Rickard Recreation Complex, Courtice Community Complex, and Alan Strike Aquatics Centre, supported in part by the Ontario Inclusive Communities Grant. 2.4 The Inclusive Communities Grant also helped fund the installation of a power-door operator and emergency alarm system in the universal accessible change room at Diane Hamre Recreation Centre. 2.5 Inclusive recreation equipment, including inclusive skating aids and ice sleds, were purchased to reduce barriers to participation in municipal recreation programs. Page 68 Municipality of Clarington Page 3 Report CAO-004-26 2.6 Sensory-friendly amenities continue to be incorporated into municipal events such as Canada Day. 2.7 Municipal staff continue to receive accessible customer service training as part of their onboarding. Employment 2.8 Throughout 2025, the Municipality undertook initiatives to support neurodiversity in the workplace, including staff education and the introduction of tools and resources supported by federal funding. These efforts contributed to building awareness, reducing stigma, and fostering a more inclusive workplace culture. 2.9 The Municipality continues to collaborate with disability organizations when recruiting to ensure people with disabilities are aware of job openings and the corporation’s commitment to being an inclusive employer. 2.10 Job descriptions continue to be reviewed through an inclusion lens to ensure only essential job requirements are included. 2.11 The Municipality participated in the Durham Region Disability Employment Conference, promoting the organization as an inclusive employer in support of National Disability Employment Month. Information and Communication 2.12 The Municipality continues to monitor its website and its content to ensure that it meet or exceeds the requirements of the AODA. 2.13 Staff training on creating accessible documents, remediation, and incorporating accessibility into daily work practices continued throughout 2025. 2.14 The Municipality continues to offer alternative formats and communicati on supports, upon request. Transportation 2.15 Updates to the Vehicle for Hire By-law were completed in collaboration with Durham Region municipalities, increasing the availability of accessible taxi services within Clarington. Design of Public Spaces 2.16 Significant accessibility upgrades were completed at Tyrone Community Centre with funding from the Government of Canada’s Enabling Accessibility Fund, including new accessible and universal washrooms and improved door access. 2.17 A new accessible ramp was installed at Waverly Place. Page 69 Municipality of Clarington Page 4 Report CAO-004-26 2.18 Accessible features, as required by the AODA, are incorporated into built environment capital projects and upgrades. This includes Tactile Warning Surface Indicators (TWSI), accessible parking spaces, and accessible playground features. 3. Clarington Accessibility Advisory Committee (CAAC) 3.1 The Clarington Accessibility Advisory Committee (CAAC) is a citizen committee legislated under Part VII of the Accessibility for Ontarians with Disabilities Act (AODA). The Committee is vibrant, engaged, and e xtremely passionate about their work. Meetings are either virtual, or hybrid format, in support of removing barriers and ensuring flexibility for members. As required by the AODA, at least 50% of citizen members identify as a person with a disability. 3.2 The CAAC continued to play a key advisory role in 2025, providing legislated input on municipal projects, site plans, and policy initiatives. The Committee also supported community awareness and engagement through partnerships, regional collaboration, and participation in accessibility‑focused events 4. Advancing the IDEA Strategy and Clarington’s Strategic Plan 4.1 The accessibility function is situated within the Diversity, Equity and Inclusion (DEI) Office, recognizing that barriers related to disability often inte rsect with race, gender, culture and other aspects of identity. Over the past year, the DEI Office has been exploring ways to strengthen these intersections by assessing role developments, aligning work plans and identifying opportunities for joint initiat ives that advance both accessibility and broader equity goals. 4.2 Accessibility initiatives undertaken in 2025 supported the Municipality’s Inclusion, Diversity, Equity and Anti-Racism (IDEA) Strategy and Clarington’s Strategic Plan, particularly the Connect pillar. Actions focused on reducing barriers, improving equitable access to services and facilities, and fostering an inclusive workplace and community. 4.3 Key contributions included improvements to accessible infrastructure, inclusive recreation opportunities, workplace accessibility initiatives, and collaboration with regional partners and community organizations 5. 2026 Initiatives 5.1 Throughout 2026, the Municipality will:  Build internal capacity through Rick Hansen Foundation Accessibility Certification training.  Continue to train staff on accessibility, inclusion and accessible documents as part of the staff DEI training schedule highlighted in the IDEA Strategy  Purchase additional mobility mats for outdoor municipal events, as we continue to reduce barriers to municipal programs and improve accessibility as outlined in the Strategic Plan. Page 70 Municipality of Clarington Page 5 Report CAO-004-26  The Municipality will undertake a review of its bylaws related to accessible on and off- street parking.  Advance the Municipality’s People Strategy by:  Reviewing and updating policies and procedures related to the AODA’s Employment Standard and;  Developing inclusive hiring resources that address implicit bias and neurodiversity.  Continue to support the Strategic Plan and IDEA Strategy by collaborating with Durham Region municipalities and strengthening partnerships with disability organizations to advance accessibility and inclusion in Clarington and Durham. 6. Financial Considerations Not Applicable. 7. Strategic Plan 7.1 The 2025 Annual Status Update supports the Connect Pillar of Clarington’s Strategic Plan by working to create a safe, diverse, inclusive and vibrant community. 8. Climate Change Not Applicable. 9. Concurrence Not Applicable. 10. Conclusion It is respectfully recommended that the 2025 Annual Accessibility Update Report be received for information. Staff Contact: Jeannette Whynot, Diversity, Equity Inclusion and Accessibility Specialist, jwhynot@clarington.net. Attachments: Not Applicable Interested Parties: The following interested parties will be notified of Council's decision: Clarington Accessibility Advisory Committee Page 71 Municipality of Clarington Page 1 Report FSD-013-26 If this information is required in an alternate accessible format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. Report To: General Government Committee Date of Meeting: April 13, 2026 Report Number: FSD-013-26 Submitted By: Trevor Pinn, Deputy CAO/Treasurer, Finance and Technology Reviewed By: Mary-Anne Dempster, CAO By-law Number: Resolution Number: File Number: Report Subject: 2025 Annual Investment Report Recommendations: 1. That Report FSD-013-26, and any related delegations or communication items, be received. Page 72 Report Overview Annually, the Treasurer is required to report to Council on the investment portfolio and results. Council reviewed its Investment Policy in February 2026, this report solely deals with the investment performance in 2025. The Municipality had an investment return of approximately 5.1%, an amount which is roughly double the prime rate, providing revenues to the Municipality from a non -tax source that can be used for future capital and operating pressures. It should be noted that approximately 1/3 of the investment income relates to DC reserve funds and are therefore restricted in use; however this mitigates cost pressures on DC projects and future DC fee increases. This is the first annual report since the Municipality has officially started investing using th e Prudent Investor Standard where money not required immediately has been provided to the ONE JIB. Where applicable delineation between funds invested internally (money required immediately) and funds under control of the ONE JIB (money not required immediately) has been made. 1. Background 1.1 The Municipal Act, and the Municipality’s Investment Policy require the Treasurer of the Municipality to report the state of the Municipality's investments to Council on an annual basis. 1.2 A snapshot summary of key information pertaining to the portfolio follows: Fund Opening Balance, January 2025 Closing Balance, December 2025 Investment Income Return on Average Balance General Fund Development Charges Reserve Fund Non-DC Reserve Fund Page 73 Fund Opening Balance, January 2025 Closing Balance, December 2025 Investment Income Return on Average Balance Strategic Capital Reserve Fund 9,928,765 9,783,063 164,812 1.67% Total Investments $213,774,850 $245,593,693 $11,189,167 5.12% 1.3 The nature of the investments through the legal list does not reasonably compare with most indices that personal investors may use. This is due to the restricted nature of the investments. However, given that the Bank of Canada bank rate averaged 2.94 percent in 2025, the return is significantly above that rate 1.4 At December 31, 2025, investments were split between Money Required Immediately and Money Not Required Immediately as follows: Fund Money Required Immediately (Legal List) Money Not Required Immediately (ONE JIB) Total General Fund Development Charges Reserve Fund Non-DC Reserve Funds Strategic Capital Reserve Fund Total Investments $223,609,334 $21,984,358 $245,593,693 1.5 The breakdown between money required immediately and money not required immediately is discretionary and is reviewed on an annual basis. Given the long-term nature of development charges, in most cases long term funds will be attributable to those funds. Page 74 1.6 It should also be noted that investment income earned on Development Charges must stay within the DC reserve funds. This income is used to fund mitigate inflationary pressures and provide additional funding resources. Investment Environment 1.7 The last five years have seen significant fluctuations in the interest rate market in Canada. Rates were at 2.00% from October 2018 to March 2020 when COVID resulted in the Bank of Canada suddenly cutting rates to 0.50%. The recovery of interest rates started in March 2022, steadily increasing to a high of 5.25 in July 2023. Rates were stable for approximately one year and since July 2024 have been nine rate changes bringing the current rate to 2.50% in November 2025. Rates are expected to remain in the 2.25% to 2.50% range throughout 2026. 1.8 Fixed income investments are impacted by the Bank Rate. Many investments entered into throughout 2021 and 2022 would be at low interest rates. As these matured, they were invested in higher returning investments. With decreasing rates, future returns may not be as high as 2024 and 2025 because of decreasing interest rates. 1.9 The following chart shows the past three years of the Bank of Canada overnight rate: 1.10 Over the long-term, interest rates have been significantly lower than the past 24 months. The legal list, which the Municipality has moved away from, is predominantly a fixed income market. Since January 2016, these rates have averaged 2.1 percent. 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Bank of Canada Bank Rate Monthly 2023 to 2026 Page 75 2. Performance of the Investment Portfolio 2.1 The Municipality's portfolio consists of several funds, including general funds, trust funds, reserve funds, and other investments. General Fund 2.2 The General Fund is the primary operating fund for the Municipality. This fund has the least number of active investments. The majority of the investments in this fund are in the HISA accounts provided by the investment advisors to the Municipality (ONE Investment, CIBC Woodgundy, BMO Nesbitt Burns and Scotiabank). The HISA accounts offer favourable interest rates for a highly liquid investment. 2.3 The ONE Investment Inc. HISA was established in September 2016 and held low balances throughout 2017. In 2018, the Municipality began being more active with its investments and moved funds from the lower interest -earning bank accounts to the higher HISA account. At December 31, 2025, the ONE Investment HISA had approximately $500 following the withdrawal of funds for Prudent. The HISA will remain open for short term cashflow purposes, there are no fees associated with this account. 2.4 Similarly, the investment accounts at CIBC Woodgundy, and BMO Nesbitt Burns include a HISA portion. These funds are typically available within 3 business days. The balance in these accounts typically result from maturing investments being pooled until a purchase can be made. At December 31, 2025 the balance in the HISA products with our investment advisors was approximately $0.0 million (2024- $16.0 million) across all funds. 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 1/ 1 / 2 0 1 6 6/ 1 / 2 0 1 6 11 / 1 / 2 0 1 6 4/ 1 / 2 0 1 7 9/ 1 / 2 0 1 7 2/ 1 / 2 0 1 8 7/ 1 / 2 0 1 8 12 / 1 / 2 0 1 8 5/ 1 / 2 0 1 9 10 / 1 / 2 0 1 9 3/ 1 / 2 0 2 0 8/ 1 / 2 0 2 0 1/ 1 / 2 0 2 1 6/ 1 / 2 0 2 1 11 / 1 / 2 0 2 1 4/ 1 / 2 0 2 2 9/ 1 / 2 0 2 2 2/ 1 / 2 0 2 3 7/ 1 / 2 0 2 3 12 / 1 / 2 0 2 3 5/ 1 / 2 0 2 4 10 / 1 / 2 0 2 4 3/ 1 / 2 0 2 5 8/ 1 / 2 0 2 5 Bank of Canada Bank Rate Monthly 2016 to 2026 Page 76 Non-Development Charges Reserve Funds 2.5 The Municipality operates a Non-Development Charges Reserve Fund investment portfolio for all reserve funds not established under the Development Charges Act, 1997. There is one exception: the Strategic Capital Reserve Fund, a separate fund. 2.6 The total book value of investments is approximately $116.1 million (2023 - $95.0 million), including approximately $42.8 million (2024 - $37.9 million) in bank balances. At December 31, 2025, the portfolio was comprised of $16.3 million (2024 - $8.7 million) in GICs with maturities in each of 2026 through 2029 and $48.3 million (2024 - $24.8 million) in bonds with maturities from 2026 to 2035. The portfolio includes $116.2 million (2024 - $39.4) in principle-protected notes; these are banknotes which are linked to an index but are issued by a chartered bank. For purposes of this report, the TD Bank Reserve Fund bank account is included in this portfolio. Development Charges Reserve Funds 2.7 The Development Charges Reserve Fund portfolio meets the obligations of the Municipality under the relevant legislation for Development Charges. 2.8 At December 31, 2025, the DC Reserve Fund included $121,100 in HISA, $8.5 million in various government bonds, $37.6 million in financial institutions and $1.6 million in corporate debt, and $22.0 million invested with ONE JIB through the prudent investor standard. Strategic Capital Reserve Funds 2.9 The Municipality established the Strategic Capital Reserve Fund portfolio to hold investments for the Strategic Capital Reserve Fund specifically. This reserve fund was created to provide a funding source for economic development activities. The intent was to keep the $10.0 million capital as a source of internal borrowing for economic development capital investments. Interest earned on the investments is transferred to the general fund to offset the tax levy. 2.10 This fund invests $0 million (2024 - $3.9 million) in GICs. Bonds worth $7.0 million (2023 - $3.6 million) with maturities from June 2024 to January 2032 are also held with an interest rate of 1.4 to 3.1 percent. There is also $2.8 million in PPNs. 2.11 In January 2026, the Municipality expedited its pledge to the Bowmanville Hospital Foundation of $7.5 million to support the Lakeridge Health redevelopment of the Hospital. The pledge was financed from this reserve fund, this reduction will impact the interest earned in this account in 2026. Overall Performance 2.12 The total income for the past five years, excluding trust funds and Elexicon, by fund are summarized below: Page 77 Fund 2025 Income 2024 Income 2023 Income 2022 Income 2021 Income General Fund $3,760,565 $4,303,907 $4,812,802 $3,808,056 $1,060,573 Development Charges Reserve Fund 4,900,007 5,623,697 1,695,019 1,694,340 624,705 Non-DC Reserve Funds 2,363,783 7,895,269 1,582,907 1,600,751 1,123,800 Strategic Capital Fund 164,812 457,160 (402,115) 372,817 612,865 Total Investment $11,189,167 $18,280,033 $7,688,614 $7,475,964 $3,421,943 3. Compliance with Investment Policy 3.1 The Municipality of invests based on the legal list of investments outlined in O.Reg. 438/97 as amended. The legal list is very prescribed and limits the ability of the Municipality to diversify its investments fully; however, it is relatively secure. Investment Accounts 3.2 The Municipality of Clarington holds its investments through investment accounts with several financial organizations. In determining whether the Municipality is meeting its investment policies, the underlying asset is considered, not the custodian of the investment. 3.3 The Municipality held the following accounts throughout 2025: Institution Accounts Held TD Bank   Page 78 Institution Accounts Held  Reserve Fund bank account  Guaranteed Investment Certificates (GICs) ONE Investment Inc.  Hight Interest Savings Account (HISA) ONE JIB (a joint municipal services board)  Prudent Investor investments (see breakdown in paragraph 3.22) BMO Nesbitt Burns  General fund investment  Reserve Fund investment account CIBC Woodgundy  DC Reserve Fund investment account  Strategic Capital Reserve Fund investment account  Non-DC Reserve Fund investment account ScotiaBank  High Interest Savings Account (HISA) 3.4 The investment accounts with BMO Nesbitt Burns, and CIBC Woodgundy hold a variety of investment instruments which could include GICs, government bonds, and bank deposit notes. Diversification Risk 3.5 The Municipality holds investments of several different types. It is essential to diversify the types of investments with an extensive portfolio to reduce the risk to the overall portfolio from variations in any one market. The following table shows the December 31, 2025, investments by type as well as the minimum and maximum percentage allowed per the Investment Policy: Page 79 Investment Type Book Value at December 31, 2025 Percentage of Holdings Minimum Range Maximum Range High Interest Savings Account $42,789,202 19.1% 0% 100% Federal Debt 1,516,187 0.7% 0% 100% Provincial Debt 12,193,252 5.5% 0% 80% Municipal Debt 2,513,799 1.1% 0% 35% Financial Institutions 160,996,895 72.0% 0% 80% Corporate Debt (non- financial) 3,600,000 1.6% 0% 10% Total Investments Under Municipal Control $223,609,335 3.6 To illustrate the breakdown of the short-term portfolio, the following graph shows the percentage of holdings. For the purposes of the chart, the three levels of government are shown combined. As can be seen, the significant majority of the investment portfolio is with financial institutions. Page 80 3.7 The policy guideline for financial institutions is zero percent to 80 percent of the investment portfolio. At December 31, 2025, the Municipality was within this limit. While within the policy limits, the above indicates that the Municipality is concentrated in Canadian financial institutions. 3.8 The above diversification risk table does not include the funds that are invested through the ONE JIB. Those investments are managed professionally and Staff are comfortable that appropriate diversification is being maintained. Please see paragraph 3.22 for additional information. High Interest Savings Account 19% Government Debt 7% Financial Institutions 72% Non-Financial Corporate Debt 2% Book Value of Investments (MRI) at December 31, 2025 Page 81 Liquidity Risk 3.9 The Municipality attempts to balance cash flows through the timing of the maturity of investments. Staggered maturity dates ensure that cash is readily available to meet the needs of the Municipality and reduces interest rate risk. At December 31, 2025, the maturity dates, and allowable ranges, of investments held by the Municipality were as follows: Timeframe Book Value at December 31, 2025 Percentage of Portfolio Minimum Range Maximum Range Up to 90 Days Up to 1 Year 1 to 5 Years 5 to 10 Years $223,609,335 3.10 The Municipality's Investment Policy indicates the target range for less than 90 days is 20% to 100%, and less than one year is 30% to 100%. The amount shown above that is 90 days to 1 year should be added to the amount held less than 90 days to determine compliance with the requirement. Total amounts maturing less than one year is $64.5 million, which is 30.2% of the investment portfolio. 3.11 The Municipality's HISA and TD Reserve Fund bank accounts are considered to have a maturity of less than 90 days, as they are available to the Municipality within 24 hours . 3.12 In addition to the HISA and banks, many of the investments that ha ve maturities in the 1 to 5 year range have expected lives within 12 months. The Municipality purchases “Principal Protected Notes” with an auto-callable function, which means that if the investment meets certain criteria it will be automatically called. 3.13 It is the opinion of the Treasurer that at December 31, 2025 the Municipality was in compliance with the investment policy requirements for liquidity risk . Page 82 Concentration Risk 3.14 The Municipality attempts to diversify its investment portfolio by restricting the percentage of investments any single institution may have. Diversification mitigates the risk to the Municipality if an investment becomes insolvent. Note that the Canadian Deposit Insurance Corporation (CDIC) only guarantees investments up to $100,000 p er institution, therefore, most of the Municipality's investments are not insured through CDIC. 3.15 At December 31, 2025 the Municipality's investments by institution were as follows: Institution Book Value at December 31, 2025 Percentage of MRI Portfolio Maximum Allowed TD Bank - Savings ONE HISA Royal Bank of Canada Royal Bank of Canada HISA CIBC - HISA National Bank Bank of Nova Scotia Bank of Montreal CIBC TD Bank Province of Ontario Page 83 Institution Book Value at December 31, 2025 Percentage of MRI Portfolio Maximum Allowed Province of British Columbia 968,290 0.4% 20.0% Province of Manitoba 2,000,000 0.9% 20.0% Regional Municipality of Durham 1,001,760 0.4% 10.0% Quebec Hydro 3,600,000 1.6% 5.0% City of Toronto 1,512,039 0.7% 10.0% Canada Housing Trust No 1 1,516,187 0.7% 100.0% Province of Alberta 1,451,608 0.6% 20.0% ONE JIB Controlled (see 3.22) 21,984,358 N/A N/A $245,593,693 3.16 At December 31, 2025, the Municipality complied with restrictions on per institution investments. Overall Compliance 3.17 The Municipality complied with CP-003 Investment Policy (Legal List) and the Eligible Investment Regulation at December 31, 2025. Prudent Investor Update 3.18 At its meeting of November 21, 2024, the ONE JIB accepted the Municipality as a member municipality. The Municipality’s 2024-2025 investment plan was presented to the Board by PH&N for acceptance and was approved at that same meeting. Page 84 3.19 The Municipality transferred funds of $20 million to the ONE JIB on January 13, 2025 for investment. These funds represent the estimated Money Not Required Immediately, which is required to be given to the ONE JIB for investment. 3.20 At the September 11, 2025 ONE JIB Meeting, the annual review of the investment plan occurred. Changes to the investment plan were made in accordance with the updated investment policy approved by Council. The Treasurer identified an additional $250,000 which as MNRI to be transferred to the ONE JIB. The updated plan included these additional funds. 3.21 The 2025-26 investment plan approved by the ONE JIB utilizes funds all operated by RBC Global Asset Management. The model is targets 20% Canadian fixed income, 35% Canadian equities, 35% global equities and 10% alternative investments (5% Canadian Core Real Estate and 5% Global Infrastructure). It is considered a long-term investment plan, MNRI is reviewed annually by Staff based on forecasted needs . 3.22 At December 31, 2025 the ONE JIB fund breakdown was as follows: Fund Description Book Cost Market Value PH&N Short Term Bond & Mortgage Fund RBC QUBE Canadian Equity Fund PH&N Canadian Equity Fund PH&N Canadian Equity Value Fund PH&N US Equity Fund RBC QUBE US Equity Fund RBC QUBE Low Volatility US Equity Fund RBC International Equity Index Fund RBC International Equity Fund Page 85 Fund Description Book Cost Market Value RBC Emerging Markets Dividend Fund 890,549 816,005 RBC Emerging Markets Equity Fund 840,649 806,983 RBC Canadian Core Real Estate Fund 1,130,000 1,138,238 RBC Global Infrastructure Fund LP 1,130,000 1,131,609 $21,984,360 $23,576,124 3.23 Overall, $20,250,000 of funds have been provided to the ONE JIB for investment. The difference between this amount and the book value above is due to investment income which has been realized and reinvested into the funds, such as dividends or capital gains. 3.24 Compared to the invested amount, the Municipality has in the first year realized a return of approximately $1,734,400, or a 8.6% return based on the increase value of the book value compared to the invested amount. A further unrealized gain $1.6 million brings the annual return to approximately 16% in less than 12 full months of investment. 3.25 The following chart breaks down the value of the ONE JIB Investment at December 31, 2025: Page 86 3.26 Included in Attachment #1 is the Statement of Investments as at December 31, 2025. This provides a list of the actual investments that are held by the funds included in Clarington’s portfolio. 4. Other Information Relevant to Council Board Appointments 4.1 As identified last year, the Municipality’s Treasurer sits on the board of ONE Investment as its Vice-Chair (2025-2026, becoming Chair in 2026-2027) and is the Vice-Chair of ONE’s Audit and Risk Committee. 4.2 Internally, processes are in place to ensure that there is a vetting process in place for investment decisions related to ONE Investment. The annual determination of Money Not Required Immediately, is performed by the Financial Planning team and reviewed by the Treasurer. This is the amount that is provided to ONE JIB, which is independent of ONE Investment. 5. Financial Considerations 5.1 The 2025 Annual report provides historical results, historical results are not indicative of future results due to many external economic factors outside of the control of the Municipality. 6. Strategic Plan 6.1 Not Applicable. $20,250,000.00 $1,734,360.00 $1,591,764.00 $- $5,000,000.00 $10,000,000.00 $15,000,000.00 $20,000,000.00 $25,000,000.00 December 31 2025 Breakdown of Prudent Investment Balance At December 31, 2025 Unrealized Gain Reinvested income Initial Investment Page 87 7. Climate Change 7.1 Not Applicable. 8. Concurrence 8.1 Not Applicable. 9. Conclusion It is respectfully recommended that the 2024 Annual Investment Report be received for information. Staff Contact: Trevor Pinn, CPA, CA, Deputy CAO/Treasurer, 905-623-3379 ext.2602 or tpinn@clarington.net. Attachments: Attachment 1 – ONE JIB Statement of Investments at December 31, 2025 Interested Parties: Not Applicable Page 88 Investment Management Report Addendum Statement of Investments For the pooled and mutual funds held by Clarington At December 31, 2025 Attachment 1 to Report FSD-013-26 Page 89 Page 90 Clarington Table of Contents PH&N Short Term Bond & Mortgage Fund RBC Commercial Mortgage Fund PH&N Canadian Equity Fund PH&N Canadian Equity Value Fund RBC QUBE Canadian Equity Fund PH&N U.S. Equity Fund RBC QUBE Low Volatility U.S. Equity Fund (CAD) RBC QUBE U.S. Equity Fund PH&N Overseas Equity Fund RBC Emerging Markets Dividend Fund RBC Emerging Markets Equity Fund (CAD) RBC International Equity Fund (CAD) RBC International Equity Index Fund RBC Canadian Core Real Estate Fund RBC Global Infrastructure Fund LP 1 6 7 9 11 13 15 17 19 20 22 24 26 33 34 ONE Investment Page 91 PH&N Short Term Bond & Mortgage Fund (continued) Clarington PH&N Short Term Bond & Mortgage Fund Statement of Investments As at September 30, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) BONDS AND DEBENTURES (91.42%) Federal Government (24.60%) 1,842,011 Canadian Government Bond 2.500% Nov 01, 2027 1,843,049 18.65 109,247 Canadian Government Bond 3.250% Sep 01, 2028 111,413 1.13 32,205 Canadian Government Bond 1.250% Mar 01, 2027 31,668 0.32 12,280 Canadian Government Bond 1.000% Sep 01, 2026 12,121 0.12 9,195 Canadian Government Bond 4.000% Mar 01, 2029 9,616 0.10 2,490 Canadian Government Bond 2.250% Jun 01, 2029 2,460 0.02 -Accrued Income 7,336 0.07 Provincial & Municipal Government (7.18%) 336,632 Province of Ontario 1.350% Dec 02, 2030 310,804 3.15 173,478 Province of Quebec 1.500% Sep 01, 2031 158,713 1.61 15,990 Province of Alberta 2.050% Jun 01, 2030 15,420 0.16 -Accrued Income 2,239 0.02 Corporates (59.65%) 142,465 Toronto-Dominion Bank 5.376% Oct 21, 2027 149,244 1.51 119,895 Bank of Montreal 4.537% Dec 18, 2028 124,937 1.26 88,375 TransCanada PipeLines Ltd 5.277% Jul 15, 2030 94,912 0.96 85,205 Toronto-Dominion Bank 4.210% Jun 01, 2027 86,978 0.88 84,261 National Housing Act MBS (97531499) 3.240% May 01, 84,732 0.86 2030 78,045 Federation des Caisses Desjardins du Quebec 3.804% 79,671 0.81 Sep 24, 2029 72,969 National Housing Act MBS (97530957) 3.640% Feb 01, 74,069 0.75 2028 65,960 Toromont Industries Ltd 3.842% Oct 27, 2027 66,872 0.68 64,110 BPC Generation Infrastructure Trust 3.795% Sep 29, 64,480 0.65 2030 59,464 National Housing Act MBS (97529972) 4.040% Oct 01, 60,624 0.61 2027 57,375 Bruce Power LP 3.969% Jun 23, 2026 57,646 0.58 52,513 National Housing Act MBS (97530007) 3.350% Oct 01, 53,070 0.54 2029 51,816 Enbridge Inc 3.200% Jun 08, 2027 51,947 0.53 47,012 National Housing Act MBS (97529921) 3.500% Oct 01, 47,693 0.48 2029 45,720 South Bow Canadian Infrastructure Holdings Ltd 4.323% 46,983 0.48 Feb 01, 2030 44,105 Inter Pipeline Ltd/AB 5.760% Feb 17, 2028 46,382 0.47 43,915 Toyota Credit Canada Inc 4.420% Jun 28, 2027 45,031 0.46 42,884 Coastal Gaslink Pipeline LP 4.673% Jun 30, 2027 44,146 0.45 42,435 Royal Bank of Canada 4.612% Jul 26, 2027 43,716 0.44 42,100 Bank of Montreal 4.309% Jun 01, 2027 43,000 0.44 39,320 Bell Telephone Co of Canada or Bell Canada 5.250% 41,697 0.42 Mar 15, 2029 39,705 Bruce Power LP 4.010% Jun 21, 2029 40,702 0.41 37,260 Emera Inc 4.838% May 02, 2030 39,016 0.39 38,650 CNH Industrial Capital Canada Ltd 3.750% Jun 05, 2029 38,977 0.39 38,319 National Housing Act MBS (97531822) 3.240% Jun 01, 38,506 0.39 2030 324,650 Canadian Government Bond 2.750% Sep 01, 2030 37,585 Canadian Government Bond 2.750% Sep 01, 2027 30,740 Canadian Government Bond 1.250% Jun 01, 2030 10,360 Canadian Government Bond 2.750% Mar 01, 2030 9,675 Canadian Government Bond 1.500% Jun 01, 2026 1,200 Canadian Government Bond 3.500% Sep 01, 2029 190,342 Province of Quebec 1.900% Sep 01, 2030 38,530 Province of Ontario 3.600% Mar 08, 2028 883 Ontario School Boards Financing Corp 5.900% Oct 11, 2027 133,940 Bank of Montreal 4.709% Dec 07, 2027 120,602 National Housing Act MBS (97526381) 3.840% Sep 01, 2028 91,746 Heathrow Funding Ltd 2.694% Oct 13, 2027 GB 84,111 National Housing Act MBS (97530112) 3.721% Oct 01, 2029 79,520 Royal Bank of Canada 4.632% May 01, 2028 72,000 Royal Bank of Canada 5.096% Apr 03, 2034 71,374 National Housing Act MBS (97526483) 3.840% Sep 01, 2028 63,245 Finning International Inc 4.778% Feb 13, 2029 59,130 National Grid Electricity Transmission PLC 5.221% Sep GB 16, 2031 61,555 National Grid Electricity Transmission PLC 2.301% Jun GB 22, 2029 53,911 NextEra Energy Capital Holdings Inc 3.830% Jun 12, 2030 50,787 Finning International Inc 4.445% May 16, 2028 48,371 National Housing Act MBS (97529505) 4.040% Aug 01, 2029 46,215 Enbridge Inc 3.900% Feb 25, 2030 46,245 ARC Resources Ltd 3.577% Jun 17, 2028 42,805 Coastal Gaslink Pipeline LP 4.691% Sep 30, 2029 44,410 Toyota Credit Canada Inc 3.360% May 23, 2028 42,967 National Housing Act MBS (97525555) 3.840% Jun 01, 2028 40,335 Toronto-Dominion Bank 5.491% Sep 08, 2028 42,458 Bruce Power LP 2.680% Dec 21, 2028 38,990 Canadian Imperial Bank of Commerce 5.500% Jan 14, 2028 38,805 CNH Industrial Capital Canada Ltd 5.500% Aug 11, 2026 38,053 407 International Inc 4.220% Feb 14, 2028 36,785 Bank of Montreal 5.039% May 29, 2028 37,917 Ontario Power Generation Inc 3.315% Oct 04, 2027 324,858 37,780 28,781 10,387 9,616 1,238 181,531 39,437 138,632 122,928 91,096 85,956 82,710 75,711 72,836 66,005 63,453 59,543 54,789 52,313 49,806 47,045 46,609 45,077 44,769 43,804 43,038 41,944 41,056 39,652 39,002 38,593 38,183 3.29 0.38 0.29 0.11 0.10 0.01 1.84 0.40 0.01 1.40 1.24 0.92 0.87 0.84 0.77 0.74 0.67 0.64 0.60 0.55 0.53 0.50 0.48 0.47 0.46 0.45 0.44 0.44 0.42 0.42 0.40 0.39 0.39 0.39 37,050 Royal Bank of Canada 5.235% Nov 02, 2026 38,029 0.38 36,811 National Housing Act MBS (97530764) 3.740% Jan 01, 37,384 0.38 2028 ONE Investment Page 1 910 Page 92 Clarington PH&N Short Term Bond & Mortgage Fund (continued) Statement of Investments As at September 30, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) BONDS AND DEBENTURES (91.42%) Corporates (59.65%) 35,490 TELUS Corp 4.800% Dec 15, 2028 37,111 0.38 36,305 Bank of Montreal 4.077% Mar 05, 2035 36,801 0.37 33,280 Ventas Canada Finance Ltd 5.398% Apr 21, 2028 34,973 0.35 33,854 Bank of Nova Scotia 3.934% May 03, 2032 34,284 0.35 32,870 Royal Bank of Canada 5.010% Feb 01, 2033 34,153 0.35 33,695 Toronto-Dominion Bank 3.060% Jan 26, 2032 33,707 0.34 33,060 Toyota Credit Canada Inc 3.310% Aug 18, 2028 33,274 0.34 30,850 Cameco Corp 4.940% May 24, 2031 32,823 0.33 31,840 Toronto-Dominion Bank 3.842% May 29, 2031 32,405 0.33 32,164 National Housing Act MBS (97532465) 3.000% Sep 01, 32,082 0.32 2030 31,577 National Housing Act MBS (97531374) 3.090% Apr 01, 31,584 0.32 29,190 John Deere Financial Inc 5.170% Sep 15, 2028 30,910 0.31 2030 30,205 Groupe Nouveau Pont Ile-Aux-Tourtes Inc 5.131% Jul 31, 30,646 0.31 30,120 Toronto-Dominion Bank 4.859% Mar 04, 2031 30,366 0.31 2030 29,315 Royal Bank of Canada 3.411% Jun 12, 2029 29,545 0.30 27,615 NextEra Energy Capital Holdings Inc 4.850% Apr 30, 29,337 0.30 2031 28,925 Rogers Communications Inc 3.750% Apr 15, 2029 29,272 0.30 29,065 National Housing Act MBS (97528713) 3.240% Apr 01, 29,248 0.30 2029 28,870 TransCanada PipeLines Ltd 3.390% Mar 15, 2028 29,067 0.29 28,524 TriSummit Utilities Inc 3.150% Apr 06, 2026 28,536 0.29 27,830 Royal Bank of Canada 4.279% Feb 04, 2035 28,485 0.29 26,000 Bank of Montreal 6.534% Oct 27, 2032 27,732 0.28 26,882 Brookfield Infrastructure Finance ULC 3.410% Oct 09, 26,914 0.27 26,545 Bank of Nova Scotia 3.734% Jun 27, 2031 26,872 0.27 2029 26,630 National Housing Act MBS (97530466) 3.350% Dec 01, 26,857 0.27 25,075 Bank of Nova Scotia 4.950% Aug 01, 2034 26,261 0.27 2027 25,577 Husky Midstream LP 4.100% Dec 02, 2029 26,171 0.26 25,223 Enbridge Inc 4.210% Feb 22, 2030 25,966 0.26 25,595 North West Redwater Partnership / NWR Financing Co 25,534 0.26 24,935 ENMAX Corp 3.836% Jun 05, 2028 25,333 0.26 Ltd 2.800% Jun 01, 2027 25,112 AIMCo Realty Investors LP 2.195% Nov 04, 2026 24,975 0.25 23,200 Bank of Montreal 6.034% Sep 07, 2033 24,900 0.25 24,305 Royal Bank of Canada 3.985% Jul 22, 2031 24,895 0.25 24,654 National Housing Act MBS (97530467) 3.350% Dec 01, 24,864 0.25 2027 24,140 North West Redwater Partnership / NWR Financing Co 23,906 0.24 23,776 National Housing Act MBS (97526349) 3.140% Aug 01, 23,891 0.24 Ltd 2.000% Dec 01, 2026 2028 22,655 Canadian Imperial Bank of Commerce 5.330% Jan 20, 23,660 0.24 22,775 Canadian Imperial Bank of Commerce 5.000% Dec 07, 23,339 0.24 2033 2026 21,607 Bruce Power LP 4.700% Jun 21, 2031 22,740 0.23 21,475 Toronto-Dominion Bank 4.680% Jan 08, 2029 22,496 0.23 21,460 Enbridge Inc 4.900% May 26, 2028 22,373 0.23 20,170 Choice Properties Real Estate Investment Trust 5.030% 21,429 0.22 Feb 28, 2031 19,555 TransCanada PipeLines Ltd 7.340% Jul 18, 2028 21,396 0.22 20,495 CNH Industrial Capital Canada Ltd 4.800% Mar 25, 2027 20,989 0.21 20,556 Enbridge Pipelines Inc 3.520% Feb 22, 2029 20,742 0.21 20,470 Enbridge Inc 3.550% Feb 25, 2028 20,675 0.21 20,425 Toyota Credit Canada Inc 3.550% Oct 04, 2027 20,673 0.21 20,445 Hyundai Capital Canada Inc 3.577% Nov 22, 2027 20,628 0.21 19,298 TransCanada PipeLines Ltd 7.900% Apr 15, 2027 20,540 0.21 20,460 Keyera Corp 3.702% Oct 15, 2030 20,535 0.21 20,375 Hyundai Capital Canada Inc 3.196% Feb 16, 2027 20,421 0.21 20,059 National Housing Act MBS (97530929) 3.040% Feb 01, 20,047 0.20 2030 19,389 National Housing Act MBS (97532060) 3.240% Jul 01, 19,486 0.20 19,077 North West Redwater Partnership / NWR Financing Co 19,103 0.19 2030 Ltd 3.200% Apr 24, 2026 18,380 Daimler Truck Finance Canada Inc 4.460% Sep 27, 2027 18,874 0.19 17,027 Vancouver Airport Authority 7.425% Dec 07, 2026 17,898 0.18 16,745 Bell Telephone Co of Canada or Bell Canada 5.150% 17,616 0.18 16,585 Canadian Imperial Bank of Commerce 3.800% Dec 10, 16,867 0.17 Nov 14, 2028 2030 16,725 Cenovus Energy Inc 3.600% Mar 10, 2027 16,821 0.17 15,750 Bank of Nova Scotia 5.679% Aug 02, 2033 16,717 0.17 16,260 Teranet Holdings LP 3.719% Feb 23, 2029 16,320 0.17 15,545 John Deere Financial Inc 4.380% Jul 11, 2028 16,103 0.16 15,971 National Housing Act MBS (97532061) 3.240% Jul 01, 16,066 0.16 15,987 Walt Disney Co 3.057% Mar 30, 2027 16,034 0.16 2030 15,899 National Housing Act MBS (97531815) 3.240% Jun 01, 15,997 0.16 15,705 VW Credit Canada Inc 5.800% Nov 17, 2025 15,759 0.16 2030 14,995 Royal Bank of Canada 4.829% Aug 08, 2034 15,651 0.16 15,673 Alectra Inc 2.488% May 17, 2027 15,596 0.16 15,075 George Weston Ltd 4.193% Sep 05, 2029 15,460 0.16 14,704 Fortis Inc/Canada 4.431% May 31, 2029 15,215 0.15 14,430 National Bank of Canada 5.426% Aug 16, 2032 15,017 0.15 13,945 Toronto-Dominion Bank 5.177% Apr 09, 2034 14,702 0.15 13,910 Toyota Credit Canada Inc 5.160% Jul 12, 2028 14,684 0.15 14,370 BMW Canada Inc 3.700% Apr 02, 2029 14,554 0.15 14,430 Toronto-Dominion Bank 3.605% Sep 10, 2031 14,516 0.15 14,435 National Housing Act MBS (97531576) 3.240% May 01, 14,513 0.15 2030 ONE Investment Page 2 Page 93 Clarington PH&N Short Term Bond & Mortgage Fund (continued) Statement of Investments As at September 30, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) BONDS AND DEBENTURES (91.42%) Corporates (59.65%) 12,899 407 International Inc 6.470% Jul 27, 2029 14,418 0.15 14,185 Vancouver Airport Fuel Facilities Corp 3.805% Jun 04, 14,391 0.15 2030 14,150 Canadian Imperial Bank of Commerce 4.150% Apr 02, 14,380 0.15 13,995 Enbridge Gas Inc 2.880% Nov 22, 2027 14,012 0.14 2035 13,482 Great Lakes Power Holdings LP/Canada Atlantis Hydro 13,865 0.14 13,864 Enbridge Gas Inc 2.500% Aug 05, 2026 13,833 0.14 Holding LP/Algoma Hydro Hold 5.132% Nov 30, 2029 13,989 RioCan Real Estate Investment Trust 2.829% Nov 08, 13,793 0.14 13,490 Bell Telephone Co of Canada or Bell Canada 3.800% 13,698 0.14 2028 Aug 21, 2028 13,515 Cenovus Energy Inc 3.500% Feb 07, 2028 13,582 0.14 12,680 Rogers Communications Inc 5.700% Sep 21, 2028 13,528 0.14 12,639 CU Inc 5.563% May 26, 2028 13,379 0.14 12,810 Choice Properties Real Estate Investment Trust 4.293% 13,215 0.13 Jan 16, 2030 12,625 Le Carrefour Laval Rec Inc 4.198% Aug 14, 2030 12,866 0.13 12,130 Canadian Imperial Bank of Commerce 5.300% Jan 16, 12,798 0.13 2034 12,480 Toronto-Dominion Bank 4.231% Feb 01, 2035 12,734 0.13 12,566 National Housing Act MBS (97529685) 3.250% Sep 01, 12,648 0.13 2029 12,415 Gildan Activewear Inc 3.630% Mar 13, 2028 12,531 0.13 12,105 National Bank of Canada 4.260% Feb 15, 2035 12,366 0.13 12,160 Whitecap Resources Inc 3.761% Jun 19, 2028 12,281 0.12 11,175 Brookfield Infrastructure Finance ULC 5.710% Jul 27, 12,188 0.12 2030 11,735 Bruce Power LP 4.000% Jun 21, 2030 12,006 0.12 11,815 Royal Bank of Canada 3.626% Dec 10, 2028 11,963 0.12 11,795 ENMAX Corp 3.771% Jun 06, 2030 11,938 0.12 10,106 Greater Toronto Airports Authority 7.100% Jun 04, 2031 11,904 0.12 11,605 Canadian Imperial Bank of Commerce 3.650% Dec 10, 11,749 0.12 11,515 Brookfield Infrastructure Finance ULC 5.598% Sep 01, 11,731 0.12 2028 2055 11,135 Daimler Truck Finance Canada Inc 5.220% Sep 20, 2027 11,592 0.12 10,875 Reliance LP 5.250% May 15, 2031 11,586 0.12 10,780 CNH Industrial Capital Canada Ltd 4.000% Apr 11, 2028 10,971 0.11 10,725 Atco Ltd/Canada 3.878% May 27, 2030 10,907 0.11 10,523 TransCanada PipeLines Ltd 8.290% Feb 05, 2026 10,706 0.11 10,145 Chartwell Retirement Residences 3.650% May 06, 2028 10,223 0.10 10,098 Enbridge Pipelines Inc 3.000% Aug 10, 2026 10,106 0.10 9,875 Manulife Financial Corp 4.064% Dec 06, 2034 10,073 0.10 10,000 Heathrow Funding Ltd 3.661% Jan 13, 2031 GB 9,999 0.10 9,940 Heathrow Funding Ltd 3.400% Mar 08, 2028 GB 9,998 0.10 9,596 NOVA Gas Transmission Ltd 8.460% Jun 05, 2026 9,895 0.10 9,590 Capital Power Corp 5.378% Jan 25, 2027 9,868 0.10 9,280 National Bank of Canada 5.219% Jun 14, 2028 9,803 0.10 9,685 Brookfield Renewable Partners ULC 3.380% Jan 15, 9,684 0.10 2030 8,410 Saputo Inc 3.879% Jul 02, 2030 8,563 0.09 8,345 Canadian Imperial Bank of Commerce 4.200% Apr 07, 8,480 0.09 2032 8,005 Federation des Caisses Desjardins du Quebec 4.264% 8,181 0.08 7,935 Capital Power Corp 4.424% Feb 08, 2030 8,176 0.08 Jan 24, 2035 7,755 Bank of Montreal 4.976% Jul 03, 2034 8,129 0.08 7,675 Federation des Caisses Desjardins du Quebec 5.279% 8,115 0.08 May 15, 2034 7,371 Loblaw Cos Ltd 6.500% Jan 22, 2029 8,029 0.08 7,985 EPCOR Utilities Inc 3.373% Oct 01, 2030 8,006 0.08 7,705 ENMAX Corp 3.876% Oct 18, 2029 7,847 0.08 7,695 Cameco Corp 2.950% Oct 21, 2027 7,683 0.08 7,430 Toronto-Dominion Bank 4.477% Jan 18, 2028 7,673 0.08 7,640 Bank of Nova Scotia 2.950% Mar 08, 2027 7,649 0.08 7,440 TMX Group Ltd 3.779% Jun 05, 2028 7,571 0.08 7,570 John Deere Financial Inc 2.580% Oct 16, 2026 7,561 0.08 7,165 Hyundai Capital Canada Inc 4.813% Feb 01, 2027 7,335 0.07 6,780 Honda Canada Finance Inc 5.730% Sep 28, 2028 7,276 0.07 6,960 Canadian Imperial Bank of Commerce 4.900% Jun 12, 7,271 0.07 6,845 General Motors Financial of Canada Ltd 5.100% Jul 14, 7,145 0.07 2034 2028 6,535 Coastal Gaslink Pipeline LP 4.907% Jun 30, 2031 6,980 0.07 6,484 Greater Toronto Airports Authority 6.450% Dec 03, 2027 6,938 0.07 6,500 Bell Telephone Co of Canada or Bell Canada 3.600% 6,561 0.07 6,440 Pembina Pipeline Corp 4.020% Mar 27, 2028 6,557 0.07 Sep 29, 2027 6,455 Pembina Pipeline Corp 3.620% Apr 03, 2029 6,517 0.07 6,460 Hyundai Capital Canada Inc 3.573% Sep 05, 2028 6,509 0.07 6,049 Bell Telephone Co of Canada or Bell Canada 7.000% 6,465 0.07 6,370 Finning International Inc 2.626% Aug 14, 2026 6,356 0.06 Sep 24, 2027 5,890 General Motors Financial of Canada Ltd 5.200% Feb 09, 6,130 0.06 5,760 NOVA Gas Transmission Ltd 7.000% Jul 16, 2027 6,082 0.06 2028 5,695 Hyundai Capital Canada Inc 5.565% Mar 08, 2028 6,000 0.06 5,640 John Deere Financial Inc 4.630% Apr 04, 2029 5,913 0.06 5,868 Enbridge Gas Inc 8.650% Nov 10, 2025 5,901 0.06 5,625 SmartCentres Real Estate Investment Trust 5.354% May 5,885 0.06 29, 2028 ONE Investment Page 3 Page 94 Clarington PH&N Short Term Bond & Mortgage Fund (continued) Statement of Investments As at September 30, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) BONDS AND DEBENTURES (91.42%) 5,739 Corporates (59.65%) National Housing Act MBS (97522371) 2.140% Jul 01, 2027 5,678 0.06 5,276 NAV Canada 7.400% Jun 01, 2027 5,648 0.06 5,500 5,300 5,085 5,069 4,800 4,620 4,330 Choice Properties Real Estate Investment Trust 4.178% Mar 08, 2028 TMX Group Ltd 4.678% Aug 16, 2029 Sienna Senior Living Inc 4.112% Aug 21, 2030 Heathrow Funding Ltd 3.782% Sep 04, 2030 National Bank of Canada 4.333% Aug 15, 2035 Hyundai Capital Canada Inc 4.489% Jul 26, 2027 Caterpillar Financial Services Ltd 4.510% Mar 05, 2027 GB 5,631 5,583 5,164 5,113 4,905 4,733 4,428 0.06 0.06 0.05 0.05 0.05 0.05 0.04 4,965 5,238 4,970 4,990 4,610 4,645 4,105 FortisBC Energy Inc 6.950% Sep 21, 2029 Westcoast Energy Inc 7.300% Dec 18, 2026 Bruce Power LP 4.700% Dec 21, 2027 AT&T Inc 4.000% Nov 25, 2025 Manulife Financial Corp 5.409% Mar 10, 2033 Reliance LP 2.680% Dec 01, 2027 TriSummit Utilities Inc 5.020% Jan 11, 2030 5,616 5,481 5,142 4,994 4,843 4,606 4,328 0.06 0.06 0.05 0.05 0.05 0.05 0.04 4,125 3,580 3,680 3,665 3,695 3,803 Whitecap Resources Inc 4.382% Nov 01, 2029 Nova Scotia Power Inc 7.450% Jul 14, 2031 Ventas Canada Finance Ltd 5.100% Mar 05, 2029 Enbridge Inc 5.700% Nov 09, 2027 Bank of Montreal 3.650% Apr 01, 2027 MPT Finco Inc 3.457% Nov 30, 2029 4,238 4,136 3,867 3,852 3,734 3,685 0.04 0.04 0.04 0.04 0.04 0.04 3,945 3,410 3,850 3,595 3,568 3,224 CT Real Estate Investment Trust 5.828% Jun 14, 2028 Hydro One Inc 7.350% Jun 03, 2030 TriSummit Utilities Inc 3.130% Apr 07, 2027 Capital Power Corp 5.816% Sep 15, 2028 Enbridge Gas Inc 7.600% Oct 29, 2026 Greater Toronto Airports Authority 6.450% Jul 30, 2029 4,183 3,997 3,852 3,834 3,733 3,466 0.04 0.04 0.04 0.04 0.04 0.04 3,160 Brookfield Renewable Partners ULC 5.373% Sep 10, 2055 3,211 0.03 2,875 Chartwell Retirement Residences 4.400% Nov 05, 2029 2,949 0.03 2,835 Caterpillar Financial Services Ltd 5.190% Sep 25, 2026 2,902 0.03 2,565 RioCan Real Estate Investment Trust 5.611% Oct 06, 2027 2,681 0.03 2,400 NOVA Gas Transmission Ltd 6.590% Dec 01, 2027 2,544 0.03 1,954 Greater Toronto Airports Authority 7.050% Jun 12, 2030 2,255 0.02 2,205 Brookfield Property Finance ULC 3.930% Jan 15, 2027 2,198 0.02 2,146 CNH Capital Canada Receivables Trust 5.063% Aug 15, 2031 2,195 0.02 2,100 Canadian Imperial Bank of Commerce 5.050% Oct 07, 2027 2,182 0.02 2,090 Pembina Pipeline Corp 4.240% Jun 15, 2027 2,124 0.02 1,980 1,700 AIMCo Realty Investors LP 3.367% Jun 01, 2027 Daimler Truck Finance Canada Inc 5.770% Sep 25, 2028 1,996 1,824 0.02 0.02 1,712 1,728 Newfoundland Power Inc 6.800% Nov 20, 2028 TransCanada PipeLines Ltd 7.310% Jan 15, 2027 1,840 1,808 0.02 0.02 1,784 Lower Mattagami Energy LP 2.307% Oct 21, 2026 1,776 0.02 1,235 RioCan Real Estate Investment Trust 5.470% Mar 01, 2030 1,316 0.01 1,182 1,062 857 753 Aeroports de Montreal 6.950% Apr 16, 2032 Westcoast Energy Inc 7.150% Mar 20, 2031 NOVA Gas Transmission Ltd 8.875% May 27, 2026 H2O Power LP 3.310% Nov 30, 2029 1,307 1,222 887 745 0.01 0.01 0.01 0.01 1,200 1,100 800 620 Enbridge Gas Inc 6.650% Nov 03, 2027 Enbridge Pipelines Inc 6.050% Feb 12, 2029 Loblaw Cos Ltd 6.650% Nov 08, 2027 Sea To Sky Highway Investment LP 2.629% Aug 31, 2030 1,285 1,177 854 610 0.01 0.01 0.01 0.01 570 220 - Westcoast Energy Inc 6.750% Dec 15, 2027 Enbridge Gas Inc 8.850% Oct 02, 2025 Accrued Income 607 220 56,018 0.01 0.00 0.57 280 0 Enbridge Gas Inc 6.100% May 19, 2028 NAV Canada 7.560% Mar 01, 2027 300 0 0.00 0.00 MORTGAGES (3.83%) 5,499 CMHC Insured (0.06%) Individual mortgage holdings 5,477 0.06 -Accrued Income 8 0.00 ONE Investment Page 4 Page 95 Clarington PH&N Short Term Bond & Mortgage Fund (continued) Statement of Investments As at September 30, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 373,559 MORTGAGES (3.83%) Conventional (3.78%) Individual mortgage holdings 372,039 3.77 -Accrued Income 1,042 0.01 Total Investments Cash & Short-term Notes Net Assets 9,411,066 95.26 468,787 4.74 9,879,853 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 5 Page 96 RBC Commercial Mortgage Fund (continued) Clarington RBC Commercial Mortgage Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) CANADIAN MUTUAL FUNDS (99.97%) 22,985,205 6,373,498 - Phillips, Hager & North Conventional Plus Mortgage Fund - Series N Phillips, Hager & North High Yield Mortgage Fund - Series O Accrued Income 226,873 66,307 5,622 39.47 11.54 0.98 21,061,331 5,621,119 Phillips, Hager & North Mortgage Pension Trust - Series OL BlueBay CMBS Opportunities Fund (Canada) - Series N 219,063 56,771 38.11 9.88 Total Investments Cash & Short-term Notes Net Assets 574,636 99.97 189 0.03 574,825 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 6 Page 97 PH&N Canadian Equity Fund (continued) Clarington PH&N Canadian Equity Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 1,906,658 883,058 1,666,449 677,168 383,951 277,698 505,001 858,083 318,332 343,158 172,562 128,268 178,283 243,015 533,194 121,005 700,346 109,186 128,190 233,421 181,860 668,521 1,067,275 860,469 1,395,779 411,357 601,741 111,583 862,635 81,760 783,272 690,935 832,492 622,093 CANADIAN EQUITIES (86.47%) Energy (13.29%) Enbridge Inc Suncor Energy Inc Cenovus Energy Inc Keyera Corp Materials (16.10%) Agnico Eagle Mines Ltd Wheaton Precious Metals Corp Teck Resources Ltd - Class B Shares First Quantum Minerals Ltd CCL Industries Inc Alamos Gold Inc Torex Gold Resources Inc Endeavour Mining PLC OceanaGold Corp Equinox Gold Corp B2Gold Corp Aya Gold & Silver Inc Industrials (6.01%) Canadian Pacific Kansas City Ltd Waste Connections Inc RB Global Inc Consumer Discretionary (2.65%) Dollarama Inc Magna International Inc Consumer Staples (2.41%) Alimentation Couche-Tard Inc Financials (31.71%) Royal Bank of Canada Canadian Imperial Bank of Commerce Brookfield Corp Bank of Montreal Brookfield Asset Management Ltd - Class A Shares National Bank of Canada Information Technology (8.19%) Shopify Inc Celestica Inc Telecommunication Services (1.79%) Rogers Communications Inc - Class B Shares Utilities (3.60%) Brookfield Infrastructure Partners LP - Partnership Shares Brookfield Renewable Partners LP - Partnership Shares Real Estate (0.71%) Canadian Apartment Properties REIT 125,229 53,796 38,695 29,414 89,368 44,809 33,184 31,577 27,599 18,187 11,310 9,066 6,935 4,688 3,295 2,377 70,770 26,283 18,115 47,884 13,307 50,112 249,732 107,068 87,962 73,324 43,265 19,260 190,642 33,195 40,581 32,965 30,877 22,937 3.85 1.65 1.19 0.90 2.75 1.38 1.02 0.97 0.85 0.56 0.35 0.28 0.21 0.14 0.10 0.07 2.18 0.81 0.56 1.47 0.41 1.54 7.68 3.29 2.71 2.26 1.33 0.59 5.86 1.02 1.25 1.01 0.95 0.71 1,812,420 373,972 483,160 317,560 1,121,255 1,095,863 113,998 342,522 320,786 755,386 224,746 183,315 43,914 86,332 334,600 406,918 100,853 292,940 681,969 1,403,969 876,400 1,565,323 19,565 375,783 65,716 10,326 185,860 976,581 441,630 320,767 Canadian Natural Resources Ltd Cameco Corp Tourmaline Oil Corp TC Energy Corp Barrick Mining Corp Kinross Gold Corp Franco-Nevada Corp Nutrien Ltd Pan American Silver Corp K92 Mining Inc G Mining Ventures Corp OR Royalties Inc Lundin Gold Inc Eldorado Gold Corp Discovery Silver Corp Canadian National Railway Co WSP Global Inc Gildan Activewear Inc Saputo Inc Toronto-Dominion Bank Bank of Nova Scotia Manulife Financial Corp Fairfax Financial Holdings Ltd Sun Life Financial Inc Intact Financial Corp Constellation Software Inc/Canada Open Text Corp TELUS Corp Fortis Inc/Canada Emera Inc 84,259 47,001 29,748 24,001 67,040 42,366 32,434 29,018 22,827 17,140 9,325 8,913 5,007 4,259 2,804 55,239 25,064 25,131 28,172 181,617 88,718 78,016 51,180 32,197 18,777 34,090 8,308 17,666 31,515 21,697 2.59 1.45 0.91 0.74 2.06 1.30 1.00 0.89 0.70 0.53 0.29 0.27 0.15 0.13 0.09 1.70 0.77 0.77 0.87 5.59 2.73 2.40 1.57 0.99 0.58 1.05 0.26 0.54 0.97 0.67 ONE Investment Page 7 Page 98 Clarington PH&N Canadian Equity Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security CANADIAN MUTUAL FUNDS (12.56%) 5,554,271 Phillips, Hager & North Small Float Fund - Series O Country Market Value ($) 408,218 Total (%) 12.56 UNITS* Security Country Market Value ($) Total (%) Total Investments Cash & Short-term Notes Net Assets 3,219,557 99.02 31,770 0.98 3,251,327 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 8 Page 99 PH&N Canadian Equity Value Fund (continued) Clarington PH&N Canadian Equity Value Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) CANADIAN EQUITIES (97.81%) Energy (15.16%) 2,173,506 Enbridge Inc 142,756 3.43 1,911,187 Canadian Natural Resources Ltd 88,851 2.13 745,779 TC Energy Corp 56,366 1.35 877,834 Suncor Energy Inc 53,478 1.28 393,960 Cameco Corp 49,513 1.19 363,938 Imperial Oil Ltd 43,156 1.04 974,115 Keyera Corp 42,094 1.01 1,763,338 Cenovus Energy Inc 40,945 0.98 2,308,596 Whitecap Resources Inc 26,549 0.64 938,521 PrairieSky Royalty Ltd 25,368 0.61 478,438 Pembina Pipeline Corp 25,018 0.60 325,308 Tourmaline Oil Corp 20,029 0.48 686,796 ARC Resources Ltd 17,685 0.42 Materials (15.66%) 612,136 Agnico Eagle Mines Ltd 142,481 3.42 1,833,754 Barrick Mining Corp 109,640 2.63 515,640 Wheaton Precious Metals Corp 83,204 2.00 1,629,849 Kinross Gold Corp 63,010 1.51 570,569 Nutrien Ltd 48,339 1.16 686,010 Alamos Gold Inc 36,359 0.87 2,337,649 Capstone Copper Corp 32,213 0.77 108,641 Franco-Nevada Corp 30,909 0.74 1,329,400 IAMGOLD Corp 30,111 0.72 413,570 Teck Resources Ltd - Class B Shares 27,176 0.65 621,140 First Quantum Minerals Ltd 22,858 0.55 206,437 CCL Industries Inc 17,898 0.43 98,279 West Fraser Timber Co Ltd 8,252 0.20 Industrials (11.47%) 849,570 Canadian Pacific Kansas City Ltd 85,849 2.06 545,326 Canadian National Railway Co 74,028 1.78 239,857 Waste Connections Inc 57,738 1.39 439,539 AtkinsRealis Group Inc 38,943 0.93 811,285 CAE Inc 33,863 0.81 123,469 WSP Global Inc 30,685 0.74 166,180 Thomson Reuters Corp 30,100 0.72 117,560 Bombardier Inc - Class B Shares 27,450 0.66 1,377,237 Air Canada 26,567 0.64 672,840 Element Fleet Management Corp 24,256 0.58 525,273 ATS Corp 19,861 0.48 76,350 BOYD GROUP INC 16,692 0.40 240,508 Brookfield Business Partners LP - Partnership Shares 11,681 0.28 Consumer Discretionary (3.76%) 300,469 Dollarama Inc 61,638 1.48 405,636 Gildan Activewear Inc 34,800 0.84 304,372 Restaurant Brands International Inc 28,507 0.68 275,294 Magna International Inc 20,143 0.48 421,668 Pet Valu Holdings Ltd 11,760 0.28 Consumer Staples (3.77%) 829,305 Alimentation Couche-Tard Inc 62,165 1.49 534,717 George Weston Ltd 50,632 1.22 268,151 Premium Brands Holdings Corp 27,274 0.65 353,208 Maple Leaf Foods Inc 8,805 0.21 131,684 Loblaw Cos Ltd 8,171 0.20 Health Care (0.33%) 680,308 Chartwell Retirement Residences - Units 13,674 0.33 Financials (33.29%) 1,367,522 Royal Bank of Canada 319,986 7.68 1,666,782 Toronto-Dominion Bank 215,615 5.17 2,536,818 Brookfield Corp 159,870 3.84 865,525 Canadian Imperial Bank of Commerce 107,697 2.58 593,796 Bank of Montreal 105,844 2.54 1,923,127 Manulife Financial Corp 95,849 2.30 458,400 National Bank of Canada 79,124 1.90 779,995 Bank of Nova Scotia 78,959 1.90 815,861 Power Corp of Canada 59,517 1.43 179,632 Intact Financial Corp 51,326 1.23 19,186 Fairfax Financial Holdings Ltd 50,188 1.20 350,963 Sun Life Financial Inc 30,071 0.72 192,747 Onex Corp 21,773 0.52 146,958 Definity Financial Corp 11,159 0.27 Information Technology (8.72%) 1,126,231 Shopify Inc 248,897 5.97 15,055 Constellation Software Inc/Canada 49,703 1.19 186,157 CGI Inc 23,601 0.57 53,845 Celestica Inc 21,862 0.52 434,172 Open Text Corp 19,407 0.47 13,318 Constellation Software Inc/Canada @0.00 Mar 31, 2040 -0 Equity Warrant Telecommunication Services (1.18%) 352,820 Rogers Communications Inc - Class B Shares 18,280 0.44 497,398 BCE Inc 16,285 0.39 814,331 TELUS Corp 14,731 0.35 Utilities (2.75%) 665,949 AltaGas Ltd 27,870 0.67 388,984 Emera Inc 26,311 0.63 983,990 TransAlta Corp 17,082 0.41 272,777 Atco Ltd/Canada - Class I Shares 15,379 0.37 795,556 Northland Power Inc 14,201 0.34 193,735 Fortis Inc/Canada 13,825 0.33 ONE Investment Page 9 Page 100 Clarington PH&N Canadian Equity Value Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security CANADIAN EQUITIES (97.81%) Real Estate (1.71%) 100,980 Colliers International Group Inc 1,037,019 Choice Properties Real Estate Investment Trust 324,400 Allied Properties Real Estate Investment Trust Country Market Value ($) 20,372 15,358 4,337 Total (%) 0.49 0.37 0.10 UNITS* Security 246,946 Boardwalk Real Estate Investment Trust 187,546 Granite Real Estate Investment Trust Country Market Value ($) 15,923 15,324 Total (%) 0.38 0.37 55,000 U.S. EQUITIES (0.13%) Other (0.13%) Premium Brands Holdings Corp SUBR 5,363 0.13 Total Investments Cash & Short-term Notes Net Assets 4,080,628 97.94 86,000 2.06 4,166,629 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 10 Page 101 RBC QUBE Canadian Equity Fund (continued) Clarington RBC QUBE Canadian Equity Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 1,764,400 409,000 516,200 1,139,210 195,400 570,100 575,300 1,149,500 1,020,400 1,228,000 1,426,700 1,511,500 86,800 169,100 6,900 543,339 131,002 108,524 385,800 228,200 34,900 791,196 112,000 159,800 705,800 368,500 826,600 187,100 1,050,760 1,390,098 262,700 907,425 872,800 229,100 47,550 653,010 70,600 379,104 543,000 75,900 CANADIAN EQUITIES (99.60%) Energy (13.52%) Suncor Energy Inc Cameco Corp Enbridge Inc Enerflex Ltd Gibson Energy Inc Baytex Energy Corp Materials (18.43%) Agnico Eagle Mines Ltd Barrick Mining Corp OceanaGold Corp Wesdome Gold Mines Ltd Orla Mining Ltd Discovery Silver Corp Nutrien Ltd SSR Mining Inc Wheaton Precious Metals Corp Industrials (8.60%) Canadian National Railway Co Waste Connections Inc Thomson Reuters Corp MDA Space Ltd ATS Corp BOYD GROUP INC Consumer Discretionary (5.19%) Magna International Inc Dollarama Inc BRP Inc Consumer Staples (4.73%) George Weston Ltd Loblaw Cos Ltd Health Care (0.56%) Bausch Health Cos Inc Extendicare Inc Financials (35.17%) Royal Bank of Canada Bank of Nova Scotia Intact Financial Corp Brookfield Corp TMX Group Ltd Onex Corp iA Financial Corp Inc Information Technology (9.02%) Shopify Inc Celestica Inc Lightspeed Commerce Inc Telecommunication Services (1.18%) Quebecor Inc - Class B Shares BCE Inc 107,487 51,403 33,904 24,106 4,908 2,531 133,907 68,729 39,694 27,925 26,337 12,666 7,354 5,088 1,113 73,758 31,535 19,657 10,278 8,628 7,630 57,892 22,976 15,509 66,832 22,865 7,877 3,995 245,867 140,720 75,061 57,186 45,586 25,879 8,456 144,315 28,664 6,278 28,073 2,485 3.65 1.74 1.15 0.82 0.17 0.09 4.55 2.33 1.35 0.95 0.89 0.43 0.25 0.17 0.04 2.50 1.07 0.67 0.35 0.29 0.26 1.97 0.78 0.53 2.27 0.78 0.27 0.14 8.35 4.78 2.55 1.94 1.55 0.88 0.29 4.90 0.97 0.21 0.95 0.08 1,163,000 883,480 3,870,500 603,500 30,100 1,986,925 1,252,452 1,179,000 240,900 1,065,300 208,132 514,800 67,571 274,000 311,874 130,200 126,000 228,900 291,300 302,600 111,600 101,200 401,000 410,300 236,200 1,294,901 712,859 1,216,463 21,031 254,025 223,200 6,900 18,888 138,900 61,500 TC Energy Corp Canadian Natural Resources Ltd Tamarack Valley Energy Ltd Parex Resources Inc Precision Drilling Corp Kinross Gold Corp First Quantum Minerals Ltd Hudbay Minerals Inc Lundin Gold Inc Capstone Copper Corp Methanex Corp Fortuna Silver Mines Inc Pan American Silver Corp Stantec Inc Canadian Pacific Kansas City Ltd AtkinsRealis Group Inc Finning International Inc Element Fleet Management Corp Air Canada Linamar Corp Canadian Tire Corp Ltd - Class A Shares Aritzia Inc Alimentation Couche-Tard Inc Empire Co Ltd Chartwell Retirement Residences - Units Toronto-Dominion Bank Canadian Imperial Bank of Commerce Manulife Financial Corp Fairfax Financial Holdings Ltd Bank of Montreal Sun Life Financial Inc National Bank of Canada Constellation Software Inc/Canada Kinaxis Inc Cogeco Communications Inc 87,900 41,073 30,887 11,135 2,965 76,815 46,090 32,128 27,467 14,680 11,331 6,924 4,808 35,488 31,515 11,536 9,371 8,252 5,619 25,104 19,412 11,876 30,059 19,580 4,748 167,508 88,701 60,629 55,015 45,280 19,124 1,191 62,357 24,041 4,088 2.98 1.39 1.05 0.38 0.10 2.61 1.56 1.09 0.93 0.50 0.38 0.24 0.16 1.20 1.07 0.39 0.32 0.28 0.19 0.85 0.66 0.40 1.02 0.66 0.16 5.69 3.01 2.06 1.87 1.54 0.65 0.04 2.12 0.82 0.14 ONE Investment Page 11 Page 102 Clarington RBC QUBE Canadian Equity Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) CANADIAN EQUITIES (99.60%) Utilities (3.20%) 544,400 Brookfield Infrastructure Partners LP - Partnership Shares 1,986,000 Algonquin Power & Utilities Corp 165,000 Atco Ltd/Canada - Class I Shares 25,973 16,762 9,303 0.88 0.57 0.32 577,200 AltaGas Ltd 794,700 Northland Power Inc 564,392 Superior Plus Corp 24,156 14,185 3,973 0.82 0.48 0.13 Total Investments Cash & Short-term Notes Net Assets 2,934,200 99.60 11,747 0.40 2,945,947 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 12 Page 103 PH&N U.S. Equity Fund (continued) Clarington PH&N U.S. Equity Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 368,565 123,976 46,547 56,302 180,505 103,584 123,302 112,584 76,769 20,591 115,688 44,694 90,747 14,667 10,856 29,594 18,984 747,492 53,199 238,777 53,149 40,852 22,766 1,188 27,885 383,416 28,573 84,780 71,289 61,822 141,206 48,945 223,552 60,905 62,840 130,317 87,301 28,093 20,185 22,028 234,504 111,880 748,274 256,769 18,736 133,481 82,122 39,409 79,014 19,779 U.S. EQUITIES (97.95%) Energy (2.46%) Exxon Mobil Corp ConocoPhillips Valero Energy Corp Materials (1.34%) Linde PLC Freeport-McMoRan Inc Industrials (8.00%) General Electric Co Howmet Aerospace Inc RTX Corp Union Pacific Corp United Rentals Inc Johnson Controls International plc Republic Services Inc Uber Technologies Inc Lockheed Martin Corp Deere & Co Xylem Inc/NY AMETEK Inc Consumer Discretionary (8.99%) Amazon.com Inc Tesla Inc Starbucks Corp Lowe's Cos Inc DoorDash Inc - Class A Shares McDonald's Corp AutoZone Inc PulteGroup Inc Consumer Staples (3.96%) Walmart Inc Costco Wholesale Corp Procter & Gamble Co Dollar General Corp Health Care (9.73%) Eli Lilly & Co AbbVie Inc Intuitive Surgical Inc Boston Scientific Corp UnitedHealth Group Inc Danaher Corp Dexcom Inc Medtronic PLC IQVIA Holdings Inc Insulet Corp Cardinal Health Inc Financials (14.44%) JPMorgan Chase & Co Berkshire Hathaway Inc - Class B Shares Bank of America Corp Citigroup Inc Blackrock Inc Bank of New York Mellon Corp Morgan Stanley Aon PLC - Class A Shares Intercontinental Exchange Inc S&P Global Inc 60,877 15,929 10,400 32,957 12,583 43,794 34,697 28,340 24,374 22,873 19,015 13,001 10,177 9,737 6,937 5,532 5,350 236,814 32,838 27,598 17,593 12,699 9,550 5,530 4,488 58,636 33,819 16,676 12,991 91,191 44,284 38,048 29,257 27,596 19,745 11,871 11,510 8,692 7,875 6,213 103,712 77,187 56,487 41,125 27,525 21,269 20,011 19,088 17,565 14,187 1.13 0.30 0.19 0.61 0.23 0.82 0.65 0.53 0.45 0.43 0.35 0.24 0.19 0.18 0.13 0.10 0.10 4.41 0.61 0.51 0.33 0.24 0.18 0.10 0.08 1.09 0.63 0.31 0.24 1.70 0.82 0.71 0.54 0.51 0.37 0.22 0.21 0.16 0.15 0.12 1.93 1.44 1.05 0.77 0.51 0.40 0.37 0.36 0.33 0.26 160,292 64,616 34,452 28,088 55,419 100,840 62,330 32,745 16,699 33,506 130,896 18,816 10,376 20,877 38,800 100,981 138,874 152,819 172,558 1,640 36,731 13,570 432,289 126,436 53,396 76,780 164,593 53,310 222,679 165,485 120,644 14,977 24,002 84,778 16,937 7,176 14,190 168,001 442,448 35,896 49,619 194,406 117,103 38,372 53,391 170,773 43,835 Chevron Corp Phillips 66 Sherwin-Williams Co Vulcan Materials Co Caterpillar Inc Boeing Co Eaton Corp PLC Cummins Inc Parker-Hannifin Corp Rockwell Automation Inc Delta Air Lines Inc Trane Technologies PLC GE Vernova Inc Verisk Analytics Inc Builders FirstSource Inc Home Depot Inc TJX Cos Inc O'Reilly Automotive Inc NIKE Inc - Class B Shares Booking Holdings Inc DR Horton Inc Hilton Worldwide Holdings Inc Coca-Cola Co PepsiCo Inc Hershey Co Estee Lauder Cos Inc Johnson & Johnson Thermo Fisher Scientific Inc Merck & Co Inc Gilead Sciences Inc Abbott Laboratories McKesson Corp Stryker Corp CVS Health Corp Elevance Health Inc Regeneron Pharmaceuticals Inc Agilent Technologies Inc Visa Inc - Class A Shares Wells Fargo & Co Goldman Sachs Group Inc Mastercard Inc - Class A Shares Charles Schwab Corp KKR & Co Inc American Express Co Capital One Financial Corp Block Inc Progressive Corp 33,532 11,444 15,322 10,996 43,576 30,051 27,249 22,942 20,146 17,893 12,468 10,051 9,308 6,410 5,479 47,693 29,280 19,131 15,089 12,055 7,261 5,350 41,480 24,906 13,337 11,036 46,753 42,399 32,171 27,879 20,747 16,862 11,579 9,234 8,149 7,602 2,650 80,870 56,599 43,307 38,880 26,659 20,490 19,484 17,761 15,257 13,701 0.62 0.21 0.29 0.20 0.81 0.56 0.51 0.43 0.38 0.33 0.23 0.19 0.17 0.12 0.10 0.89 0.55 0.36 0.28 0.22 0.14 0.10 0.77 0.46 0.25 0.21 0.87 0.79 0.60 0.52 0.39 0.31 0.22 0.17 0.15 0.14 0.05 1.51 1.05 0.81 0.72 0.50 0.38 0.36 0.33 0.28 0.26 ONE Investment Page 13 Page 104 Clarington PH&N U.S. Equity Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) U.S. EQUITIES (97.95%) Financials (14.44%) 123,764 Fidelity National Information Services Inc 33,721 Marsh & McLennan Cos Inc 22,650 Allstate Corp Information Technology (35.13%) 1,716,271 NVIDIA Corp 545,885 Microsoft Corp 97,267 Applied Materials Inc 150,415 ServiceNow Inc 165,584 Arista Networks Inc 142,164 Amphenol Corp - Class A Shares 68,311 Analog Devices Inc 10,258 Fair Isaac Corp 51,453 Micron Technology Inc 51,898 First Solar Inc 73,883 Western Digital Corp 36,095 Cadence Design Systems Inc 295,574 Intel Corp 61,165 Datadog Inc - Class A Shares 31,087 Salesforce Inc Telecommunication Services (10.25%) 606,357 Alphabet Inc - Class C Shares 111,513 Take-Two Interactive Software Inc 843,796 AT&T Inc 45,729 Charter Communications Inc - Class A Shares Utilities (2.14%) 153,712 NextEra Energy Inc 83,345 American Electric Power Co Inc 43,764 Vistra Corp 145,410 NiSource Inc 142,702 PPL Corp 47,796 Xcel Energy Inc 13,795 NRG Energy Inc Real Estate (1.35%) 53,641 American Tower Corp 68,336 Prologis Inc 9,132 Equinix Inc 11,551 Essex Property Trust Inc Other (0.16%) 73,997 VanEck Gold Miners ETF/USA 11,290 8,587 6,471 439,332 362,354 34,309 31,626 29,779 26,369 25,428 23,803 20,156 18,608 17,470 15,486 14,970 11,417 11,303 261,162 39,187 28,769 13,102 16,937 13,191 9,691 8,335 6,859 4,845 3,015 12,926 11,974 9,603 4,149 8,711 0.21 0.16 0.12 8.18 6.75 0.64 0.59 0.55 0.49 0.47 0.44 0.38 0.35 0.33 0.29 0.28 0.21 0.21 4.86 0.73 0.54 0.24 0.32 0.25 0.18 0.16 0.13 0.09 0.06 0.24 0.22 0.18 0.08 0.16 25,953 Chubb Ltd 59,979 American International Group Inc 1,003,232 Apple Inc 367,114 Broadcom Inc 36,424 AppLovin Corp - Class A Shares 127,417 Lam Research Corp 97,046 EPAM Systems Inc 108,813 Texas Instruments Inc 209,238 Corning Inc 32,466 CrowdStrike Holdings Inc - Class A Shares 69,690 Keysight Technologies Inc 61,599 Advanced Micro Devices Inc 156,432 Cisco Systems Inc 56,617 Oracle Corp 140,162 Microchip Technology Inc 44,777 Palo Alto Networks Inc 157,425 Meta Platforms Inc - Class A Shares 265,909 Netflix Inc 124,412 Walt Disney Co 27,857 Alphabet Inc - Class A Shares 87,934 Duke Energy Corp 80,460 Ameren Corp 73,089 Southern Co 54,520 Entergy Corp 14,031 Constellation Energy Corp 41,042 Public Service Enterprise Group Inc 34,147 Public Storage 56,808 Mid-America Apartment Communities Inc 85,807 Realty Income Corp 103,678 VICI Properties Inc 11,118 7,043 374,347 174,394 33,687 29,937 27,290 25,911 25,146 20,889 19,436 18,107 16,539 15,146 12,258 11,321 142,628 34,220 19,428 11,968 14,147 11,028 8,748 6,917 6,803 4,523 12,162 10,831 6,639 4,002 0.21 0.13 6.97 3.25 0.63 0.56 0.51 0.48 0.47 0.39 0.36 0.34 0.31 0.28 0.23 0.21 2.66 0.64 0.36 0.22 0.26 0.21 0.16 0.13 0.13 0.08 0.23 0.20 0.12 0.07 Total Investments Cash & Short-term Notes Net Assets 5,260,590 97.95 110,146 2.05 5,370,736 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 14 Page 105 RBC QUBE Low Volatility U.S. Equity Fund (CAD) (continued) Clarington RBC QUBE Low Volatility U.S. Equity Fund (CAD) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 395,493 341,650 193,217 36,997 384,699 75,634 30,614 455,380 177,082 66,021 27,438 15,171 32,170 217,682 15,415 283,096 118,612 591,137 701,075 233,399 20,856 113,838 93,981 99,381 219,374 104,244 219,924 83,132 20,992 275,585 286,068 80,810 57,590 39,638 18,803 55,438 111,992 31,128 18,533 142,953 17,828 20,105 1,843,867 837,545 289,939 U.S. EQUITIES (99.96%) Energy (8.64%) Exxon Mobil Corp Kinder Morgan Inc Devon Energy Corp Chevron Corp Talos Energy Inc APA Corp TechnipFMC PLC Materials (3.56%) Newmont Corp Industrials (9.57%) Automatic Data Processing Inc Cintas Corp General Dynamics Corp Cummins Inc Verisk Analytics Inc Healthcare Services Group Inc FTI Consulting Inc Consumer Discretionary (4.14%) TJX Cos Inc General Motors Co Consumer Staples (19.68%) Colgate-Palmolive Co Altria Group Inc PepsiCo Inc Costco Wholesale Corp Church & Dwight Co Inc Cal-Maine Foods Inc Mondelez International Inc - Class A Shares Health Care (20.35%) Johnson & Johnson Cencora Inc Gilead Sciences Inc AbbVie Inc Regeneron Pharmaceuticals Inc Bristol-Myers Squibb Co Alkermes PLC Financials (10.46%) Mastercard Inc - Class A Shares Visa Inc - Class A Shares Ameriprise Financial Inc Berkshire Hathaway Inc - Class B Shares Old Republic International Corp Information Technology (5.19%) Apple Inc Adobe Inc Palo Alto Networks Inc Extreme Networks Inc Commvault Systems Inc Docusign Inc Telecommunication Services (10.04%) AT&T Inc Verizon Communications Inc Yelp Inc 65,325 12,891 9,714 7,739 5,819 2,539 1,872 62,409 62,521 17,042 12,679 10,629 9,877 5,713 3,614 59,687 13,239 64,114 55,484 45,977 24,685 13,101 10,264 7,343 62,313 48,325 37,050 26,071 22,240 20,403 10,986 63,320 27,722 26,677 12,972 3,473 41,789 14,953 4,686 3,267 3,068 1,888 62,865 46,822 12,094 3.12 0.61 0.46 0.37 0.28 0.12 0.09 2.98 2.98 0.81 0.60 0.51 0.47 0.27 0.17 2.85 0.63 3.06 2.65 2.19 1.18 0.62 0.49 0.35 2.97 2.30 1.77 1.24 1.06 0.97 0.52 3.02 1.32 1.27 0.62 0.17 1.99 0.71 0.22 0.16 0.15 0.09 3.00 2.23 0.58 289,114 146,626 62,152 28,681 149,698 71,463 21,078 89,697 107,880 53,037 128,822 45,129 11,303 4,759 1,883 318,225 470,898 461,233 104,326 77,514 108,260 359,040 336,671 32,371 41,757 14,101 219,137 51,889 76,466 61,791 125,346 15,045 11,067 142,208 55,693 110,704 28,974 5,558 9,798 1,423,764 108,916 EOG Resources Inc Williams Cos Inc ConocoPhillips Cheniere Energy Inc Antero Midstream Corp World Kinect Corp Linde PLC Republic Services Inc Paychex Inc Expeditors International of Washington Inc Rollins Inc Paylocity Holding Corp Illinois Tool Works Inc Waste Connections Inc Booking Holdings Inc Procter & Gamble Co Monster Beverage Corp Coca-Cola Co Walmart Inc Kimberly-Clark Corp Archer-Daniels-Midland Co Merck & Co Inc Boston Scientific Corp McKesson Corp Vertex Pharmaceuticals Inc Eli Lilly & Co Exelixis Inc Incyte Corp Chubb Ltd JPMorgan Chase & Co Loews Corp CME Group Inc SEI Investments Co Cisco Systems Inc Atlassian Corp - Class A Shares Teradata Corp Fortinet Inc International Business Machines Corp Qualys Inc Comcast Corp - Class A Shares T-Mobile US Inc 41,670 12,097 7,986 7,652 3,655 2,298 12,338 26,091 16,611 10,847 10,612 9,446 3,821 1,145 13,841 62,595 49,554 44,258 15,955 10,733 8,543 51,872 44,061 36,446 25,984 20,800 13,183 7,034 32,758 27,328 18,118 5,639 1,246 15,035 12,394 4,625 3,158 2,260 1,787 58,411 30,353 1.99 0.58 0.38 0.36 0.17 0.11 0.59 1.24 0.79 0.52 0.51 0.45 0.18 0.05 0.66 2.99 2.36 2.11 0.76 0.51 0.41 2.47 2.10 1.74 1.24 0.99 0.63 0.34 1.56 1.30 0.86 0.27 0.06 0.72 0.59 0.22 0.15 0.11 0.09 2.79 1.45 ONE Investment Page 15 Page 106 Clarington RBC QUBE Low Volatility U.S. Equity Fund (CAD) (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) U.S. EQUITIES (99.96%) Utilities (8.32%) 401,491 Consolidated Edison Inc 260,953 Public Service Enterprise Group Inc 96,308 Eversource Energy 57,309 Xcel Energy Inc 6,415 Southern Co 54,732 28,761 8,900 5,810 768 2.61 1.37 0.42 0.28 0.04 302,217 Duke Energy Corp 143,028 National Fuel Gas Co 62,399 Southwest Gas Holdings Inc 30,628 Ameren Corp 48,620 15,717 6,853 4,198 2.32 0.75 0.33 0.20 Total Investments Cash & Short-term Notes Net Assets 2,095,861 937 2,096,799 99.96 0.04 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 16 Page 107 RBC QUBE U.S. Equity Fund (continued) Clarington RBC QUBE U.S. Equity Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 1,309,500 120,900 19,500 399,300 254,275 155,235 212,900 125,199 148,200 19,428 754,688 13,800 664,058 352,101 13,800 182,111 27,000 11,500 130,502 889,199 247,600 93,400 113,320 168,163 449,101 161,200 84,400 459,200 30,372 356,800 106,553 38,000 314,725 501,300 507,032 378,788 750,900 75,800 231,199 9,000 2,638,276 587,419 431,046 221,920 540,517 355,614 219,309 535,845 217,444 186,803 U.S. EQUITIES (99.88%) Energy (1.42%) APA Corp Exxon Mobil Corp Marathon Petroleum Corp Industrials (9.98%) Automatic Data Processing Inc General Dynamics Corp Rockwell Automation Inc 3M Co Expeditors International of Washington Inc A O Smith Corp Trane Technologies PLC Consumer Discretionary (11.73%) Amazon.com Inc Booking Holdings Inc General Motors Co Tapestry Inc MercadoLibre Inc Best Buy Co Inc Ross Stores Inc Hilton Worldwide Holdings Inc Consumer Staples (5.96%) Costco Wholesale Corp Kroger Co Procter & Gamble Co Altria Group Inc Health Care (11.63%) Eli Lilly & Co Cencora Inc Incyte Corp Veeva Systems Inc - Class A Shares Alnylam Pharmaceuticals Inc Dexcom Inc IDEXX Laboratories Inc Centene Corp Merck & Co Inc Cardinal Health Inc Financials (14.48%) Berkshire Hathaway Inc - Class B Shares Morgan Stanley Citigroup Inc Northern Trust Corp Bank of America Corp Moody's Corp SEI Investments Co American Express Co Information Technology (36.62%) NVIDIA Corp Microsoft Corp Lam Research Corp Autodesk Inc NetApp Inc Arista Networks Inc Palo Alto Networks Inc Docusign Inc Atlassian Corp - Class A Shares Manhattan Associates Inc 43,963 19,969 4,353 140,977 117,496 82,898 46,784 25,606 13,604 10,378 239,094 101,436 74,119 61,748 38,152 16,730 6,676 4,534 154,463 76,255 48,703 7,392 167,153 77,957 60,883 49,391 46,065 41,831 28,203 20,152 15,394 10,718 217,133 122,151 81,208 71,014 56,686 53,148 26,028 4,570 675,347 389,924 101,276 90,164 79,449 63,955 55,447 50,306 48,391 44,436 0.56 0.26 0.06 1.80 1.50 1.06 0.60 0.33 0.17 0.13 3.05 1.30 0.95 0.79 0.49 0.21 0.09 0.06 1.97 0.97 0.62 0.09 2.14 1.00 0.78 0.63 0.59 0.53 0.36 0.26 0.20 0.14 2.77 1.56 1.04 0.91 0.72 0.68 0.33 0.06 8.63 4.98 1.29 1.15 1.01 0.82 0.71 0.64 0.62 0.57 129,100 98,441 278,500 128,200 69,522 96,700 16,800 15,483 52,800 207,906 421,532 391,400 126,472 171,985 380,200 53,000 887,411 362,111 268,200 306,617 1,149,028 121,200 276,676 75,500 39,684 27,700 115,300 93,358 38,200 26,584 198,700 147,012 207,024 122,900 126,400 88,900 266,500 251,500 1,624,329 343,100 410,300 180,885 402,100 581,726 212,300 205,600 499,681 18,700 Cheniere Energy Inc Williams Cos Inc General Electric Co Cummins Inc GE Vernova Inc Illinois Tool Works Inc Comfort Systems USA Inc EMCOR Group Inc Otis Worldwide Corp Tesla Inc TJX Cos Inc Airbnb Inc - Class A Shares Expedia Group Inc Deckers Outdoor Corp Ford Motor Co Las Vegas Sands Corp Colgate-Palmolive Co Walmart Inc Archer-Daniels-Midland Co Albertsons Cos Inc - Class A Shares Bristol-Myers Squibb Co Vertex Pharmaceuticals Inc Illumina Inc HCA Healthcare Inc Regeneron Pharmaceuticals Inc McKesson Corp Neurocrine Biosciences Inc Gilead Sciences Inc AbbVie Inc Insulet Corp Mastercard Inc - Class A Shares Ameriprise Financial Inc CME Group Inc Visa Inc - Class A Shares JPMorgan Chase & Co Aon PLC - Class A Shares Corebridge Financial Inc Sycamore Partners LLC - Rights Apple Inc Broadcom Inc QUALCOMM Inc Adobe Inc GoDaddy Inc - Class A Shares Fortinet Inc Palantir Technologies Inc - Class A Shares Western Digital Corp Pure Storage Inc - Class A Shares AppLovin Corp - Class A Shares 34,445 8,122 117,746 89,819 62,365 32,690 21,521 13,001 6,330 128,333 88,875 72,911 49,180 24,472 6,847 4,735 96,248 55,377 21,163 7,226 85,069 75,418 49,808 48,380 42,042 31,187 22,445 15,728 11,980 10,371 155,694 98,941 77,596 59,160 55,902 43,058 11,036 0 606,104 162,986 96,328 86,893 68,480 63,405 51,801 48,614 45,958 17,295 0.44 0.10 1.50 1.15 0.80 0.42 0.27 0.17 0.08 1.64 1.14 0.93 0.63 0.31 0.09 0.06 1.23 0.71 0.27 0.09 1.09 0.96 0.64 0.62 0.54 0.40 0.29 0.20 0.15 0.13 1.99 1.26 0.99 0.76 0.71 0.55 0.14 7.74 2.08 1.23 1.11 0.87 0.81 0.66 0.62 0.59 0.22 ONE Investment Page 17 Page 108 Clarington RBC QUBE U.S. Equity Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) U.S. EQUITIES (99.88%) Information Technology (36.62%) 36,000 ServiceNow Inc 9,000 Cadence Design Systems Inc Telecommunication Services (7.69%) 880,987 Alphabet Inc - Class C Shares 344,000 ROBLOX Corp Utilities (0.38%) 60,800 Constellation Energy Corp 7,569 3,861 379,447 38,259 29,481 0.10 0.05 4.85 0.49 0.38 62,600 Cisco Systems Inc 18,780 Zoom Communications Inc 181,376 Meta Platforms Inc - Class A Shares 482,500 Comcast Corp - Class A Shares 6,619 2,224 164,328 19,795 0.08 0.03 2.10 0.25 Total Investments Cash & Short-term Notes Net Assets 7,818,379 99.88 9,351 0.12 7,827,730 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 18 Page 109 PH&N Overseas Equity Fund (continued) Clarington PH&N Overseas Equity Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.70%) Energy (3.03%) 1,062,681 Shell PLC GB 53,752 3.03 Materials (4.88%) 195,355 Air Liquide SA FR 50,397 2.84 598,051 Antofagasta PLC GB 36,056 2.03 Industrials (17.05%) 171,263 Safran SA FR 81,878 4.62 1,799,300 Mitsubishi Electric Corp JP 72,007 4.06 268,979 Siemens Energy AG DE 51,793 2.92 1,575,947 BAE Systems PLC GB 49,783 2.81 1,083,400 Hitachi Ltd JP 46,635 2.63 Consumer Discretionary (14.09%) 400,708 InterContinental Hotels Group PLC GB 77,290 4.36 456,967 Prosus NV NL 38,836 2.19 1,037,300 Sony Group Corp JP 36,520 2.06 366,123 Industria de Diseno Textil SA ES 33,149 1.87 915,200 Oriental Land Co Ltd/Japan JP 23,239 1.31 21,685 LVMH Moet Hennessy Louis Vuitton SE FR 22,434 1.27 1,083,200 BYD Co Ltd CN 18,169 1.03 Consumer Staples (7.97%) 802,581 Unilever PLC GB 71,974 4.06 558,824 Danone SA FR 69,184 3.90 Health Care (13.01%) 335,430 AstraZeneca PLC GB 85,200 4.81 202,901 Galderma Group AG CH 56,710 3.20 446,431 Eurofins Scientific SE FR 44,809 2.53 231,479 Novartis AG CH 43,780 2.47 Financials (25.98%) 558,737 Erste Group Bank AG AT 91,958 5.19 7,436,799 Intesa Sanpaolo SpA IT 70,534 3.98 1,387,600 Sumitomo Mitsui Financial Group Inc JP 61,253 3.46 982,837 DBS Group Holdings Ltd SG 59,092 3.33 3,666,447 AIA Group Ltd HK 51,799 2.92 1,272,986 Standard Chartered PLC GB 42,633 2.41 1,736,545 ICICI Bank Ltd IN 35,673 2.01 14,121 Partners Group Holding AG CH 23,781 1.34 143,670 London Stock Exchange Group PLC GB 23,720 1.34 Information Technology (7.47%) 37,948 ASML Holding NV NL 56,123 3.17 130,907 Taiwan Semiconductor Manufacturing Co Ltd - ADR TW 54,602 3.08 84,800 Check Point Software Technologies Ltd IL 21,598 1.22 Telecommunication Services (2.42%) 1,875,762 Orange SA FR 42,961 2.42 Utilities (2.81%) 2,367,443 National Grid PLC GB 49,841 2.81 Total Investments 1,749,165 98.70 Cash & Short-term Notes 23,029 1.30 Net Assets 1,772,194 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 19 Page 110 RBC Emerging Markets Dividend Fund (continued) Clarington RBC Emerging Markets Dividend Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) CANADIAN EQUITIES (0.63%) Utilities (0.19%) 300,344 Axia Energia - Preferred Shares 3,695 0.19 850,162 Davivienda Group SA - Preferred Shares 8,742 0.44 U.S. EQUITIES (1.37%) Consumer Discretionary (0.53%) 224,887 Laureate Education Inc 10,393 0.53 Information Technology (0.84%) 185,100 Globant SA 16,608 0.84 OVERSEAS EQUITIES (98.31%) Materials (4.97%) 2,563,711 Hindalco Industries Ltd IN 34,728 1.76 14,514,858 Cia Brasileira de Aluminio BR 26,104 1.32 3,667,400 Zijin Mining Group Co Ltd - Class A Shares CN 24,777 1.25 9,159,200 Hoa Phat Group JSC VN 12,598 0.64 16,581,446 United Co RUSAL International PJSC RU 0 0.00 Industrials (9.16%) 7,165,000 Weichai Power Co Ltd - Class H Shares CN 23,866 1.21 2,039,300 Zhejiang Dingli Machinery Co Ltd - Class A Shares CN 22,715 1.15 626,297 Corp America Airports SA AR 22,350 1.13 1,968,062 KEC International Ltd IN 22,150 1.12 3,902,266 Beijing New Building Materials PLC - Class A Shares CN 19,136 0.97 3,482,000 SITC International Holdings Co Ltd HK 17,102 0.86 2,866,279 KOC Holding AS TR 15,435 0.78 207,777 Contemporary Amperex Technology Co Ltd - Class A CN 14,996 0.76 Shares 9,297,874 Xinyi Glass Holdings Ltd HK 13,571 0.69 897,780 Ayala Corp PH 9,800 0.50 Consumer Discretionary (17.62%) 3,477,000 Alibaba Group Holding Ltd - Class W Shares CN 87,625 4.43 622,728 Naspers Ltd - Class N Shares ZA 57,003 2.88 2,200,897 Midea Group Co Ltd - Class A Shares CN 33,776 1.71 2,227,553 Pepco Group NV PL 25,434 1.29 77,629 Hyundai Motor Co KR 22,003 1.11 6,041,690 Samsonite Group SA HK 21,178 1.07 922,900 Meituan - Class W Shares CN 16,787 0.85 165,200 Trip.com Group Ltd CN 16,258 0.82 4,694,370 Lojas Renner SA BR 15,815 0.80 491,276 United Electronics Co SA 15,182 0.77 28,309,000 Topsports International Holdings Ltd CN 14,552 0.74 129,275,500 Mitra Adiperkasa Tbk PT ID 12,381 0.63 721,457 Mr Price Group Ltd ZA 10,476 0.53 Consumer Staples (2.58%) 1,021,924 Migros Ticaret AS TR 17,043 0.86 2,643,776 Cencosud SA CL 11,661 0.59 1,224,231 Grupo Comercial Chedraui SA de CV MX 11,507 0.58 2,687,780 SLC Agricola SA BR 10,805 0.55 Health Care (1.88%) 14,379,135 Netcare Ltd ZA 18,902 0.96 3,108,500 Hypera SA BR 18,344 0.93 Financials (29.17%) 5,552,500 China Merchants Bank Co Ltd - Class H Shares CN 51,845 2.62 4,479,411 Ping An Insurance Group Co of China Ltd CN 51,643 2.61 3,138,194 Shriram Finance Ltd IN 47,801 2.42 2,460,007 Axis Bank Ltd IN 47,745 2.41 898,100 HDFC Bank Ltd - ADR IN 45,042 2.28 2,489,471 Emirates NBD Bank PJSC AE 25,887 1.31 185,672 DB Insurance Co Ltd KR 23,141 1.17 63,928,776 Bank Negara Indonesia Persero Tbk PT ID 22,924 1.16 4,976,800 Chailease Holding Co Ltd TW 22,897 1.16 245,335 Hana Financial Group Inc KR 21,971 1.11 54,720 Credicorp Ltd PE 21,555 1.09 13,210,638 Ho Chi Minh City Development Joint Stock Commercial VN 20,451 1.03 Bank 6,712,267 Commercial International Bank - Egypt (CIB) - GDR EG 19,692 1.00 132,971 OTP Bank Nyrt HU 19,569 0.99 6,067,834 BDO Unibank Inc PH 19,021 0.96 1,303,200 AIA Group Ltd HK 18,411 0.93 1,317,787 Saudi National Bank SA 18,254 0.92 11,376,250 Habib Bank Ltd PK 18,036 0.91 4,966,100 B3 SA - Brasil Bolsa Balcao BR 17,278 0.87 2,711,932 Alpha Bank SA GR 15,645 0.79 1,308,886 Regional SAB de CV MX 14,232 0.72 3,955,355 Gentera SAB de CV MX 13,892 0.70 Information Technology (26.17%) 2,713,289 Taiwan Semiconductor Manufacturing Co Ltd TW 183,068 9.26 1,246,191 Samsung Electronics Co Ltd - Preferred Shares KR 106,170 5.37 77,100 SK hynix Inc KR 47,925 2.42 4,157,351 ASE Technology Holding Co Ltd TW 44,993 2.27 8,626,931 Redington Ltd IN 35,911 1.82 1,413,098 Taiwan Union Technology Corp TW 30,501 1.54 400,638 MediaTek Inc TW 24,968 1.26 394,609 Lotes Co Ltd TW 22,332 1.13 ONE Investment Page 20 Page 111 Clarington RBC Emerging Markets Dividend Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) OVERSEAS EQUITIES (98.31%) 860,854 2,135,955 1,142,700 8,253,500 4,813,390 Information Technology (26.17%) Innodisk Corp Telecommunication Services (1.52%) MTN Group Ltd Utilities (0.76%) Axia Energia - Preferred Shares Real Estate (4.49%) China Resources Land Ltd Aldar Properties PJSC TW ZA BR CN AE 21,662 30,014 15,004 39,630 15,636 1.10 1.52 0.76 2.00 0.79 42,861,278 14,208,758 7,255,604 Sistema AFK PAO Growthpoint Properties Ltd Kinh Bac City Development Holding Corp RU ZA VN 0 20,228 13,346 1.02 0.67 Total Investments Cash & Short-term Notes Net Assets 1,983,825 100.30 (6,023) (0.30) 1,977,802 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 21 Page 112 RBC Emerging Markets Equity Fund (CAD) (continued) Clarington RBC Emerging Markets Equity Fund (CAD) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) U.S. EQUITIES (1.83%) 22,440 Consumer Discretionary (1.44%) MercadoLibre Inc 62,039 0.74 525,117 MakeMyTrip Ltd 59,188 0.70 364,000 Information Technology (0.39%) Globant SA 32,659 0.39 OVERSEAS EQUITIES (98.57%) 33,498 Energy (0.00%) Rosneft Oil Co PJSC RU 0 0.00 6,982,581 Materials (5.01%) Antofagasta PLC GB 420,980 5.01 1,614,622 Industrials (4.90%) Contemporary Amperex Technology Co Ltd - Class A Shares CN 116,531 1.39 6,022,686 SM Investments Corp PH 98,197 1.17 22,214,850 984,168 NARI Technology Co Ltd - Class A Shares Voltronic Power Technology Corp CN TW 98,110 41,582 1.17 0.49 4,702,000 WEG SA BR 57,132 0.68 4,846,445 2,722,900 1,517,429 Consumer Discretionary (12.61%) Mahindra & Mahindra Ltd Yum China Holdings Inc Naspers Ltd - Class N Shares IN CN ZA 274,721 178,419 138,902 3.27 2.12 1.65 9,653,744 9,480,543 4,360,960 Alibaba Group Holding Ltd - Class W Shares Midea Group Co Ltd - Class A Shares Meituan - Class W Shares CN CN CN 243,287 145,495 79,323 2.89 1.73 0.94 1,407,100 28,249,851 3,215,007 16,150,300 4,315,442 Consumer Staples (11.35%) Fomento Economico Mexicano SAB de CV - ADR Raia Drogasil SA Clicks Group Ltd Wal-Mart de Mexico SAB de CV President Chain Store Corp MX BR ZA MX TW 195,198 165,931 89,916 69,096 41,704 2.32 1.97 1.07 0.82 0.50 1,867,137 31,912,118 6,566,225 2,647,663 Unilever PLC Uni-President Enterprises Corp Marico Ltd Dino Polska SA GB TW IN PL 167,442 107,398 75,229 41,723 1.99 1.28 0.90 0.50 5,583,965 Health Care (2.02%) Dr Reddy's Laboratories Ltd - ADR IN 107,606 1.28 1,662,958 Shenzhen Mindray Bio-Medical Electronics Co Ltd - Class A Shares CN 62,242 0.74 9,668,600 2,989,807 14,138,938 8,382,017 1,960,533 3,040,549 55,389,703 48,390 Financials (27.76%) HDFC Bank Ltd - ADR Hong Kong Exchanges & Clearing Ltd Ping An Insurance Group Co of China Ltd Discovery Ltd Shinhan Financial Group Co Ltd Kotak Mahindra Bank Ltd E.Sun Financial Holding Co Ltd Sberbank of Russia PJSC IN HK CN ZA KR IN TW RU 484,909 214,709 163,008 157,958 143,291 102,373 81,652 0 5.77 2.55 1.94 1.88 1.70 1.22 0.97 0.00 18,316,096 55,337,971 343,550 388,780 182,225,553 11,510,521 15,319 AIA Group Ltd B3 SA - Brasil Bolsa Balcao Samsung Fire & Marine Insurance Co Ltd Credicorp Ltd Bank Central Asia Tbk PT Kasikornbank PCL - NVDR Sberbank of Russia PJSC - ADR HK BR KR PE ID TH RU 258,766 192,528 162,459 153,149 120,779 97,443 0 3.08 2.29 1.93 1.82 1.44 1.16 11,948,735 655,700 4,181,867 4,572,047 Information Technology (26.53%) Taiwan Semiconductor Manufacturing Co Ltd SK hynix Inc Delta Electronics Inc Advantech Co Ltd TW KR TW TW 806,191 407,582 175,087 57,377 9.59 4.85 2.08 0.68 5,317,890 4,421,286 1,833,320 Samsung Electronics Co Ltd - Preferred Shares Tata Consultancy Services Ltd MediaTek Inc KR IN TW 453,059 216,820 114,254 5.39 2.58 1.36 4,695,760 Telecommunication Services (7.40%) Tencent Holdings Ltd CN 494,625 5.88 3,377,611 NetEase Inc CN 127,605 1.52 ONE Investment Page 22 Page 113 Clarington RBC Emerging Markets Equity Fund (CAD) (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 25,787,741 OVERSEAS EQUITIES (98.57%) Real Estate (1.00%) Aldar Properties PJSC AE 83,771 1.00 Total Investments Cash & Short-term Notes Net Assets 8,439,445 100.40 (33,998) (0.40) 8,405,447 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 23 Page 114 RBC International Equity Fund (CAD) (continued) Clarington RBC International Equity Fund (CAD) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) U.S. EQUITIES (0.77%) Consumer Discretionary (0.30%) 77,200 Sea Ltd - ADR 13,517 0.30 Telecommunication Services (0.47%) 26,397 Spotify Technology SA 21,040 0.47 OVERSEAS EQUITIES (98.31%) Energy (2.72%) 970,977 Shell PLC GB 49,114 1.09 512,546 TotalEnergies SE FR 45,866 1.02 3,170,316 Paladin Energy Ltd AU 27,581 0.61 Materials (6.32%) 220,204 Air Liquide SA FR 56,807 1.26 1,935,710 Fortescue Ltd AU 38,850 0.86 349,611 Rio Tinto PLC GB 38,653 0.86 2,742,682 Amcor PLC AU 31,494 0.70 86,208 Heidelberg Materials AG DE 30,677 0.68 348,389 Novonesis Novozymes B DK 30,594 0.68 172,999 CRH PLC GB 29,506 0.65 214,174 Holcim AG CH 28,618 0.63 Industrials (17.12%) 2,961,100 Mitsubishi Heavy Industries Ltd JP 99,218 2.20 852,557 Ryanair Holdings PLC - ADR IE 84,475 1.87 156,989 Siemens AG DE 60,350 1.34 125,786 Schneider Electric SE FR 47,232 1.05 2,177,326 Rolls-Royce Holdings PLC GB 46,219 1.02 835,588 Assa Abloy AB - Class B Shares SE 44,305 0.98 285,400 Fujikura Ltd JP 43,441 0.96 1,703,818 Atlas Copco AB - Class A Shares SE 41,633 0.92 110,453 DSV A/S DK 38,182 0.85 15,017 Rheinmetall AG DE 37,604 0.83 818,400 Hitachi Ltd JP 35,228 0.78 383,663 DCC PLC GB 32,806 0.73 349,148 Ashtead Group PLC GB 32,673 0.72 164,753 Siemens Energy AG DE 31,724 0.70 529,618 RELX PLC NL 29,608 0.66 54,167 Safran SA FR 25,896 0.57 120,271 Vinci SA FR 23,224 0.51 650,400 Obayashi Corp JP 18,682 0.41 Consumer Discretionary (10.78%) 99,826 LVMH Moet Hennessy Louis Vuitton SE FR 103,274 2.29 2,930,800 Sony Group Corp JP 103,185 2.29 120,200 Fast Retailing Co Ltd JP 59,820 1.33 2,185,300 Ryohin Keikaku Co Ltd JP 52,962 1.17 1,529,900 Asics Corp JP 50,410 1.12 887,200 Sanrio Co Ltd JP 38,103 0.84 326,939 Mercedes-Benz Group AG DE 31,108 0.69 233,228 Prosus NV NL 19,821 0.44 201,331 Accor SA FR 15,579 0.35 118,748 Amadeus IT Group SA ES 12,063 0.27 Consumer Staples (6.61%) 656,508 Unilever PLC GB 58,875 1.31 602,116 British American Tobacco PLC GB 46,851 1.04 316,843 Nestle SA CH 43,166 0.96 359,290 Heineken NV NL 40,688 0.90 312,493 Coca-Cola Europacific Partners PLC NL 38,902 0.86 59,426 L'Oreal SA FR 35,017 0.78 1,065,612 Diageo PLC GB 31,516 0.70 147,714 Magnum Ice Cream Co NV GB 3,218 0.07 Health Care (11.20%) 532,328 AstraZeneca PLC GB 135,213 3.00 476,610 Novartis AG CH 90,142 2.00 134,815 Roche Holding AG CH 76,416 1.69 907,812 Novo Nordisk A/S - Class B Shares DK 63,196 1.40 145,412 EssilorLuxottica SA FR 63,108 1.40 3,651,011 Haleon PLC GB 25,323 0.56 127,804 CSL Ltd AU 20,187 0.45 1,715,485 Telix Pharmaceuticals Ltd AU 17,602 0.39 15,341 Lonza Group AG CH 14,197 0.31 Financials (24.02%) 1,962,500 DBS Group Holdings Ltd SG 117,994 2.62 160,916 Allianz SE DE 102,123 2.26 7,880,284 Intesa Sanpaolo SpA IT 74,740 1.66 4,294,242 Sampo Oyj FI 71,311 1.58 1,121,937 UBS Group AG CH 71,105 1.58 1,835,505 ING Groep NV NL 70,814 1.57 3,132,900 Mitsubishi UFJ Financial Group Inc JP 68,247 1.51 2,595,325 Bank of Ireland Group PLC IE 68,128 1.51 1,760,911 National Australia Bank Ltd AU 67,956 1.51 2,049,794 Banco Bilbao Vizcaya Argentaria SA ES 65,996 1.46 4,856,730 NatWest Group PLC GB 58,477 1.30 3,254,782 Banco Santander SA ES 52,583 1.17 1,261,994 DNB Bank ASA NO 48,259 1.07 3,151,767 AIA Group Ltd HK 44,527 0.99 746,900 Tokio Marine Holdings Inc JP 37,896 0.84 223,044 London Stock Exchange Group PLC GB 36,825 0.82 74,468 Deutsche Boerse AG DE 26,863 0.60 Information Technology (10.58%) 102,915 ASML Holding NV NL 152,206 3.37 1,864,770 Taiwan Semiconductor Manufacturing Co Ltd TW 125,818 2.79 2,046,200 NEC Corp JP 95,027 2.11 130,582 SAP SE DE 43,547 0.97 1,592,106 Hexagon AB - Class B Shares SE 25,739 0.57 1,028,600 TDK Corp JP 19,974 0.44 ONE Investment Page 24 Page 115 Clarington RBC International Equity Fund (CAD) (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) OVERSEAS EQUITIES (98.31%) 18,147 284,000 318,126 564,461 3,451,618 1,355,164 757,802 Information Technology (10.58%) ASM International NV Telecommunication Services (4.12%) Konami Group Corp Tencent Holdings Ltd Deutsche Telekom AG Utilities (3.97%) Iberdrola SA Redeia Corp SA Real Estate (0.86%) Goodman Group NL JP CN DE ES ES AU 15,079 52,938 33,510 25,219 102,583 33,158 21,404 0.33 1.17 0.74 0.56 2.27 0.73 0.47 471,200 792,400 2,968,266 1,123,900 Nintendo Co Ltd SoftBank Group Corp Terna - Rete Elettrica Nazionale Mitsui Fudosan Co Ltd JP JP IT JP 43,665 30,511 43,343 17,531 0.97 0.68 0.96 0.39 Total Investments Cash & Short-term Notes Net Assets 4,469,858 99.08 41,607 0.92 4,511,465 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 25 Page 116 RBC International Equity Index Fund (continued) Clarington RBC International Equity Index Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) U.S. EQUITIES (1.08%) Industrials (0.13%) 1,926 AerCap Holdings NV 380 0.13 Consumer Discretionary (0.24%) 4,084 Sea Ltd - ADR 715 0.24 Financials (0.05%) 618 Futu Holdings Ltd - ADR 139 0.05 Information Technology (0.23%) 551 CyberArk Software Ltd 337 0.11 2,269 Nebius Group NV 261 0.09 472 Monday.com Ltd 96 0.03 Telecommunication Services (0.44%) 1,669 Spotify Technology SA 1,330 0.44 OVERSEAS EQUITIES (98.11%) Energy (3.10%) 61,545 Shell PLC GB 3,113 1.04 21,203 TotalEnergies SE FR 1,897 0.63 167,978 BP PLC GB 1,345 0.45 21,838 Eni SpA IT 568 0.19 20,241 Woodside Energy Group Ltd AU 433 0.14 12,167 Repsol SA ES 312 0.10 28,972 ENEOS Holdings Inc JP 281 0.09 8,171 Equinor ASA NO 264 0.09 9,300 Inpex Corp JP 255 0.08 32,613 Santos Ltd AU 184 0.06 4,286 Neste Oyj FI 133 0.04 1,473 OMV AG AT 113 0.04 4,717 Galp Energia SGPS SA PT 111 0.04 3,173 Aker BP ASA NO 111 0.04 3,728 Tenaris SA IT 99 0.03 9,224 Idemitsu Kosan Co Ltd JP 96 0.03 Materials (5.51%) 54,144 BHP Group Ltd AU 2,243 0.75 6,177 Air Liquide SA FR 1,594 0.53 11,872 Rio Tinto PLC GB 1,313 0.44 107,323 Glencore PLC GB 805 0.27 17,937 Shin-Etsu Chemical Co Ltd JP 765 0.25 5,447 Holcim AG CH 728 0.24 9,529 BASF SE DE 688 0.23 11,949 Anglo American PLC GB 678 0.23 4,031 Rio Tinto Ltd AU 540 0.18 99 Givaudan SA CH 538 0.18 1,429 Heidelberg Materials AG DE 509 0.17 1,628 Sika AG CH 454 0.15 18,489 Fortescue Ltd AU 371 0.12 14,224 Northern Star Resources Ltd AU 344 0.11 3,708 Novonesis Novozymes B DK 326 0.11 5,008 ArcelorMittal SA FR 316 0.10 51,300 Nippon Steel Corp JP 288 0.10 4,251 Antofagasta PLC GB 256 0.09 21,506 Evolution Mining Ltd AU 247 0.08 3,076 Boliden AB SE 234 0.08 7,100 Nitto Denko Corp JP 232 0.08 5,688 UPM-Kymmene Oyj FI 226 0.08 1,776 DSM-Firmenich AG NL 197 0.07 1,879 Akzo Nobel NV NL 179 0.06 1,461 Symrise AG DE 162 0.05 15,333 Norsk Hydro ASA NO 162 0.05 50,000 South32 Ltd AU 162 0.05 2,877 Sumitomo Metal Mining Co Ltd JP 158 0.05 12,335 Asahi Kasei Corp JP 150 0.05 2,062 Endeavour Mining PLC GB 148 0.05 2,271 Fresnillo PLC GB 139 0.05 13,903 Toray Industries Inc JP 124 0.04 6,500 JX Advanced Metals Corp JP 112 0.04 6,100 Svenska Cellulosa AB SCA - Class B Shares SE 111 0.04 9,258 Lynas Rare Earths Ltd AU 104 0.03 12,900 Mitsubishi Chemical Group Corp JP 104 0.03 11,200 Nippon Paint Holdings Co Ltd JP 103 0.03 5,800 JFE Holdings Inc JP 101 0.03 5,848 Stora Enso Oyj - Class R Shares FI 100 0.03 1,663 Yara International ASA NO 93 0.03 89 EMS-Chemie Holding AG CH 84 0.03 726 Syensqo SA BE 80 0.03 1,700 Nippon Sanso Holdings Corp JP 70 0.02 744 Buzzi SpA IT 62 0.02 7,776 ICL Group Ltd IL 61 0.02 2,647 Evonik Industries AG DE 57 0.02 864 Holmen AB - Class B Shares SE 45 0.02 Industrials (18.93%) 8,075 Siemens AG DE 3,104 1.03 5,815 Schneider Electric SE FR 2,184 0.73 48,897 Hitachi Ltd JP 2,105 0.70 6,297 Airbus SE FR 2,007 0.67 89,171 Rolls-Royce Holdings PLC GB 1,893 0.63 3,815 Safran SA FR 1,824 0.61 16,588 ABB Ltd CH 1,678 0.56 8,198 Siemens Energy AG DE 1,579 0.52 491 Rheinmetall AG DE 1,229 0.41 14,957 Recruit Holdings Co Ltd JP 1,154 0.38 34,237 Mitsubishi Heavy Industries Ltd JP 1,147 0.38 63,870 ITOCHU Corp JP 1,108 0.37 19,486 RELX PLC GB 1,077 0.36 34,153 Mitsubishi Corp JP 1,072 0.36 ONE Investment Page 26 Page 117 Clarington RBC International Equity Index Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.11%) Industrials (18.93%) 26,282 Mitsui & Co Ltd JP 1,071 0.36 5,327 Vinci SA FR 1,029 0.34 32,083 BAE Systems PLC GB 1,013 0.34 20,366 Mitsubishi Electric Corp JP 815 0.27 10,250 Deutsche Post AG DE 767 0.26 2,177 DSV A/S DK 753 0.25 16,965 Volvo AB - Class B Shares SE 741 0.25 28,695 Atlas Copco AB - Class A Shares SE 701 0.23 4,796 Cie de Saint-Gobain SA FR 669 0.22 9,796 Experian PLC GB 606 0.20 2,800 Legrand SA FR 571 0.19 10,701 Assa Abloy AB - Class B Shares SE 567 0.19 14,626 Marubeni Corp JP 559 0.19 11,385 Sumitomo Corp JP 541 0.18 10,088 FANUC Corp JP 539 0.18 11,384 Sandvik AB SE 505 0.17 2,855 Daikin Industries Ltd JP 501 0.17 5,484 Ferrovial SE ES 488 0.16 9,918 Komatsu Ltd JP 432 0.14 9,008 Ryanair Holdings PLC IE 426 0.14 4,501 Ashtead Group PLC GB 421 0.14 32,296 Transurban Group - Units AU 420 0.14 2,732 Fujikura Ltd JP 416 0.14 3,033 Prysmian SpA IT 415 0.14 10,634 Vestas Wind Systems A/S DK 395 0.13 368 Geberit AG CH 392 0.13 10,200 East Japan Railway Co JP 369 0.12 989 Thales SA FR 366 0.12 16,368 Atlas Copco AB - Class B Shares SE 359 0.12 2,490 Wolters Kluwer NV NL 354 0.12 3,629 Kone Oyj - Class B Shares FI 353 0.12 677 Schindler Holding AG CH 341 0.11 4,320 Leonardo SpA IT 339 0.11 7,319 Toyota Tsusho Corp JP 339 0.11 575 MTU Aero Engines AG DE 327 0.11 8,286 Aena SME SA ES 318 0.11 8,291 Central Japan Railway Co JP 315 0.10 641 SMC Corp JP 304 0.10 14,399 Brambles Ltd AU 302 0.10 5,073 Daimler Truck Holding AG - Common Shares - Voting DE 302 0.10 30,255 CK Hutchison Holdings Ltd HK 282 0.09 1,768 SGS SA CH 277 0.09 3,427 Saab AB - Class B Shares SE 273 0.09 1,738 Toyota Industries Corp JP 270 0.09 10,900 IHI Corp JP 263 0.09 5,379 Wartsila OYJ Abp FI 261 0.09 1,915 ACS Actividades de Construccion y Servicios SA ES 261 0.09 15,956 Techtronic Industries Co Ltd HK 252 0.08 300 Elbit Systems Ltd IL 236 0.08 4,500 Kajima Corp JP 230 0.08 27,290 Rentokil Initial PLC GB 223 0.07 7,111 Epiroc AB - Class A Shares SE 220 0.07 4,286 Secom Co Ltd JP 209 0.07 1,593 Taisei Corp JP 207 0.07 2,909 Alfa Laval AB SE 200 0.07 1,681 Kingspan Group PLC IE 199 0.07 296 VAT Group AG CH 195 0.06 4,385 Nippon Yusen KK JP 195 0.06 9,800 Kubota Corp JP 191 0.06 6,500 Obayashi Corp JP 187 0.06 5,678 Computershare Ltd AU 177 0.06 15,900 Keppel Ltd SG 175 0.06 25,547 Grab Holdings Ltd SG 175 0.06 7,304 Metso Oyj FI 174 0.06 9,266 NIDEC CORP JP 173 0.06 4,851 Kongsberg Gruppen ASA NO 171 0.06 1,800 Jardine Matheson Holdings Ltd HK 169 0.06 5,100 Ebara Corp JP 165 0.05 3,750 Bureau Veritas SA FR 164 0.05 3,868 Mitsui OSK Lines Ltd JP 160 0.05 3,649 Smiths Group PLC GB 158 0.05 50 AP Moller - Maersk A/S - Class B Shares DK 157 0.05 3,886 Alstom SA FR 157 0.05 1,500 Fuji Electric Co Ltd JP 156 0.05 3,600 Daifuku Co Ltd JP 156 0.05 1,700 Kawasaki Heavy Industries Ltd JP 155 0.05 17,207 Singapore Technologies Engineering Ltd SG 154 0.05 14,115 Melrose Industries PLC GB 153 0.05 110 Belimo Holding AG - Class R Shares CH 148 0.05 489 Kuehne + Nagel International AG - Class R Shares CH 144 0.05 3,832 SKF AB - Class S Shares SE 139 0.05 1,924 Bouygues SA FR 137 0.05 1,468 GEA Group AG DE 136 0.05 690 Eiffage SA FR 136 0.05 1,581 Intertek Group PLC GB 135 0.04 2,290 Trelleborg AB - Class B Shares SE 133 0.04 2,528 Lifco AB - Class B Shares SE 132 0.04 3,416 Skanska AB - Class B Shares SE 128 0.04 2,611 AddTech AB - Class B Shares SE 126 0.04 3,277 Bunzl PLC GB 126 0.04 824 Knorr-Bremse AG DE 125 0.04 2,251 Rexel SA FR 121 0.04 4,300 West Japan Railway Co JP 118 0.04 17,206 Singapore Airlines Ltd SG 117 0.04 4,200 MINEBEA MITSUMI Inc JP 116 0.04 1,417 Brenntag SE DE 113 0.04 3,172 Indutrade AB SE 113 0.04 29,600 Yangzijiang Shipbuilding Holdings Ltd SG 110 0.04 3,918 Epiroc AB - Class B Shares SE 108 0.04 2,600 Makita Corp JP 108 0.04 4,938 Securitas AB - Class B Shares SE 108 0.04 859 Spirax Group PLC GB 108 0.04 20,000 MTR Corp Ltd HK 105 0.03 4,531 Beijer Ref AB SE 100 0.03 15,022 Auckland International Airport Ltd NZ 99 0.03 2,400 TOPPAN Holdings Inc JP 98 0.03 2,500 Seibu Holdings Inc JP 94 0.03 3,950 Dai Nippon Printing Co Ltd JP 93 0.03 3,625 Getlink SE FR 92 0.03 11,986 International Consolidated Airlines Group SA ES 91 0.03 1,958 AGC Inc JP 89 0.03 197 Dassault Aviation SA FR 87 0.03 2,043 SGH Ltd AU 87 0.03 3,741 Sekisui Chemical Co Ltd JP 86 0.03 988 DCC PLC GB 84 0.03 156 HOCHTIEF AG DE 84 0.03 ONE Investment Page 27 Page 118 Clarington RBC International Equity Index Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.11%) Industrials (18.93%) 17,000 SITC International Holdings Co Ltd HK 83 0.03 2,400 Hankyu Hanshin Holdings Inc JP 83 0.03 4,300 Kawasaki Kisen Kaisha Ltd JP 82 0.03 6,025 Deutsche Lufthansa AG DE 81 0.03 5,019 Tokyu Corp JP 81 0.03 15,218 Nibe Industrier AB - Class B Shares SE 80 0.03 202 Hikari Tsushin Inc JP 78 0.03 24 AP Moller - Maersk A/S - Class A Shares DK 76 0.03 638 Hensoldt AG DE 75 0.02 596 IMCD NV NL 74 0.02 7,445 Qantas Airways Ltd AU 71 0.02 346 Aeroports de Paris SA FR 62 0.02 2,800 MonotaRO Co Ltd JP 61 0.02 2,348 Japan Airlines Co Ltd JP 60 0.02 1,089 Randstad NV NL 57 0.02 51 Rational AG DE 54 0.02 1,544 Investment AB Latour - Class B Shares SE 51 0.02 1,023 ROCKWOOL A/S - Class B Shares DK 49 0.02 1,800 ANA Holdings Inc JP 47 0.02 3,700 SG Holdings Co Ltd JP 46 0.02 3,300 Tokyo Metro Co Ltd JP 46 0.02 2,558 InPost SA NL 43 0.01 3,806 Swire Pacific Ltd - Class A Shares HK 42 0.01 Consumer Discretionary (9.50%) 101,189 Toyota Motor Corp JP 2,983 0.99 2,655 LVMH Moet Hennessy Louis Vuitton SE FR 2,747 0.91 65,455 Sony Group Corp JP 2,304 0.77 5,689 Cie Financiere Richemont SA CH 1,684 0.56 13,970 Prosus NV NL 1,187 0.39 338 Hermes International SCA FR 1,152 0.38 11,646 Industria de Diseno Textil SA ES 1,054 0.35 2,038 Fast Retailing Co Ltd JP 1,014 0.34 12,055 Wesfarmers Ltd AU 891 0.30 18,123 Compass Group PLC GB 788 0.26 7,710 Mercedes-Benz Group AG DE 734 0.24 1,346 Ferrari NV IT 687 0.23 39,266 Honda Motor Co Ltd JP 529 0.18 1,826 adidas AG DE 496 0.16 4,810 Amadeus IT Group SA ES 489 0.16 25,400 Panasonic Holdings Corp JP 452 0.15 2,995 Bayerische Motoren Werke AG DE 446 0.15 7,609 Sumitomo Electric Industries Ltd JP 421 0.14 795 Kering SA FR 381 0.13 12,076 Bridgestone Corp JP 373 0.12 2,202 Volkswagen AG - Preferred Shares DE 369 0.12 19,200 Denso Corp JP 364 0.12 17,168 Suzuki Motor Corp JP 352 0.12 7,158 Cie Generale des Etablissements Michelin SCA FR 326 0.11 21,528 Stellantis NV IT 324 0.11 5,914 Aristocrat Leisure Ltd AU 314 0.10 1,186 Next PLC GB 300 0.10 1,546 InterContinental Hotels Group PLC GB 298 0.10 11,593 Oriental Land Co Ltd/Japan JP 294 0.10 7,552 Asics Corp JP 249 0.08 6,272 Bandai Namco Holdings Inc JP 229 0.08 2,504 Moncler SpA IT 220 0.07 6,400 Subaru Corp JP 189 0.06 20,875 Pan Pacific International Holdings Corp JP 171 0.06 5,498 Sekisui House Ltd JP 168 0.06 23,749 Galaxy Entertainment Group Ltd HK 161 0.05 1,971 Accor SA FR 153 0.05 17,000 Rakuten Group Inc JP 150 0.05 5,110 H & M Hennes & Mauritz AB - Class B Shares SE 141 0.05 5,700 Ryohin Keikaku Co Ltd JP 138 0.05 1,437 Evolution AB SE 134 0.04 6,100 Isuzu Motors Ltd JP 131 0.04 5,000 Aisin Corp JP 129 0.04 1,112 Continental AG DE 121 0.04 793 Pandora A/S DK 120 0.04 5,889 Pearson PLC GB 114 0.04 4,625 Nitori Holdings Co Ltd JP 111 0.04 1,935 Renault SA FR 110 0.04 748 Shimano Inc JP 107 0.04 22,350 Lottery Corp Ltd AU 105 0.04 17,625 Kingfisher PLC GB 102 0.03 28,570 Sands China Ltd HK 99 0.03 342 Swatch Group AG CH 99 0.03 1,541 Porsche Automobil Holding SE - Preferred Shares DE 99 0.03 13,735 Barratt Redrow PLC GB 97 0.03 9,158 Yamaha Motor Co Ltd JP 93 0.03 2,248 Zalando SE DE 91 0.03 2,100 Sanrio Co Ltd JP 90 0.03 6,101 Entain PLC GB 86 0.03 1,147 Dr Ing hc F Porsche AG - Preferred Shares DE 84 0.03 1,756 Whitbread PLC GB 83 0.03 562 Bayerische Motoren Werke AG - Preferred Shares DE 82 0.03 981 Zensho Holdings Co Ltd JP 77 0.03 22,400 Nissan Motor Co Ltd JP 76 0.03 883 Avolta AG CH 71 0.02 1,929 Delivery Hero SE DE 70 0.02 888 Sodexo SA FR 62 0.02 222 D'ieteren Group BE 55 0.02 4,513 ZOZO Inc JP 51 0.02 28,022 JD Sports Fashion PLC GB 44 0.01 1,138 FDJ UNITED FR 43 0.01 Consumer Staples (7.34%) 27,390 Nestle SA CH 3,732 1.24 23,269 Unilever PLC GB 2,087 0.69 23,150 British American Tobacco PLC GB 1,801 0.60 2,564 L'Oreal SA FR 1,511 0.50 10,553 Anheuser-Busch InBev SA/NV BE 930 0.31 6,911 Danone SA FR 856 0.28 7,208 Reckitt Benckiser Group PLC GB 801 0.27 23,770 Diageo PLC GB 703 0.23 12,900 Japan Tobacco Inc JP 636 0.21 69,400 Tesco PLC GB 566 0.19 9,326 Koninklijke Ahold Delhaize NV NL 525 0.17 23,800 Aeon Co Ltd JP 516 0.17 8,171 Imperial Brands PLC GB 471 0.16 22,000 Seven & i Holdings Co Ltd JP 434 0.14 12 Chocoladefabriken Lindt & Spruengli AG CH 422 0.14 3,075 Heineken NV NL 348 0.12 ONE Investment Page 28 Page 119 Clarington RBC International Equity Index Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.11%) Consumer Staples (7.34%) 12,845 Woolworths Group Ltd AU 345 0.11 14,194 Coles Group Ltd AU 278 0.09 9,556 Ajinomoto Co Inc JP 277 0.09 5,000 Kao Corp JP 274 0.09 2,102 Coca-Cola Europacific Partners PLC NL 262 0.09 6,436 Essity AB - Class B Shares SE 254 0.08 2,155 Pernod Ricard SA FR 253 0.08 16,416 Asahi Group Holdings Ltd JP 236 0.08 1,759 Kerry Group PLC - Class A Shares IE 221 0.07 1,610 Henkel AG & Co KGaA - Preferred Shares DE 180 0.06 2,402 Coca-Cola HBC AG GB 171 0.06 944 Carlsberg AS - Class B Shares DK 170 0.06 1,073 Beiersdorf AG DE 162 0.05 7,754 Kirin Holdings Co Ltd JP 159 0.05 4,673 Mowi ASA NO 154 0.05 95,174 WH Group Ltd HK 146 0.05 3,619 Associated British Foods PLC GB 142 0.05 22,953 Marks & Spencer Group PLC GB 140 0.05 5,966 Carrefour SA FR 137 0.05 1,303 Heineken Holding NV NL 131 0.04 1,185 Henkel AG & Co KGaA DE 124 0.04 19,802 J Sainsbury PLC GB 119 0.04 5,235 Magnum Ice Cream Co NV GB 114 0.04 7,039 Orkla ASA NO 108 0.04 12,900 Unicharm Corp JP 101 0.03 8,015 Kikkoman Corp JP 100 0.03 4,837 Shiseido Co Ltd JP 97 0.03 2,845 Jeronimo Martins SGPS SA PT 93 0.03 3,900 MatsukiyoCocokara & Co JP 93 0.03 1,716 JDE Peet's NV NL 88 0.03 2,740 Kesko Oyj - Class B Shares FI 85 0.03 36 Barry Callebaut AG CH 81 0.03 24,000 Wilmar International Ltd SG 79 0.03 7,740 Davide Campari-Milano NV - Class M Shares IT 69 0.02 2,700 Tsuruha Holdings Inc JP 68 0.02 1,588 Suntory Beverage & Food Ltd JP 66 0.02 5 Lotus Bakeries NV BE 63 0.02 692 Salmar ASA NO 58 0.02 1,700 Kobe Bussan Co Ltd JP 56 0.02 Health Care (11.25%) 7,801 Roche Holding AG CH 4,426 1.47 16,487 AstraZeneca PLC GB 4,188 1.39 20,167 Novartis AG CH 3,814 1.27 34,237 Novo Nordisk A/S - Class B Shares DK 2,383 0.79 11,795 Sanofi SA FR 1,566 0.52 42,955 GSK PLC GB 1,445 0.48 3,214 EssilorLuxottica SA FR 1,395 0.46 5,162 CSL Ltd AU 815 0.27 657 Argenx SE BE 761 0.25 3,643 Hoya Corp JP 758 0.25 16,500 Takeda Pharmaceutical Co Ltd JP 704 0.23 750 Lonza Group AG CH 694 0.23 95,090 Haleon PLC GB 660 0.22 10,489 Bayer AG DE 624 0.21 5,335 Alcon AG CH 579 0.19 19,175 Daiichi Sankyo Co Ltd JP 559 0.19 12,244 Teva Pharmaceutical Industries Ltd - ADR IL 524 0.17 7,200 Chugai Pharmaceutical Co Ltd JP 518 0.17 1,350 UCB SA BE 516 0.17 1,651 Galderma Group AG CH 461 0.15 4,315 Sandoz Group AG CH 430 0.14 4,671 Otsuka Holdings Co Ltd JP 363 0.12 4,510 Fresenius SE & Co KGaA DE 355 0.12 19,100 Astellas Pharma Inc JP 349 0.12 8,225 Koninklijke Philips NV NL 307 0.10 14,090 Terumo Corp JP 281 0.09 657 Genmab A/S DK 280 0.09 1,378 Merck KGaA DE 270 0.09 3,613 Siemens Healthineers AG DE 260 0.09 12,200 Olympus Corp JP 212 0.07 8,309 Shionogi & Co Ltd JP 206 0.07 552 Sonova Holding AG CH 196 0.07 1,215 Straumann Holding AG - Class R Shares CH 195 0.06 6,445 Fisher & Paykel Healthcare Corp Ltd NZ 192 0.06 8,343 Smith & Nephew PLC GB 190 0.06 720 Cochlear Ltd AU 172 0.06 58,342 Sigma Healthcare Ltd AU 157 0.05 2,416 QIAGEN NV DE 151 0.05 1,266 Coloplast A/S - Class B Shares DK 149 0.05 2,205 Fresenius Medical Care AG DE 145 0.05 638 Pro Medicus Ltd AU 129 0.04 3,027 Eisai Co Ltd JP 123 0.04 1,190 Eurofins Scientific SE FR 119 0.04 300 Sartorius AG - Preferred Shares DE 119 0.04 1,092 Orion Oyj - Class B Shares FI 112 0.04 1,335 Recordati Industria Chimica e Farmaceutica SpA IT 104 0.03 293 Sartorius Stedim Biotech FR 99 0.03 5,303 M3 Inc JP 98 0.03 4,715 Sonic Healthcare Ltd AU 97 0.03 1,958 Swedish Orphan Biovitrum AB SE 96 0.03 453 Ipsen SA FR 87 0.03 416 BioMerieux FR 74 0.02 5,011 Sysmex Corp JP 68 0.02 200 Financiere de Tubize SA BE 67 0.02 2,583 Kyowa Kirin Co Ltd JP 57 0.02 2,986 Grifols SA ES 51 0.02 1,683 Hikma Pharmaceuticals PLC GB 48 0.02 985 Demant A/S DK 46 0.02 Financials (25.01%) 183,104 HSBC Holdings PLC GB 3,955 1.31 122,779 Mitsubishi UFJ Financial Group Inc JP 2,675 0.89 17,957 Commonwealth Bank of Australia AU 2,631 0.87 4,105 Allianz SE DE 2,605 0.87 158,603 Banco Santander SA ES 2,562 0.85 33,661 UBS Group AG CH 2,133 0.71 61,533 Banco Bilbao Vizcaya Argentaria SA ES 1,981 0.66 39,254 Sumitomo Mitsui Financial Group Inc JP 1,733 0.58 14,838 UniCredit SpA IT 1,687 0.56 1,549 Zurich Insurance Group AG CH 1,609 0.53 113,046 AIA Group Ltd HK 1,597 0.53 150,514 Intesa Sanpaolo SpA IT 1,428 0.47 10,731 BNP Paribas SA FR 1,393 0.46 22,605 DBS Group Holdings Ltd SG 1,359 0.45 ONE Investment Page 29 Page 120 Clarington RBC International Equity Index Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.11%) Financials (25.01%) 26,434 Mizuho Financial Group Inc JP 1,324 0.44 149,077 Barclays PLC GB 1,310 0.44 36,727 Westpac Banking Corp AU 1,294 0.43 32,898 National Australia Bank Ltd AU 1,270 0.42 1,388 Muenchener Rueckversicherungs-Gesellschaft AG in DE 1,254 0.42 31,876 ING Groep NV NL 1,230 0.41 Muenchen - Class R Shares 18,520 AXA SA FR 1,220 0.41 632,086 Lloyds Banking Group PLC GB 1,148 0.38 32,068 ANZ Group Holdings Ltd AU 1,064 0.35 19,761 Deutsche Bank AG DE 1,045 0.35 85,788 NatWest Group PLC GB 1,033 0.34 19,599 Tokio Marine Holdings Inc JP 994 0.33 19,452 Investor AB - Class B Shares SE 951 0.32 32,935 Nordea Bank Abp FI 850 0.28 7,545 Societe Generale SA FR 834 0.28 4,988 London Stock Exchange Group PLC GB 824 0.27 35,789 Oversea-Chinese Banking Corp Ltd SG 755 0.25 4,021 Macquarie Group Ltd AU 746 0.25 2,050 Deutsche Boerse AG DE 740 0.25 3,189 Swiss Re AG CH 729 0.24 41,608 CaixaBank SA ES 698 0.23 20,796 Standard Chartered PLC GB 696 0.23 10,605 3i Group PLC GB 638 0.21 8,634 Hong Kong Exchanges & Clearing Ltd HK 620 0.21 269 Adyen NV NL 595 0.20 27,359 Prudential PLC GB 578 0.19 3,287 Erste Group Bank AG AT 541 0.18 8,995 Generali IT 516 0.17 12,536 ORIX Corp JP 503 0.17 13,200 United Overseas Bank Ltd SG 493 0.16 305 Swiss Life Holding AG CH 482 0.16 7,020 Danske Bank A/S DK 481 0.16 15,844 Bank Leumi Le-Israel BM IL 479 0.16 16,261 Skandinaviska Enskilda Banken AB - Class A Shares SE 471 0.16 13,900 MS&AD Insurance Group Holdings Inc JP 448 0.15 7,731 Commerzbank AG DE 448 0.15 2,474 KBC Group NV BE 442 0.15 9,371 Sompo Holdings Inc JP 437 0.15 9,065 Swedbank AB - Class A Shares SE 432 0.14 25,775 Sampo Oyj FI 428 0.14 37,100 Dai-ichi Life Holdings Inc JP 423 0.14 246 Partners Group Holding AG CH 414 0.14 32,639 Aviva PLC GB 412 0.14 13,178 Bank Hapoalim BM IL 409 0.14 33,329 Nomura Holdings Inc JP 381 0.13 18,900 Japan Post Bank Co Ltd JP 365 0.12 9,494 DNB Bank ASA NO 363 0.12 22,813 AIB Group PLC IE 335 0.11 11,393 Credit Agricole SA FR 322 0.11 15,413 Svenska Handelsbanken AB - Class A Shares SE 306 0.10 43,981 BOC Hong Kong Holdings Ltd HK 306 0.10 2,873 NN Group NV NL 304 0.10 20,803 Banca Monte dei Paschi di Siena SpA IT 304 0.10 833 Helvetia Baloise Holding AG CH 301 0.10 6,226 ABN AMRO Bank NV - Dutch Certificates NL 299 0.10 15,729 BPER Banca SPA IT 292 0.10 16,003 QBE Insurance Group Ltd AU 291 0.10 53,306 Banco de Sabadell SA ES 288 0.10 22,000 Resona Holdings Inc JP 287 0.10 5,304 EQT AB SE 284 0.09 57,588 Legal & General Group PLC GB 278 0.09 19,000 Japan Post Holdings Co Ltd JP 275 0.09 644 Hannover Rueck SE DE 275 0.09 6,486 Sumitomo Mitsui Trust Group Inc JP 271 0.09 10,247 Bank of Ireland Group PLC IE 269 0.09 12,148 Banco BPM SpA IT 253 0.08 2,218 Julius Baer Group Ltd CH 238 0.08 6,574 FinecoBank Banca Fineco SpA IT 234 0.08 7,467 Hang Seng Bank Ltd HK 202 0.07 15,800 Daiwa Securities Group Inc JP 190 0.06 26,030 Insurance Australia Group Ltd AU 190 0.06 6,406 SBI Holdings Inc JP 189 0.06 11,673 Suncorp Group Ltd AU 188 0.06 12,308 Israel Discount Bank Ltd - Class A Shares IL 179 0.06 5,006 Poste Italiane SpA IT 172 0.06 834 Euronext NV FR 172 0.06 7,458 Bankinter SA ES 170 0.06 1,725 ASR Nederland NV NL 168 0.06 11,476 Japan Exchange Group Inc JP 168 0.06 1,711 Mizrahi Tefahot Bank Ltd IL 164 0.05 14,592 Aegon Ltd NL 156 0.05 4,885 T&D Holdings Inc JP 155 0.05 2,614 Admiral Group PLC GB 153 0.05 1,498 Ageas SA/NV BE 144 0.05 2,533 Phoenix Financial Ltd IL 144 0.05 25,881 M&G PLC GB 137 0.05 3,807 Tryg A/S DK 137 0.05 3,972 Washington H Soul Pattinson & Co Ltd AU 135 0.04 4,065 Unipol Assicurazioni SpA IT 134 0.04 11,500 Mitsubishi HC Capital Inc JP 132 0.04 27,654 Medibank Pvt Ltd AU 121 0.04 83,472 Banco Comercial Portugues SA - Class R Shares PT 121 0.04 649 Talanx AG DE 118 0.04 10,300 Yokohama Financial Group Inc JP 117 0.04 2,483 ASX Ltd AU 117 0.04 1,818 Industrivarden AB - Class C Shares SE 112 0.04 8,205 Phoenix Group Holdings PLC GB 111 0.04 6,703 Wise PLC GB 110 0.04 939 EXOR NV NL 109 0.04 6,000 Singapore Exchange Ltd SG 108 0.04 11,520 Infratil Ltd NZ 101 0.03 803 Groupe Bruxelles Lambert NV BE 98 0.03 2,373 Gjensidige Forsikring ASA NO 97 0.03 1,460 Raiffeisen Bank International AG AT 89 0.03 61,055 Sony Financial Group Inc JP 89 0.03 5,708 Chiba Bank Ltd JP 87 0.03 753 Amundi SA FR 85 0.03 1,900 Japan Post Insurance Co Ltd JP 78 0.03 1,189 Industrivarden AB - Class A Shares SE 73 0.02 2,409 Edenred SE FR 73 0.02 2,245 Banca Mediolanum SpA IT 70 0.02 9,892 Mapfre SA ES 68 0.02 166 Sofina SA BE 66 0.02 779 L E Lundbergforetagen AB - Class B Shares SE 59 0.02 ONE Investment Page 30 Page 121 Clarington RBC International Equity Index Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.11%) Financials (25.01%) 7,278 Schroders PLC GB 55 0.02 303 Banque Cantonale Vaudoise CH 53 0.02 2,197 CVC Capital Partners PLC NL 51 0.02 5,748 Nexi SpA IT 39 0.01 Information Technology (8.12%) 4,122 ASML Holding NV NL 6,096 2.03 11,088 SAP SE DE 3,698 1.23 4,829 Tokyo Electron Ltd JP 1,476 0.49 8,192 Advantest Corp JP 1,422 0.47 2,079 Keyence Corp JP 1,032 0.34 13,943 Infineon Technologies AG DE 835 0.28 18,883 Fujitsu Ltd JP 712 0.24 13,845 NEC Corp JP 643 0.21 18,000 Murata Manufacturing Co Ltd JP 511 0.17 56,555 Nokia Oyj FI 500 0.17 1,032 Disco Corp JP 432 0.14 490 ASM International NV NL 407 0.14 20,500 TDK Corp JP 398 0.13 29,099 Telefonaktiebolaget LM Ericsson - Class B Shares SE 389 0.13 1,646 Capgemini SE FR 375 0.12 9,200 Canon Inc JP 374 0.12 22,167 Hexagon AB - Class B Shares SE 358 0.12 18,855 Renesas Electronics Corp JP 354 0.12 11,768 FUJIFILM Holdings Corp JP 343 0.11 7,161 Dassault Systemes SE FR 275 0.09 4,053 Halma PLC GB 264 0.09 7,326 STMicroelectronics NV FR 263 0.09 13,648 Kyocera Corp JP 263 0.09 923 Check Point Software Technologies Ltd IL 235 0.08 882 Lasertec Corp JP 231 0.08 1,631 Logitech International SA - Class R Shares CH 227 0.08 4,100 Nomura Research Institute Ltd JP 214 0.07 10,465 Sage Group PLC GB 209 0.07 1,822 Xero Ltd AU 189 0.06 2,000 Kioxia Holdings Corp JP 183 0.06 804 BE Semiconductor Industries NV NL 173 0.06 3,680 Obic Co Ltd JP 159 0.05 328 Nova Ltd IL 150 0.05 2,238 WiseTech Global Ltd AU 140 0.05 2,500 TIS Inc JP 115 0.04 823 SCREEN Holdings Co Ltd JP 110 0.04 2,300 Yokogawa Electric Corp JP 101 0.03 635 Nice Ltd IL 99 0.03 2,423 Shimadzu Corp JP 89 0.03 580 Nemetschek SE DE 86 0.03 567 Wix.com Ltd IL 81 0.03 1,284 Trend Micro Inc/Japan JP 73 0.02 2,400 Otsuka Corp JP 68 0.02 563 Oracle Corp Japan JP 65 0.02 Telecommunication Services (3.89%) 38,943 Deutsche Telekom AG DE 1,740 0.58 41,008 SoftBank Group Corp JP 1,579 0.53 11,820 Nintendo Co Ltd JP 1,095 0.36 31,370 KDDI Corp JP 745 0.25 305,390 SoftBank Corp JP 575 0.19 318,600 NTT Inc JP 441 0.15 19,234 Orange SA FR 441 0.15 11,850 Universal Music Group NV NL 424 0.14 80,300 Singapore Telecommunications Ltd SG 390 0.13 204,472 Vodafone Group PLC GB 374 0.12 2,444 Publicis Groupe SA FR 348 0.12 277 Swisscom AG CH 276 0.09 41,521 Koninklijke KPN NV NL 266 0.09 5,320 Cellnex Telecom SA ES 235 0.08 13,939 Informa PLC GB 227 0.08 39,457 Telefonica SA ES 222 0.07 64,475 BT Group PLC GB 219 0.07 1,099 Konami Group Corp JP 205 0.07 43,840 Telstra Group Ltd AU 195 0.06 26,332 Telia Co AB SE 154 0.05 4,000 Capcom Co Ltd JP 128 0.04 3,800 Nexon Co Ltd JP 127 0.04 5,497 Tele2 AB - Class B Shares SE 126 0.04 6,183 Telenor ASA NO 123 0.04 3,794 CAR Group Ltd AU 107 0.04 754 Scout24 SE DE 104 0.03 614 REA Group Ltd AU 103 0.03 27,900 LY Corp JP 102 0.03 115,948 Telecom Italia SpA/Milano IT 96 0.03 8,760 Auto Trader Group PLC GB 95 0.03 45,000 HKT Trust & HKT Ltd - Units HK 91 0.03 1,426 Elisa Oyj FI 87 0.03 627 CTS Eventim AG & Co KGaA DE 79 0.03 1,100 Toho Co Ltd/Tokyo JP 77 0.03 7,060 Bollore SE FR 54 0.02 2,807 Infrastrutture Wireless Italiane SpA IT 36 0.01 Utilities (3.65%) 67,737 Iberdrola SA ES 2,013 0.67 86,837 Enel SpA IT 1,239 0.41 52,972 National Grid PLC GB 1,115 0.37 19,501 Engie SA FR 703 0.23 23,970 E.ON SE DE 623 0.21 12,875 SSE PLC GB 518 0.17 6,750 RWE AG DE 491 0.16 6,731 Veolia Environnement SA FR 321 0.11 19,475 CLP Holdings Ltd HK 239 0.08 15,096 Terna - Rete Elettrica Nazionale IT 220 0.07 10,196 Kansai Electric Power Co Inc JP 220 0.07 33,014 EDP SA PT 209 0.07 21,844 Snam SpA IT 199 0.07 18,567 Origin Energy Ltd AU 195 0.06 3,999 Osaka Gas Co Ltd JP 191 0.06 3,500 Tokyo Gas Co Ltd JP 190 0.06 138,909 Hong Kong & China Gas Co Ltd HK 172 0.06 3,461 Endesa SA ES 171 0.06 7,495 United Utilities Group PLC GB 165 0.05 3,003 Severn Trent PLC GB 155 0.05 48,798 Centrica PLC GB 153 0.05 5,808 Orsted AS DK 152 0.05 15,631 Power Assets Holdings Ltd HK 152 0.05 6,844 Chubu Electric Power Co Inc JP 145 0.05 ONE Investment Page 31 Page 122 Clarington RBC International Equity Index Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.11%) Utilities (3.65%) 4,934 Fortum Oyj FI 144 0.05 13,099 APA Group - Units AU 107 0.04 2,434 Naturgy Energy Group SA ES 102 0.03 8,720 CK Infrastructure Holdings Ltd HK 89 0.03 18,838 Meridian Energy Ltd NZ 84 0.03 439 Elia Group SA/NV BE 78 0.03 10,471 Contact Energy Ltd NZ 76 0.03 249 Acciona SA ES 74 0.02 11,043 Sembcorp Industries Ltd SG 71 0.02 685 Verbund AG AT 68 0.02 3,192 EDP Renovaveis SA PT 62 0.02 212 BKW AG CH 62 0.02 Real Estate (1.82%) 21,547 Goodman Group AU 609 0.20 27,956 Mitsui Fudosan Co Ltd JP 436 0.14 11,300 Mitsubishi Estate Co Ltd JP 377 0.13 8,079 Vonovia SE DE 319 0.11 16,598 Sun Hung Kai Properties Ltd HK 277 0.09 5,700 Daiwa House Industry Co Ltd JP 260 0.09 6,760 Sumitomo Realty & Development Co Ltd JP 233 0.08 52,303 Scentre Group AU 201 0.07 1,323 Unibail-Rodamco-Westfield FR 197 0.07 30,537 Link REIT HK 187 0.06 14,033 Segro PLC GB 187 0.06 807 Swiss Prime Site AG CH 172 0.06 64,351 CapitaLand Integrated Commercial Trust SG 164 0.05 21,386 CK Asset Holdings Ltd HK 148 0.05 24,098 Stockland AU 126 0.04 12,608 Hongkong Land Holdings Ltd HK 120 0.04 39,300 CapitaLand Ascendas REIT SG 119 0.04 2,160 Klepierre SA FR 117 0.04 78 Nippon Building Fund Inc JP 98 0.03 53,133 Sino Land Co Ltd HK 96 0.03 38,945 Vicinity Ltd AU 91 0.03 20,976 Wharf Real Estate Investment Co Ltd HK 91 0.03 18,000 Henderson Land Development Co Ltd HK 89 0.03 29,700 CapitaLand Investment Ltd/Singapore SG 86 0.03 7,106 Land Securities Group PLC GB 82 0.03 2,980 Daito Trust Construction Co Ltd JP 78 0.03 759 LEG Immobilien SE DE 76 0.03 7,210 Fastighets AB Balder - Class B Shares SE 73 0.02 4,600 Hulic Co Ltd JP 69 0.02 426 Azrieli Group Ltd IL 66 0.02 2,207 Sagax AB - Class B Shares SE 65 0.02 467 Gecina SA FR 61 0.02 593 Covivio SA/France FR 54 0.02 9,945 Wharf Holdings Ltd HK 38 0.01 Total Investments 298,327 99.20 Cash & Short-term Notes 2,421 0.80 Net Assets 300,748 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 32 Page 123 RBC Canadian Core Real Estate Fund (continued) Clarington RBC Canadian Core Real Estate Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security CANADIAN MUTUAL FUNDS (99.98%) 421,329,893 Canadian Core Real Estate Limited Partnership Country Market Value ($) 4,363,629 Total (%) 99.98 UNITS* Security Country Market Value ($) Total (%) Total Investments Cash & Short-term Notes Net Assets 4,363,629 775 4,364,405 99.98 0.02 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 33 Page 124 RBC Global Infrastructure Fund LP (continued) Clarington RBC Global Infrastructure Fund LP Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security CANADIAN MUTUAL FUNDS (100.00%) 157,991,101 GIF Super Aggregator LP - Series O - Accrued Income Country Market Value ($) 1,936,402 8 Total (%) 99.83 0.00 UNITS* Security 328,468 RBC Canadian Money Market Fund - Series O Country Market Value ($) 3,285 Total (%) 0.17 Total Investments Cash & Short-term Notes Net Assets 1,939,695 100.00 76 0.00 1,939,770 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 34 Page 125 Page 126 Page 127 T O R O N T O 155 University Ave., Suite 800 Toronto, Ontario M5H 3B7 Canada Please note: SI is since inception; RBC Global Asset Management is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc. (RBC GAM Inc.), RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), RBC Global Asset Management (UK) Limited (RBC GAM-UK), and RBC Global Asset Management (Asia) Limited (RBC GAM-Asia), which are separate, but affiliated subsidiaries of RBC. This document has been provided by PH&N Institutional for information purposes only and may not be reproduced, distributed or published without the written consent of PH&N Institutional. It is not intended to provide professional advice and should not be relied upon in that regard. PH&N Institutional takes reasonable steps to provide up-to-date, accurate and reliable information, and believes the information to be so when printed. The views and opinions expressed herein are those of PH&N Institutional as of the publication date and are subject to change without notice. This information is not intended to be an offer or solicitation to buy or sell securities or to participate in or subscribe for any service. No securities are being offered, except pursuant and subject to the respective offering documents and subscription materials, which may be provided to qualified investors only, and not to any other category of investor. This document is for general information only and is not, nor does it purport to be, a complete description of an investment in any PH&N, BlueBay, or RBC investment fund. If there is an inconsistency between this document and the respective offering documents, the provisions of the respective offering documents shall prevail. 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Report To: General Government Committee Date of Meeting: April 13, 2026 Report Number: FSD-014-26 Authored by: Michelle Pick, Accounting Services Manager, Deputy Treasurer Submitted By: Trevor Pinn, Deputy CAO/Treasurer, Finance and Technology Reviewed By: Mary-Anne Dempster, CAO By-law Number: Resolution Number: File Number: Report Subject: 2025 Annual Statement of Development Charges, Cash -in-Lieu - Parkland and Building Permit Reserve Funds Recommendation: 1. That Report FSD-014-26, and any related delegations or communication items, be received for information. Page 129 Municipality of Clarington Page 2 Report FSD-014-26 Report Overview Development Charges Act, 1997, Planning Act, 1990 and Building Code Act 1. Background 1.1 The Municipality is required through various acts and regulations to report annually to Council on the reserve funds established for Development Charges, Cash -in-Lieu of Parkland and Building Permits. 2. Development Charges General 2.1 In accordance with the Development Charges Act, 1997, section 43 the Treasurer is required to report to Council on financial information related to the development charges by-law and reserve funds. 2025 Annual Report 2.2 The Municipality retained Hemson Consulting (Hemson) to update the Development Charges (DC) Background Study and corresponding by-law. Subsequent to the publication of the DC Study, Bill 60, Fighting Delays, Building Faster Act, 2025 received Royal Assent. This resulted in the requirement that land acquisition be removed from eligible service categories to its own service category. This resulted in a decrease in the rates, and required updates to the by law, inventories and capital programs to reflect the new service categories. A change was also made to the roads inventory due to an internal review resulting from a developer submission received after the publication of the initial study. Updated rates for the 2025 DC Study and Bylaw were calculated and adopted by Council on December 15, 2025. 2.3 Attachment 1 - attached shows the activity in the Development Charges Reserve Funds for the year ended December 31, 2025, including opening and closing balances. 2.4 Attachment 2 - attached shows capital projects which were funded for the year ended December 31, 2025, with development charges. The table shows the total expenses, development charge financing and non-development charge financing. 2.5 Attachment 3 - attached shows operating expenses which were funded for the year ended December 31, 2025, with development charges. The table shows the total expenses, development charge financing and non -development charge financing. Page 130 Municipality of Clarington Page 3 Report FSD-014-26 2.6 Attachment 4 - attached shows projects which have been previously approved by Council through resolution or prior years’ budgets. The amount committed relates solely to the development charges portion. 2.7 Attachment 5 - attached shows Debt activity related to Development Charges Reserve Funds for the year ended December 31, 2025. 2.8 Attachment 6 – attached shows Estimated DC Funded Costs. The table outlines the values included in the DC Background Study for specific projects versus the estimated capital costs. The differences are mainly driven by changes in scope of the actual projects, pricing differences between when the DC Study figures were estimated in 2022 and the actual pricing in the current year or the actual project has been divided into several phases where the study contained the full project scope . 2.9 This statement is compliant with subsection 59.1(1) of the Development Charges Act, 1997. 2.10 A total of 29 capital fund (2024 – 23) and 10 (2024 – 11) operating fund projects have been financed by development charges. 2.11 The Municipality collected $6,911,606 in municipal development charges in 2025; this compares to $3,720,274 in 2024. 3. Cash-in-Lieu of Parkland General 3.1 In accordance with Section 37 (Increased Density) and Section 42 (Cash-in-Lieu of Parkland) of the Planning Act, the Treasurer must provide a financial statement including opening and closing balances to Council relating to cash -in-lieu of parkland monies and increased density funding. This statement must be made available to the public. Section 42 – Conveyance of Land for Park Purposes 3.2 Under Section 42 of the Planning Act, a municipality may require, as a condition of development, that land be conveyed to the municipality for park or other public recreational purposes. In certain circumstances, Council may require a payment in lieu of land dedication, to the value of the land otherwise required to be conveyed . 3.3 These funds must be held in a special account (Reserve Fund), allocated interest and spent only for the acquisition of land to be used for park or other recreational purposes, including the erection, improvement or repair of buildings and the acquisition of machinery, particular to park purposes. 3.4 Attachment 7 details the Statement of the Treasurer, in compliance with the Act and provides the expected future commitments for the reserve fund. Page 131 Municipality of Clarington Page 4 Report FSD-014-26 Section 37 – Increased Density 3.5 In 2025, the Municipality retained Hemson Consulting (Hemson) to prepare a Community Benefits Charge (CBC) Strategy and By-law. Council adopted the Community Benefits Charge Strategy and Community Benefits Charge By-law on December 15, 2025. The CBC was developed to support section 37 of the Planning Act, Increased Density. A review of this by-law will be undertaken every five years after the previous resolution was passed. 3.6 For the 2025 fiscal year, no funds were collected under this by-law, therefore a Treasurer’s statement on financial information related to the CBC by-law and reserve funds is not included in this report. 4. Building Permits General 4.1 Under the Building Code Act, 1992 and the passing of subsequent amendments and Ontario Regulation 350/06, municipalities are required to prepare an annual report that records the amount of building permit fees collected and the costs incurred during the process. 4.2 In accordance with the Building Code Act, 1992 as amended, staff have prepared this report to Council with the required content on an informational basis and this report, and the related attachment will be posted on the Municipality’s website. 2025 Annual Report 4.3 A Building Permit Fee Update Study was completed in 2024, by Hemson Consulting Ltd. with an effective date of March 1, 2024. The reviews are to be completed every five (5) years to ensure that the building permit fees are in line with the cost of building inspections and that all appropriate direct and indirect costs are being allocated. 4.4 In 2025, building permits issued generated total building permit revenue of $698,555 (2024 - $688,923), with total direct and overhead costs of $3,891,822 (2024 - $3,653,705), creating a deficit of $3,193,267 (2024 – deficit of $2,964,782). 4.5 The deficit of $3,193,267 was transferred from the Building Division Reserve Fund. As of December 31, 2025, the reserve fund was in a deficit position of $4,140,378. 5. Financial Considerations Not Applicable. 6. Strategic Plan Not Applicable. Page 132 Municipality of Clarington Page 5 Report FSD-014-26 7. Climate Change Not Applicable. 8. Concurrence This report has been reviewed by the Deputy CAO, Planning and Infrastructure and the Deputy CAO, Public Services who concur with the recommendations. 9. Conclusion It is respectfully recommended that the Annual Statement for the Development Charges Reserve Funds, Annual Statement for Cash-in-Lieu of Parkland and Annual Building Permit Fess report be received for information and made available to the public by posting on the Municipality’s website. Staff Contact: Michelle Pick, Accounting Services Manager/Deputy Treasurer, 905-623-3379 x 2605 or mpick@clarington.net. Attachments: Attachment 1 – Development Charges Reserve Funds Activity 2025 Attachment 2 – Development Charges Reserve Funds Capital Projects 2025 Attachment 3 – Development Charges Reserve Funds Operating Expenses 2025 Attachment 4 – Development Charges Reserve Funds Commitments 2025 Attachment 5 – Development Charges Reserve Funds Debt Activity 2025 Attachment 6 – Development Charges Reserve Funds Estimated Costs 2025 Attachment 7 – Cash-In-Lieu of Parkland Reserve Fund 2025 Attachment 8 – Annual Building Permit Fees 2025 Interested Parties: There are no interested parties to be notified of Council's decision. Page 133 Attachment 1 to Report FSD-014-26 Municipality of Clarington Development Charges Reserve Funds Statement For 2025 Growth Studies Library Fire Protection Parks & Recreation Related to Highways Total Balance as of December 31, 2024 (2,081,305)(1,964,330)(7,789,490)(6,750,519)(49,510,875)(68,096,519) Plus: Development Charge Proceeds (97,673)(306,524)(142,696)(2,338,267)(4,026,446)(6,911,606) Accrued Interest (164,984)(165,687)(460,849)(277,152)(3,936,135)(5,004,807) Less: Amount Transferred to Capital Fund *207,290 2,438,280 722,692 4,498,290 7,866,552 Amount Transferred to Operating Fund **86,302 78,244 311,804 4,056,100 552,199 5,084,649 Closing Balance as of December 31, 2025 (2,257,660) (2,151,007) (5,642,951) (4,587,146) (52,422,967) (67,061,731) Committed Amounts - Prior Years ***1,617,712 255,871 311,232 2,165,082 17,002,570 21,352,467 Available Balance as at December 31, 2025 (639,948) (1,895,136) (5,331,719) (2,422,064) (35,420,397) (45,709,264) Committed Amounts – 2026 Budget ****78,891 219,173 6,142,752 1,706,784 8,147,600 Balance Available for Future Needs (639,948) (1,816,245) (5,112,546) 3,720,688 (33,713,613) (37,561,664) Total Development Charges collected on behalf of the Region in 2025 $5,152,530 Less: amounts paid to the Region in 2025 5,132,530 Total Development Charges due to the Region at December 31, 2025 - * See Attachment 2 ** See Attachment 3 *** See Attachment 4 **** 2026 Budget (includes debenture payments) Note: brackets = funds available, no brackets = shortfall Page 134 Attachment 2 to Report FSD-014-26 Municipality of Clarington Development Charges Reserve Funds Capital Projects For 2025 Capital Fund Expenses Total Expenses for 2025 DC Reserve Fund Financing Non-DC Financing Non-DC Funding Sources DC – Library Library Collections 207,290 207,290 - 207,290 207,290 DC – Fire Protection Station #1 Expansion Utility Truck Prevention Vehicle 1,257,530 1,116,310 64,440 1,257,530 1,116,310 64,440 2,438,280 2,438,280 DC – Parks & Recreation Newtonville Estates Parkette Foster Creek Neighbourhood Park West Toyota Trail Bowmanville ZooLands Trails Phase 1 Newcastle Waterfront Park Phase 2 Northglen East Park South Bowmanville Recreation Centre Park Features Fleet New - Parks Bowmanville Valley Trail (King to Nash) North Bowmanville Dog Park 2021 Soper Creek Trail - Phase 3 418,121 35,248 1,432 64,532 17,584 27,887 56,553 101,057 1,899 6,094 (7,572) 418,121 35,248 1,289 64,532 17,584 27,887 56,553 101,057 1,899 6,094 (7,572) 143 Miscellaneous Capital RF 722,835 722,692 143 Page 135 Capital Fund Expenses - continued Total Expenses for 2025 DC Reserve Fund Financing Non-DC Financing Non-DC Funding Sources DC – Service Related to Highways Darlington Blvd (South Limit to Hwy 2) New Operations Center Baseline Road ( Lambs to Bennet) Streetlights - Regional Rd 57 (Hwy #2 to Stevens Rd ) Bowmanville Ave Street Lighting (Baseline Rd to CPR Bridge) Trulls Road Improvements (Bloor St) Rudell Rd - Grady Drive to Hwy 115 Fleet - New Parks Fleet - New Roads Active Transportation Masterplan West Side Drive Extension Hancock Rd (Hwy2 to Nash Rd) Streetscape Newcastle Improvements New Equipment Purchase - Roads 2023 New Equipment Purchase - Roads 2024 New Equipment Purchase - Roads 2025 Baseline Road Reconstruction (Trulls Rd to Courtice Rd) 4,986 2,834,211 51,799 118,766 1,868 43,476 223,016 289,045 412,049 1,792 2,250,375 2,025 128,556 418,029 61,056 303,898 148,983 3,989 156,400 51,799 118,766 1,868 30,868 223,016 289,045 412,049 1,587 2,250,375 1,563 33,939 418,029 61,056 303,898 140,043 997 2,677,811 12,608 205 462 94,617 8,940 Miscellaneous Capital RF Region Debenture Miscellaneous Capital RF Transportation Infra RF Miscellaneous Capital RF Tax Levy Miscellaneous Capital RF 7,293,930 4,498,290 2,795,640 Total Capital Expenses 10,662,335 7,866,552 2,795,783 Summary of Financing: 207,290 2,438,280 722,692 4,498,290 205 2,677,811 23,150 94,617 DC - Library DC - Fire Protection DC - Parks and Recreation DC - Related to Highways Transportation Infra RF Region Debenture Miscellaneous Capital RF Tax Levy Total Financing 10,662,335 7,866,552 2,795,783 Page 136 Attachment 3 to Report FSD-014-26 Municipality of Clarington Development Charges Reserve Funds Operating Expenses For 2025 Operating Fund Expenses Total Expenses for 2025 DC Reserve Fund Financing Non-DC Financing Non-DC Funding Sources DC – Growth Studies Legislative Services – OP Appeal Legal DC Study Commitment Planning – Energy Park Sec Plan 52,083 69,365 159,695 4,232 69,365 12,705 47,850 146,482 508 Tax Levy Developer Recovery Tax Levy 281,143 86,302 194,840 DC – Library Courtice Library Debenture 78,244 78,244 - 78,244 78,244 DC – Fire Protection New Recruits Wages New Recruits Uniforms 287,046 72,007 287,046 24,758 47,249 Tax Levy 359,053 311,804 47,249 DC – Parks & Recreation South Bowmanville Rec Centre Debenture Newcastle Community Park Debenture Outdoor Rinks Debenture 4,615,891 251,101 573,875 3,231,124 251,101 573,875 1,384,767 Tax Levy (30%) 5,440,867 4,056,100 1,384,767 DC – Service Related to Highways Green Road Debenture 552,199 552,199 552,199 552,199 Total Operating Fund Expenses 6,711,506 5,084,649 1,626,856 Page 137 Operating Fund Expenses Total Expenses for 2025 DC Reserve Fund Financing Non-DC Financing Non-DC Funding Sources Summary of Financing: 86,302 78,244 311,804 4,056,100 552,199 146,482 1,480,374 DC – Growth Studies DC – Library DC – Fire Protection DC – Parks & Recreation DC – Related to Highways Developer Recovery Tax Levy Total Financing 6,711,506 5,084,649 1,626,856 Page 138 Attachment 4 to Report FSD-014-26 Municipality of Clarington Development Charges Reserve Funds Commitments For 2025 Year Project Description Amount Committed DC – Growth Studies 2015 Operating 2017 Council 2017 Operating 2019 Operating 2019 Operating 2019 Operating 2020 Operating 2022 Operating 2023 Operating Planning studies-zoning bylaw review-90% DC [10% Prof fees Res tax levy] Secondary Plan Agreement template [10% tax levy] Planning Studies-Bow West Secondary Plan DC Study OP Appeal Legal Costs Planning Studies DC GG Budget commitments - Plan Studies Courtice Waterfront Design Study DC GG Budget commitments - DC Study 108,639 18,000 8,408 7,966 39,945 144,000 1,233,000 37,119 20,635 Total Commitments – Growth Studies 1,617,712 DC – Library 2025 Operating 2025 Capital 2025 Capital 2025 Capital DC Library - CLMA Service Review Study Library Collection Library Technology Library - additional office space 3,000 52,871 100,000 100,000 Total Commitments – Library Services 255,871 DC – Fire Protection 2023 Capital 2025 Capital 2023 Fire HQ Expansion Bunker Gear 247,232 64,000 Total Commitments – Fire Protection Services 311,232 DC – Parks & Recreation 2022 Capital 2024 Council Approved 2023 Capital 2023 Capital 2025 Capital 2024 Capital 2025 Capital Brookhill Parkette Bowmanville Zoo Lands Trails-Phase 1 Soper Creek Trail - Phase 3 Farewell Creek Trail Phase 2B Farewell Creek Trail Phase 2B Foster Creek Neighbourhood Park West Equipment New Parks 68,334 1,047,969 97,602 100,000 100,000 59,155 225,343 Page 139 Year Project Description Amount Committed DC – Parks & Recreation cont. 2025 Capital 2025 Capital 2025 Capital 2025 Capital FSD-028-24 Green Fleet New Parks Newcastle Waterfront Park Phase 2 South Bowmanville Recreation Center - Park Features Bowmanville Valley Trail (King to Nash) Northglen East Park 230,950 51,416 18,447 136,101 29,765 Total Commitments – Parks & Recreation Services 2,165,082 DC – Related to Highways 2015 Capital 2016 Capital 2018 Capital & 2021 Capital 2018 Capital 2018 Capital 2018 Capital 2018 Memo 2018 Operating 2019 Capital 2019 Capital 2019 Capital 2019 Capital 2019 Capital 2019 Capital 2019 Operating 2020 Capital 2020 Capital 2020 Capital 2020 Capital 2020 Capital 2020 Capital 2020 Capital 2020 Capital 2020 Capital 2020 Operating 2020 Capital CL2016-17 2021 Capital Trsf from RR57 Multi Use Trail 2022 Capital 2022 Capital Sidewalk-Rudell Rd (Sunset Blvd to Hart) Middle Rd reconstruction (Con Rd 3 to urban limit) Darlington Blvd (South limit to Hwy2) Green Rd (Harvey Jones to Ross Wright) King St Cycling Facility Sidewalk - RR 57 Multi-use Trail - Aspen Springs to Hwy2) Port Darlington subdivision Rd (Port Darlington to east) 50% North Newc Drainage Study Middle Rd reconstruction (Con Rd 3 to urban limit) Baseline Rd Reconstruction (Haines to Lambs Rd) Baseline Rd Reconstruction (Mearns to Haines) Baseline Rd Structure ( W of Green Rd ) Hancock Rd Box Culvert (S of Nash rd) Baseline Rd Reconstruction (Trulls Rd to Courtice Rd) 50 % North Newc Drainage Study Streetlighting - Hwy#2 to 150m N of Stevens Rd Rudell Rd Reconstruction Sidewalk - Hwy#2 ( E of Clarington Blvd to RR57) South Side Sidewalk - Bloor St (Townline Rd S to 415m Easterly) South Side Sidewalk - RR17 (Mill St to CPR) East Side Sidewalk - North Str (George St to Remi Court) Sidewalk - Trulls Rd (Avondale Rd to Hwy#2) East Side Sidewalk - RR57 Multi-use Trail - CPR Bridge to Stevens Rd SWM Pond - Technology Park Eng - design Bowmanville Cemetery expansion - design & construction Pavement Rehabilitation -Green Road cycling lanes - trsf UECF from Trulls Rd Green Rd (Harvey Jones to Longworth) King St Cycling Facility North Scugog Crt (Dan Sheehan to Conc Rd 3) Green Rd Roundabout 43,000 53,230 1,233,517 70,890 114,928 15,000 1,406 11,500 186,750 68,980 63,240 22,120 53,888 492,248 11,500 125,026 758,060 135,000 30,000 182,026 24,471 30,000 82,500 1,594,828 75,000 106,384 12,003 375,345 37,500 13,308 52,055 Page 140 Year Project Description Amount Committed DC – Related to Highways cont. 2022 Capital 2022 Capital 2022 Capital 2022 Capital 2022 Capital 2022 Capital 2022 Capital 2022 Capital 2022 Capital 2022 Capital Add'l Funding PSD-018-22 2023 Capital 2023 Capital 2023 Capital 2023 Capital 2023 Capital 2023 Capital 2023 Capital 2024 Capital 2024 Capital 2024 Capital 2024 Capital 2024 Capital 2024 Capital 2024 Capital 2025 Capital 2025 Capital 2025 Capital 2025 Capital 2025 Capital 2025 Capital 2025 Capital 2025 Capital 2025 Capital 2025 Capital 2025 Capital 2025 Capital 2025 Operating Hancock Rd (Hwy#2 to Nash Rd) Nash Rd (50m E of Harry Gay Dr to Hancock Rd) Bowmanville Ave MUP Bowmanville Ave Sidewalk Liberty St Sidewalk (Longworth to Conc Rd 3) Prestonvale Sidewalk (230m N to Bloor St) Hancock Rd Sidewalk (Hwy#2 to 275 m S of Nash Rd) West Side Streetscape - Newcastle Various Erosion Protection Works 2022 Fleet New Roads Bowmanville Cemetery expansion - design & construction 2023 - Fleet New - Roads 2023 - Streetlighting - Haines St to Bennet Rd 2023 - Streetlighting - Hwy 35 to Fire Hall 2023 - Longworth Ave. Extension EA (Green Rd to Holt Rd) 2023 - Sidewalks - Baseline Rd MUP (Spicer Sq to Bowmanville Ave) 2023 - Newcastle Streetscape Improvements - Phase 1 2023 - Various Erosion Protection Works 2024 - Fleet New Roads 2024 - Fleet New Parks 2024 - Streetlighting Bowmanville Ave Baseline Rd to CPR Bridge 2024 - Concession Rd 3 (Liberty St to 110m East) 2024 - Baseline Rd Improvements (Means Ave to Lambs) 2024 - Liberty St Cycle Track & Sidewalk (Longworth Ave to Conc 3) 2024 - Stormwater Mgmt Facility - Clarington Tech Business Park 2025 - Equipment New - Roads Small Equipment upgrades Hancock Rd Box Culvert Trulls Road Improvements (Bloor St to 400m S of Bloor St) Prestonvale Rd Improvements (Baseline to 262 m2 of Southfield) Nash Rd Improvements (50m E of Harry Gay to Hancock) Longworth Ave Improvements (Green Rd to West Bowmanville Limit) West Side Drive Extension Liberty St Cycle Track & Sidewalk (Longworth Ave to Conc 3) Active Transportation Master Plan - Initial Phase Implementation Temperance St Redevelopment Baseline Rd MUP (Green Rd to Westside Dr) Feasibility Study - 401/Railway Active Transportation 47,458 63,288 454,496 210,000 330,000 80,000 36,500 173,165 133,340 220,577 22,657 487,477 20,000 20,000 200,000 50,000 60,000 133,340 968,305 94,755 741,132 107,000 274,000 42,000 497,507 248,851 30,528 553,080 1,335,883 450,000 1,156,680 150,000 869,625 185,000 70,000 140,000 23,000 100,000 Page 141 Year Project Description Amount Committed DC – Related to Highways cont. 2025 Operating Principal Planner 147,223 Total Commitments –Services Related to Highways 17,002,570 Total Commitments – Development Charges Reserve Funds 21,352,467 Page 142 Attachment 5 to Report FSD-014-26 Municipality of Clarington Development Charges Reserve Funds Debt Activity For 2025 Project Opening Balance 2025 Debt Issued Principal Payments Interest Expense Closing Balance 2025 Tax Supported Development Charge Supported Green Road 2,693,605 (463,000)(81,299)2,149,306 2,149,306 Courtice Library 546,031 (66,000)(10,582)469,449 469,449 South Bowmanville Recreation Centre 87,564,404 7,554,517 (2,121,000)(2,756,161)90,241,760 27,072,528 63,169,232 Newcastle Community Park 4,848,013 (117,000)(133,034)4,597,979 4,597,979 Outdoor Rinks 12,090,464 (240,000)(332,241)11,518,223 11,518,223 Total DC Debt Activity 107,742,517 7,554,517 (3,007,000) (3,313,318) 108,976,716 27,072,528 81,904,188 Page 143 Attachment 6 to Report FSD-014-26 Municipality of Clarington Development Charges Reserve Funds Estimated Costs For 2025 Project Estimated DC Capital Costs per 2022 DC Background Study Estimated DC Funded Capital Costs as at December 31, 2025 Difference Bunker Gear Tanker 13 Tanker 12 Prevention Vehicle Fleet New - Roads Equipment New - Roads Fleet New - Parks Equipment New - Parks Green Fleet New - Parks Small Equipment Upgrades Buildings & Property - Building Improvements Farewell Creek Trail Phase 2B Newcastle Waterfront Park Phase 2 South Bowmanville Recreation Centre Park Features Bowmanville Valley Trail (King to Nash) Hancock Rd Box Culvert Trulls Road Improvements (Bloor St to 400mS of Bloor St) Prestonvale Rd Improvements (Baseline to 262m2 of Southfield) Nash Rd Improvements (50m E of Harry Gay to Hancock) Longworth Ave Improvements (Green Rd to W Bowmanville Limit) West Side Drive Extension Liberty St Cycle Track & Sidewalk (Longworth Ave to Conc. 3) Active Transportation Master Plan - Initial Phase Implementation Temperance Street Redevelopment Baseline Rd MUP (Green Rd to Westside Dr) Library Technology Library Collection 286,000 192,000 192,000 40,000 253,324 552,750 564,496 221,100 230,950 30,528 100,000 450,000 600,000 75,000 1,205,000 333,600 4,444,419 3,214,756 823,487 689,219 3,260,864 374,342 60,000 505,624 608,522 1,000,000 270,083 64,000 182,910 182,910 96,038 432,150 552,750 120,600 221,100 230,950 30,528 100,000 100,000 69,000 75,000 138,000 553,080 1,366,750 450,000 1,156,680 150,000 3,120,000 185,000 70,000 140,000 23,000 100,000 260,161 222,000 9,090 9,090 (56,038) (178,826) - 443,896 - - - - 350,000 531,000 - 1,067,000 (219,480) 3,077,669 2,764,756 (333,193) 539,219 140,864 189,342 (10,000) 365,624 585,522 900,000 9,922 Total DC Estimated Costs 20,578,064 10,170,607 10,407,457 Page 144 Attachment 7 to Report FSD-014-26 Municipality of Clarington Cash-in-lieu of Parkland Reserve Fund For the Year Ended December 31, 2025 Balance as of December 31, 2024 $9,251,640 Plus: 2025 Cash-in-lieu Collected 723,950 2025 Reserve Fund Interest 333,446 2025 Amount Transferred from Capital Fund – Land Acquisition - Less: 2025 Amount Transferred to Capital Fund – Land Acquisition - Closing Balance as of December 31, 2025 $10,309,036 Committed Amounts 5,551,000 Available Balance as at December 31, 2025 $4,758,036 Municipality of Clarington Cash-in-lieu of Parkland Reserve Fund – Committed Amounts For the Year Ended December 31, 2025 Project Description Period Amount Committed Ward 3 – Park development/acquisition – East Bowmanville 2026-2031 5,000,000 Port Darlington East Beach Park 2029 551,000 Total Commitments 5,551,000 Page 145 Attachment 8 to Report FSD-014-26 Municipality of Clarington Building Permit Fee Report December 31, 2025 2025 Actual Building Permit Fees Revenue $ 698,555 Transfer from Reserve Fund 3,193,267 Total Revenue $ 3,891,822 Direct costs (Note 1) Payroll 3,037,177 Office Space 50,254 Other Operating and Capital Costs 158,129 Subtotal Direct Costs $ 3,245,560 Overhead Costs (Note 2) 646,262 Total Costs $ 3,891,822 Revenue (Under) / Over Expenditures - Note 1 - Direct costs are deemed to include the costs of the Building Division for the processing of building permit applications, the review of building plans, conducting inspections and building-related enforcement duties. Direct costs also include costs from Public Works, Legislative Services, Fire and Emergency Services and Planning and Infrastructure Services which can be directly attributed to the building permit function. Note 2 - Overhead or Indirect costs are deemed to include the costs for support and overhead services to the Building Division. Page 146 Staff Report If this information is required in an alternate accessible format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. Report To: General Government Committee Date of Meeting: April 13, 2026 Report Number: FSD-015-26 Authored By: David Cachia, CIO Submitted By: Trevor Pinn, Deputy CAO/Treasurer, Finance and Technology Reviewed By: Mary-Anne Dempster, CAO By-law Number: Resolution Number: File Number: Report Subject: Operational Replacements for Council Chambers Recommendations: 1. That Report FSD-015-26, and any related delegations or communication items, be received; 2. That Council authorize the procurement of Council Chambers audio/visual system upgrades from AV Group (Aligned Vision Group); 3. That Council authorize the procurement of the optional item (electronic voting); 4. That Council authorize the use of the reserve fund up to $115,000 to fund the Council Chambers Audio/Visual System Upgrades project; 5. That the installation be scheduled during the summer Council recess to minimize disruption to Council operations; and 6. That all interested parties listed in Report FSD-015-26, be advised of Council’s decision. Page 147 Municipality of Clarington Page 2 Report FSD-015-26 Report Overview G), the Municipality’s AV service vendor, has formally identified nd testing prior to Council’s return in the 1. Background Current State 1.1 The Council Chambers AV system supports the full spectrum of democratic processes conducted by the Municipality of Clarington. The system enables audio amplification for all meeting participants, integration with the broadcast and recording infrastructure, microphone management for elected officials, staff, and public delegates, and camera control pre-sets for proceedings. 1.2 The Shure DIS delegate microphone platform, which forms the core of the conference audio system, has been in place since 2018 and has reached end-of-life. The manufacturer, Shure, has formally discontinued the DIS hardware line, and replacement components are no longer reliably available through reputable vendors. Staff have begun experiencing hardware failures within the existing system, creating a risk of unplanned service disruption during Council meetings. 1.3 The Council Chambers AV system is a foundational component of Clarington’s democratic and governance infrastructure. The Shure DIS delegate conference platform has reached end-of-life, is no longer supportable, and has begun to exhibit hardware failures. Continued operation of this system presents an unacceptable risk of service disruption to Council proceedings. Page 148 Municipality of Clarington Page 3 Report FSD-015-26 2. Vendor Communication and Recommendation 2.1 AVG, the Municipality’s contracted AV service provider, communicated the urgency of this situation directly to the Municipality. 2.2 Both AVG and MVI (the Municipality’s AV integration partner for the camera system) have previously recommended the Televic platform as the appropriate replacement. The Televic Confidea FLEX system offers a modern, fully supported, and feature-rich conference platform compatible with the Municipality’s existing Biamp Tesira DSP a nd Dante audio networking infrastructure. 3. Proposed Scope of Work 3.1 The scope of work, as outlined in Quote #46087-DM-1 from AV Group, includes the following: a. Removal and surrender of 21 existing Shure CM 6080F DIS microphone stations, the Shure DIS-CCU conference control unit, and the Audient ID4 USB audio interface; b. Supply and installation of 21 Televic Confidea FLEX touch-enabled tabletop conference units, positioned across the Mayor’s bench, Councillor stations (north and south), Staff stations (north and south), and the delegate podium; c. Supply and installation of 21 Televic Mike PLM502F gooseneck microphones to match the existing 19.5-inch microphone profile; d. Installation of a Televic Plixus AE-R Dante conference audio engine and two Plixus NEXT network extenders for redundancy; e. Installation of four Biamp Tesira SEC-4 microphone/line cards with acoustic echo cancellation (AEC) to enhance audio clarity; f. Replacement of the Crestron 3-series control processor with a Crestron CP4 4- series unit for improved compatibility; g. All associated cabling, custom plates, keystone disconnect boxes, and shielded CAT6 infrastructure required to support the new system; h. System design, engineering, CAD documentation, project management, on -site installation, off-site programming, and full on-site commissioning and training. i. AVG has confirmed that the remainder of the AV system is operational and not in a critical state requiring immediate replacement. Page 149 Municipality of Clarington Page 4 Report FSD-015-26 3.2 To ensure adequate time for purchase order issuance to manufacturers, a client purchase order or written approval must be received by AVG by April 30th, 2026. 4. Financial Considerations 4.1 The capital expenditure for this upgrade is anticipated to be funded through the existing IT Reserve Funds. Staff will confirm the precise budget line and any variance reporting requirements through Finance in accordance with the Municipality’s procurement and budget policy. Cost Category Amount (CAD) Critical Upgrades – Equipment & Materials $54,597.00 Critical Upgrades – Professional Services $39,401.00 Subtotal (before tax)$93,998.00 HST (13%)$12,219.74 TOTAL (including HST)$106,217.74 Page 150 Municipality of Clarington Page 5 Report FSD-015-26 4.2 Optional Additional Cost – Voting Interoperability: proposal includes an optional Additional Cost Option (ACO#1) for voting interoperability between the MVI voting platform and the Televic system. This option is not included in the base recommendation at this time, as voting integration has not yet been deployed at Clarington. This approach would be future-proofing. In the future, the Municipality may consider enabling electronic voting to increase transparency, accountability, and ease the Clerk's workload. The additional cost for this feature set is $5,324.00. 5. Strategic Plan 5.1 The proposed Council Chambers AV system upgrade directly supports the Municipality of Clarington’s Strategic Plan 2024-27, which is structured around three pillars: Lead, Connect, and Grow Responsibly. The upgrade touches each pillar. Ref.Pillar Strategic Priority How This Upgrade Aligns L.2.2 Lead Use technology and process improvement to modernize and optimize services Replaces end-of-life conferencing hardware with a modern, fully supported platform, modernizing a core governance service. L.2.3 Lead Design and implement a service delivery continuity plan Proactively replacing failing hardware before a critical failure ensures continuity of Council meetings and committee proceedings. L.2.5 Lead Maintain, protect and invest in Municipal infrastructure and assets Implements a planned asset lifecycle refresh of AV infrastructure supporting Council operations. L.4.1 Lead Increase opportunities for civic engagement and public participation A reliable, high-quality conference system ensures all residents who attend or tune in to Council can hear and engage meaningfully. Page 151 Municipality of Clarington Page 6 Report FSD-015-26 Ref. Pillar Strategic Priority How This Upgrade Aligns L.4.3 Lead Cultivate an informed community through meaningful communications; use technology to expand reach Supports high-quality audio for Council broadcasts and recordings, enabling the broader community to access proceedings. G.4.2 Grow Responsibly Be a leader in anticipating and addressing the impacts of climate change Modern AV hardware is more energy- efficient and supports hybrid participation, reducing travel-related emissions (see Climate Change section). 6. Climate Change 6.1 The proposed upgrade aligns with Priority G.4.2 of the Corporate Strategic Plan 2024- 27, which directs Clarington to “be a leader in anticipating and addressing the impacts of climate change” and to “continue to implement the Clarington Corporate Climate Action Plan.” While the Council Chambers AV upgrade is primarily an operational necessity, it contributes to this commitment by using more energy efficient technology and supporting hybrid meetings which reduces travel and transportation needs . 7. Concurrence This report has been reviewed by the Municipal Clerk who concur with the recommendations. 8. Conclusion 8.1 It is respectfully recommended that Council authorize the procurement and installation of the Televic Confidea FLEX conference system, including additional licensing for electronic voting, at a total cost $115,000.00 (including HST). Installation will be completed during the summer Council recess to ensure full commissioning prior to Council’s return. Staff Contact: David Cachia, Chief Information Officer, 905-623-3379 x2230 or dcachia@clarington.net. Attachments: Not Applicable Page 152 Municipality of Clarington Page 7 Report FSD-015-26 Interested Parties: There are no interested parties to be notified of Council's decision. Page 153 Staff Report If this information is required in an alternate accessible format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. Report To: General Government Committee Date of Meeting: April 13, 2026 Report Number: LGS-017-26 Authored by: June Gallagher, Municipal Clerk Submitted By: Rob Maciver, Deputy CAO/Solicitor, Legislative Services Reviewed By: Mary-Anne Dempster, CAO By-law Number: Resolution Number: File Number: Report Subject: EFW -WMAC Terms of Reference Update Recommendation: 1. That Report LGS-017-26, and any related delegations or communication items, be received; 2. That the updated EFW -WMAC Terms of Reference, Attachment 1 to report LGS-017- 26, be received; and 3. That all interested parties listed in Report LGS-017-26, and any delegations, be advised of Council’s decision. Page 154 Municipality of Clarington Page 2 Report LGS-017-26 Report Overview – ‑ 1. Background 1.1 The Energy from Waste-Waste Management Advisory Committee (EFW -WMAC) is established to provide a forum for public and other stakeholders to monitor, review and liaise with the Regional Municipality of Durham (Durham) on the EFW facility including how the waste is being sorted prior to arriving on-site. The EFW -WMAC (Committee) was established to satisfy the Host Community Agreement (HCA) with the Municipality of Clarington (Clarington) and the Commissioner & Medical Officer of Health’s Report 2009-COW -01 obligations. 1.2 The recommendations of Report 2009-COW -01 states, in part: “That a Durham waste diversion and management advisory committee, or similar advisory group, which is appointed by and is accountable to the Regional Council, is in place to act as a forum for, and comprises Clarington and Durham residents and representatives from Clarington, the EFW facility, Ontario Ministry of the Environment (MOE), and the Region of Durham to assess, monitor, review, and advise the Region on the effectiveness of the environmental surveillance program, independent environmental testing, the quality of public reporting of environmental surveillance data, the environmental performance of the facility, and other related strategic waste diversion and management issues.” 1.3 The EFW -WMAC acts in an advisory role to the Durham Works Committee on issues or concerns which arise with waste diversion, waste management, environmental performance and monitoring of the EFW facility, including the construction and operational phases. 1.4 The EFW -WMAC comprises volunteers selected at large from Durham. It is comprised of nine members (five members appointed by Durham Regional Council and four members appointed by Clarington Council). The members shall not hold an elected office (municipal, provincial, or federal.) Page 155 Municipality of Clarington Page 3 Report LGS-017-26 2. Updated Terms of Reference 2.1 In March, the Region of Durham reached out to Clarington Staff and advised that they were preparing updates to the EFW -WMAC Terms of Reference. 2.2 Clerk’s Division Staff and Melanie Kawalec, Project Manager, Climate Response and Sustainability met with Staff from Durham Region Public Works and Clerk’s Department on March 10, 2026 to review the changes. 2.3 Region Staff were amenable to some suggestions from Clarington Staff. The result is the attached (Attachment 2) redlined Terms of Reference. 2.4 Clarington Staff are bringing this before Council for information, as this is a Regional Committee and therefore Clarington can only provide input. 2.5 The Region plans on bringing their report to Regional Council in May. Housekeeping 2.6 For the most part, these are housekeeping changes, while maintaining the Committee’s existing mandate, composition, and accountability framework:  Update and modernize governance language to be consistent with other Region Committees.  Remove some duplication of wording.  Explicitly stating that the five regional representatives will be outside of Clarington.  Due to the changes in how the Region is able to put the call out for vacancies, the wording has changed to reflect that it will be an “open call” and the Region will follow their appointment policy.  Explicitly permitting electronic and hybrid meetings.  Providing for instances where quorum is not present, as well as providing for absences, late arrivals and early departures.  Standardize agenda publication (changed from being published two weeks in advance to one week in advance). Changes to Term 2.7 The Region plans to change the term from two-years to four-years to be consistent with other Committees. They also plan to reduce the maximum consecutive terms from three to two. Flexibility in Annual Report 2.8 Wording was added to allow that the Chair could report either in writing or in person. This provides flexibility for the Chair and future proofs against possible restrictions in being able to attend in person. Page 156 Municipality of Clarington Page 4 Report LGS-017-26 3. Financial Considerations Not Applicable. 4. Strategic Plan L.4.1: Increase opportunities for civic engagement for public participation. 5. Climate Change The work summarized in this report supports the Municipality’s ongoing efforts to ensure consistent, effective governance of an environmental and climate-related advisory committee, in alignment with Council-approved committee structures and a regional agreement. 6. Concurrence This report has been reviewed by the Deputy CAO/Public Services who concurs with the recommendation. 7. Conclusion It is respectfully recommended that that Committee receive the changes to the Terms of Reference. Staff Contact: June Gallagher, Municipal Clerk, jgallagher@clarington.net. Attachments: Attachment 1 – Redlined Terms of Reference Interested Parties: The following interested parties will be notified of Council's decision: Alexander Harras, Regional Clerk, Region of Durham Andrew Evans, Director of Waste Management Services, Region of Durham Clarington’s representatives on the EFW -WMAC Page 157 Attachment 2 to Report LGS-017-26 If this information is required in an accessible format, please contact 1 -800-372-1102 ext. 2097. Energy from Waste – Waste Management Advisory Committee (EFW-WMAC) Terms of Reference March 2022April 2026 1. Purpose 1.1 The Energy from Waste-Waste Management Advisory Committee (EFW -WMAC) is established to provide a forum for public and other stakeholders to monitor, review and liaise with the Regional Municipality of Durham (Durham) on the EFW facility including how the waste is being sorted prior to arriving on -site. The success of the EFW facility will depend on the diversion measures and waste separation (waste management) that happens at the transfer stations and curb - side collection. The EFW -WMAC (Committee) is being established to satisfy the Host Community Agreement (HCA) with the Municipality of Clarington (Clarington) and the Commissioner & Medical Officer of Health’s Report 2009 - COW -01 obligations. 2. Mandate 2.1 The EFW -WMAC will act in an advisory role to the Durham Works Committee on issues or concerns which arise with waste diversion, waste management, environmental performance and monitoring of the EFW facility, including the construction and operational phases. 3.0 The EFW -WMAC will be comprised of volunteers members from Durham appointed by Durham Regional Council and Clarington Council in accordance with these Terms of Reference. 4.3. Scope of Activities 4.13.1 The scope of activities that the EFW -WMAC may undertake include, but are not limited to: a) Review, discuss and improve understanding of waste diversion and management that occurs before the waste arrives at the EFW facility. b) Review, discuss, summarize and/or provide opinions about available information, environmental surveillance programs, independent environmental testing, public reporting of environmental surveillance data, environmental performance for the EFW facility (as outlined in the Commissioner & Medical Officer of Health’s Report 2009-COW -01). Page 158 Energy from Waste – Waste Management Advisory Committee Terms of Reference - Page 2 c) Identify, assess and study specific issues/concerns which may be related to or associated with the EFW facility or feeder waste manageme nt system, including issues referred to the EFW -WMAC by the public, local governments, health professionals, etc., or that otherwise come to the EFW - WMAC’s attention and to relay findings to Durham’s Works Committee d) Advise on the development and implementation of community outreach activities which support the growth and environmental awareness and appreciation in Durham in co-operation with other organizations where appropriate. This may include public information sessions, educational workshops and participating in some community events. e) Review and discuss matters of public interest regarding the EFW facility and its processes, policies and operation. Advise on emerging issues that may be associated with environmental and human health. f) Facilitate communication between stakeholders. g) Provide a forum for the residents to bring their concerns/questions or suggestions pertaining to the EFW facility. 5.4. Composition 5.14.1 The EFW -WMAC will be comprised of membersvolunteers selected at large from Durham in accordance with these Terms of Reference. 5.24.2 The EFW -WMAC will be comprised of nine members. Members shall not hold an elected office (municipal, provincial or federal). 5.34.3 All members are regarded as individuals and do not represent their respective employers or advocacy group in their capacity as an EFW -WMAC member. 5.44.4 Members will be appointed for a two four-year term corresponding with the term of Regional Council, to a maximum of three two consecutive terms. Appointments will be staggered to provide continuity for the committee. 6.5. Membership Selection 6.15.1 Membership shall consist of nine residents from Durham. 6.25.2 Five residents from within the Regional Municipality of Durham, excluding residents of the Municipality of Clarington, will be appointed by Durham Regional Council. 6.35.3 Four residents will be appointed by Clarington Council. Page 159 Energy from Waste – Waste Management Advisory Committee Terms of Reference - Page 3 6.45.4 The EFW -WMAC will notify Durham’s Works Committee or Clarington Council, as the case may be, of the need to seek replacement members. Members will be replaced in accordance with the membership selection process outlined in Sections 5 and 6 of these Terms of Reference. Members shall continue to serve until their replacements are appointed. 6.55.5 Non-attendance for three consecutive meetings will be considered grounds for replacement. 6.65.6 Invitations to attend EFW -WMAC meetings will be provided to the following non- voting members:  Staff representative from Durham’s Works Department.  Staff representative from Durham’s Health Department.  Staff representative from The Regional Municipality of York.  Staff representative from Clarington.  Staff representative from the Ministry of the Environment , Conservation and Parks.  Senior staff representative of the facility’s design, build, operate (DBO) contractor and operator.  Ward 1 Local and Regional members of Clarington Council. 7.6. Call for Membership 7.16.1 Durham will place an open call for advertisement seeking individuals interested in volunteering for appointment to the EFW -WMAC, in accordance with the Advisory Committee Recruitment and Selection Policy within the geographic boundary of Durham Region. Responses will be evaluated by Durham’s Senior Waste Management staff using the criteria outlined in Section 7 of these Terms of Reference and five members will be recommended for appointment by Durham’s Works Committee and Durham Regional Council. 7.26.2 Clarington will advertise the opportunity to participate in the EFW -WMAC as a representative of Clarington, using Clarington’s process for committee appointments for four members. Page 160 Energy from Waste – Waste Management Advisory Committee Terms of Reference - Page 4 8.7. Eligibility Criteria/Evaluation 8.17.1 Interested individuals from Durham will be required to submit a completedn application form to the Regional Clerk outlining their interest and qualifications in being appointed to the EFW -WMAC. The submission of additional information on why they should be selected for membership, detailing their knowledge of the EFW facility and the Environmental Assessment process and project will be considered. 8.27.2 Previous participation or experience with committees/working groups will be considered an asset. 8.37.3 Every potential appointee must disclose any obligation, commitment, relationship or interest that could conflict or may be perceived to conflict with his or her duties as part of the EFW -WMAC. A conflict of interest could arise in relation to personal matters including:  Directorships or other employment.  Interests in business enterprises or professional practices.  Share ownership.  Existing professional or personal associations.  Professional associations or relationships with other organizations.  Personal associations with other groups or organizations, or family relationships. 9.8. Officers 9.18.1 The Chair will be elected by the Committee and serve for a fourtwo year term. 9.28.2 The Vice Chair will be elected by the Committee and serve for a fourtwo year term. 9.38.3 If a vacancy of any of the key roles occurs, a replacement will be elected by the Committee. 9.48.4 Chair  Shall manage and provide leadership to the committee.  Shall chair meetings, maintaining order, while allowing for discussion and input from committee members and staff representatives.  Shall establish and maintain a positive meeting environment. Page 161 Energy from Waste – Waste Management Advisory Committee Terms of Reference - Page 5  Shall make presentations as requested, including at least one presentation annually to Clarington Council and Durham Works Committee/Regional Council.  Shall co-ordinate any exchange of information (advise, request for information, etc.) through the EFW -WMAC to Durham’s Works Committee. 9.58.5 Vice Chair  Shall act on behalf of the Chair in his/her absence. 9.68.6 Durham Staff Liaison  Shall chair the inaugural meeting.  Shall prepare all meeting agendas and take minutes.  Shall keep a current and accurate statement of all expenses.  Shall update the website by posting minutes, annual reports and any other important meeting correspondence.  Shall advertise each meeting in Durham area newspapers. 10.9. Support Services 10.19.1 The Waste Management division of Durham’s Works Department will appoint a staff liaison to the EFW -WMAC to provide administrative, procedural and technical support to the EFW -WMAC. 10.29.2 The Region will provide secretariat support. 10.39.3 The staff liaison will co-ordinate all requests for advice from the EFW -WMAC through meeting agendas. EFW -WMAC responses to such requests shall be co- ordinated by the Chair and the staff liaison to the Works Committee. 10.49.4 Regional Council will provide an annual budget of up to but not limited to $2 0,000 to cover operational expenses of the EFW -WMAC, and this budget will be administered by the Durham Works Department. 10.59.5 Appointed EFW -WMAC members will be reimbursed for mileage expenses for attendance at EFW -WMAC meetings upon submission of an expense sheet in accordance with Regional policy. Any other funding requests must be submitted, in advance to the Durham Works Department for consideration. 10.69.6 Durham will provide space on its website to post information such as meeting minutes and other relevant inf ormation. Page 162 Energy from Waste – Waste Management Advisory Committee Terms of Reference - Page 6 10.79.7 Upon request, the representatives of the Regions, contractors and governmental/regulatory bodies shall ensure that all studies and other information relevant to the Committee’s mandate are made available to the EFW -WMAC. 11.10. Meetings/Resolutions 11.110.1 The EFW -WMAC shall meet quarterly throughout the year at Regional Headquarters. Meeting dates must be determined such that they take into account business needs and the schedule of Regional Committees/Council. The meeting location may be subject to change once the EFW facility is operational and providing space is available. The EFW -WMAC will establish a meeting schedule at its inaugural meeting. The Committee may choose to adjust the schedule, taking into account the business needs and the schedule of Regional Committees/Council and the Works Committee, however, they must ensure that one meeting will be held per quarter. Special meetings may be held at the call of the EFW -WMAC Chair. All meetings will be posted on the Durham website, and any changes to the dates must be posted on the Durham website onetwo weeks in advance of the proposed meeting. 10.2 Regularly scheduled meetings will be held at Regional Headquarters, unless otherwise stated. Meetings may be held in an electronic or hybrid meeting format with electronic and in-person participation. Individuals may participate electronically using an approved platform. 11.210.3 All meetings will be open to the public, unless otherwise determined in accordance with the Municipal Act. 11.310.4 As a formal Advisory Committee to the Region, the EFW -WMAC is subject to Regional Council Rules of Procedure unless otherwise specified in these Terms of Reference. 11.410.5 All decisions made by the EFW -WMAC will be based on a majority vote unless otherwise specified in these Terms of Reference or Regional Council Rules of Procedure. 10.6 A Qquorum for EFW -WMAC meetings shall consist ofbe a majority of the sitting members. 10.7 If a quorum is not present within fifteen (15) minutes after the time appointed for a meeting, the Clerk or their designate shall record the names of the Members present and the meeting shall stand adjourned until the date of the next regular meeting or special meeting called in accordance with the Terms of Reference. 11.510.8 Members shall inform the staff liaison in advance of all planned absences, late arrivals, and early departures from a meeting, with as much notice as possible. Page 163 Energy from Waste – Waste Management Advisory Committee Terms of Reference - Page 7 11.610.9 The EFW -WMAC may establish working groups to address specific issues as identified in the Annual Solid Waste Management Servicing and Financing Study, noting that secretariat support will not be provided to these working groups. Working groups shall be comprised of members of the EFW -WMAC and any other staff support as deemed necessary. The Chair of a working group shall be a voting member of the EFW -WMAC. The working group will report back to the EFW -WMAC. 12.11. Delegations to Meetings 12.111.1 Any person wishing to appear as a delegate to the EFW -WMAC must submit a written request no later than 9:30 a.m. on the Monday preceding the meeting to the EFW -WMAC staff liaison advising of the topic on which they wish to speak for inclusion in the agenda. The staff liaison will forward the written request to the EFW -WMAC Chair if the relevance of a delegation appears to be outside the mandate of the Committee, then the Chair will request that the Committee decide as to whether a delegation should be heard. Materials to be presented by a delegate shall be provided one week in advance of the meeting. Any person wishing to address the EFW -WMAC who has not previously arranged to do so may be granted permission to do so only by a two -thirds affirmative vote of the Committee. 13.12. Minutes and Agendas 13.112.1 Agendas will be publisheddistributed onetwo weeks in advance of upcoming meetings. 13.212.2 The minutes of each EFW -WMAC meeting will be submitted for approval at the next regular meetingincluded on the subsequent meeting's agenda for approval. Following the meeting, the unapproved minutes will be circulated by e - mail to the Committee members upon completion. The uUnapproved minutes will be circulated to members of Durham Regional Council as part of the Council Information Package (CIP) prepared by the Regional Clerk and posted on Durham’s website. 14.13. Annual Reports 14.113.1 An annual report summarizing the activities of the previous year shall be prepared by the EFW -WMAC and the staff liaison, and forwarded to Durham’s Works Committee and Clarington Council. The report should include any suggested revisions to the Terms of Reference. 14.213.2 The Chair of the EFW -WMAC will present, in writing and/or in person, their annual report, and any additional reports as requested to Durham’s Works Committee/Regional Council and to Clarington Council. Page 164 Energy from Waste – Waste Management Advisory Committee Terms of Reference - Page 8 14.313.3 An annual review of the EFW -WMAC will be completed by Durham’s Works Committee to determine the effectiveness of the EFW -W MAC and ensure continued improvement. 14.413.4 Clarington Council will be consulted on any changes to the Terms of Reference. 15.14. EFW-WMAC Dissolution 15.114.1 The Committee can be dissolved at any time by Durham Regional Council, in consultation with Clarington Council and the members, providing that the requirements of Durham Report 2009-COW -01 and Host Community Agreement have been fulfilled or upon the decommissioning of the facility. Page 165 Staff Report If this information is required in an alternate accessible format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. Report To: General Government Committee Date of Meeting: April 13, 2026 Report Number: LGS-018-26 Authored By: Laura Preston, Temporary Committee Coordinator Submitted By: Rob Maciver, Deputy CAO/Solicitor, Legislative Services Reviewed By: Mary-Anne Dempster, CAO By-law Number: Resolution Number: File Number: Report Subject: Appointment to the Energy from Waste – Waste Management Advisory Committee and the Anti-Black Racism Advisory Committee Recommendations: 1. That Report LGS-018-26, and any related delegations or communication items, be received; 2. That the resignation of Hawa Mire, Lauren Reyes Grange, the removal of Joseph Adesanya from the Anti-Black Racism Advisory Committee and the resignation of Glen Baswick from the Energy from Waste – Waste Management Advisory Committee be received with thanks; 3. That the removal of Joseph Adesanya from the Anti-Black Racism Committee, as requested by the Committee and documented in its minutes dated January 8, 2026, be approved; 4. That Olubunmi Oylinsan be appointed to the Anti-Black Racism Advisory Committee for a term ending December 31, 2026, or until a successor is appointed; 5. That Steve Rae be appointed to the Energy from Waste – Waste Management Advisory Committee for a term ending December 31, 2026 or until a successor is appointed; 6. That all interested parties listed in Report LGS-018-26, be advised of Council’s decision. Page 166 Municipality of Clarington Page 2 Report LGS-018-26 Report Overview – 1. Anti-Black Racism Advisory Committee (ABRAC) Background 1.1 The role of the Clarington Anti-Black Racism Advisory Committee (ABRAC) is to provide advice to Council on issues related to anti-Black racism in Clarington. ABRAC Members are responsible for providing strategic advice, feedback, and insight to Council about the needs of the Black community, including businesses in Clarington, with a lens to enhance access and inclusion for the Black community, contribute to the dismantling of anti-Black racism, and support the unique needs of diverse Black communities in Clarington. 1.2 The Committee shall be comprised of the following 12 voting members, appointed by Council: • 8 citizen members who self-identify as part of the Black community; • 1 Youth member, between the ages of 16-24 years who self-identifies as part of the Black community; • 1 Member of Council; and • 2 representatives from local organizations. 1.3 Membership will be sought on the basis of broad interest, understanding, and commitment to identifying and addressing anti-Black racism in the Municipality. Additional qualifications include: • Citizen and Youth Members shall be residents of Clarington. • Skills, knowledge, and lived experience needed to contribute effectively to the purpose, mandate and scope of activity for the ABRAC. • Specific expertise and interests related to Black business, culture, education, employment, health, heritage, and psychological and community safety, among other areas. 1.4 Joseph Adesanya was appointed to the ABRAC in January 2025, for a term ending December 31, 2026, or until a successor is appointed. In January 2026, the Committee requested that Joseph be removed due to a lack of attendance. Page 167 Municipality of Clarington Page 3 Report LGS-018-26 1.5 Hawa Mire was appointed to the ABRAC in January 2025, for a term ending December 31, 2026, or until a successor is appointed. In January 2026, the Clerk’s Division received notification of their resignation. 1.6 Lauren Reyes Grange was appointed to the ABRAC in January 2025, for a term ending December 31, 2026, or until a successor is appointed. In January 2026, the Clerk’s Division received notification of their resignation. 1.7 Currently, the ABRAC has 9 voting members (of 12 required); therefore, the ABRA C has 3 vacancies for a term ending December 31, 2026. Staff received an application from Olubunmi Oylinsan. Committee may appoint Olubunmi or direct Staff to continue to advertise for all 3 vacancies. If the Committee chooses to appoint the following applicant, Staff will continue to advertise for the remaining 2 vacancies. 2. Energy from Waste – Waste Management Advisory Committee (EFW-WMAC) Background 2.1 The Energy from Waste-Waste Management Advisory Committee (EFW -WMAC) is established to provide a forum for public and other stakeholders to monitor, review and liaise with the Regional Municipality of Durham (Durham) on the EFW facility including how the waste is being sorted prior to arriving on-site. The success of the EFW facility will depend on the diversion measures and waste separation (waste management) that happens at the transfer stations and curbside collection. The EFW -WMAC (Committee) is being established to satisfy the Host Community Agreement (HCA) with the Municipality of Clarington (Clarington) and the Commissioner & Medical Officer of Health’s Report 2009- COW -01 obligations. 2.2 The EFW -WMAC will act in an advisory role to the Durham Works Committee on issues or concerns which arise with waste diversion, waste management, environmental performance and monitoring of the EFW facility, including the construction and operational phases. 2.3 The EFW -WMAC comprises volunteers selected at large from Durham in accordance with the Terms of Reference. It is comprised of nine members (five members appointed by Durham Regional Council and four members appointed by Clarington Council). The members shall not hold an elected office (municipal, provincial, or federal). 2.4 Glen Baswick was appointed to the EFW -WMAC in March 2025, for a term ending December 31, 2026, or until a successor is appointed. In February 2026, the Clerk’s Division received notification of their resignation. 2.5 There is one vacancy for a term ending December 31, 2026, or until a successor is appointed. Staff received an application from Steve Rae. Committee may appoint Steve or direct Staff to re-advertise. Page 168 Municipality of Clarington Page 4 Report LGS-018-26 3. Advertising and Applications 3.1 The Municipal Clerk’s Division placed an advertisement in the local paper and on the Municipality’s website, www.clarington.net/committees, to fill the vacancy on the Anti- Black Racism Advisory Committee and the Energy from Waste – Waste Management Advisory Committee. 3.2 To extend the reach of our advertisements for vacancies, the Clerk’s Division has created a profile on the www.claringtonvolunteers.ca website. Vacancies on the Anti- Black Racism Advisory Committee and the Energy from Waste – Waste Management Advisory Committee were listed on the Clarington Volunteers website. 3.3 Due to lack of applicants during the first round of advertising for the ABRAC vacancies, the vacancies were reposted a second time and we received one applicant. Staff are currently advertising for third time with a deadline of April 10th. 3.4 In accordance with the “Board/Committee Management Policy”, a confidential application package has been attached, as Attachment 1. 4. Financial Considerations 4.1 Not Applicable. 5. Strategic Plan 5.1 L.4.1: Increase opportunities for civic engagement and public participation. 6. Concurrence 6.1 Not Applicable. 7. Conclusion 7.1 It is respectfully recommended that Committee consider the appointments to the Anti- Black Racism Advisory Committee and the Energy from Waste – Waste Management Advisory Committee for a term ending December 31, 2026, or until a successor is appointed. Staff Contact: Laura Preston, Temporary Committee Coordinator, 905-623-3379 ext. 2106 or LPreston@clarington.net. Attachments: Attachment 1 – Confidential Application Package (Distributed Under Separate Cover) Interested Parties: The following interested parties will be notified of Council's decision: All Applicants Anti-Black Racism Advisory Committee Energy from Waste – Waste Management Advisory Committee Page 169 Staff Report If this information is required in an alternate accessible format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. Report To: General Government Committee Date of Meeting: April 13, 2026 Report Number: LGS-020-26 Authored By: June Gallagher, Municipal Clerk Submitted By: Rob Maciver, Deputy CAO/Solicitor, Legislative Services Reviewed By: Mary-Anne Dempster, CAO By-law Number: Resolution Number: File Number: Report Subject: Appointment of Municipal Elections Compliance Audit Committee Members 2026-2030 Recommendations: 1. That Report LGS-020-26, and any related delegations or communication items, be received; 2. That By-law 2026-004, which establishes the Clarington Municipal Election Compliance Audit Committee for the 2026-2030 term of Council, be amended (Attachment 2) to change the composition from “three members and one alternate member” to “three members and two alternate members”; 3. That Council appoint Don Beaton, Wendy Peaker, and Andrew Villeneuve to the 2026-2030 Clarington Municipal Elections Compliance Audit Committee; 4. That Ryan Frost and JoAnne Swaine be appointed as alternate members to the 2026-2030 Clarington Municipal Elections Compliance Audit Committee; 5. That the appointments be from November 15, 2026 to November 14, 2030 or until such time the Committee has disposed of any remaining matters in accordance with the Act, whichever is later; and 6. That all interested parties listed in Report LGS-020-26, be advised of Council’s decision. Page 170 Municipality of Clarington Page 2 Report LGS-020-26 Report Overview 1. Legislative Authority 1.1 Section 88.37 of the Municipal Elections Act, 1996, as amended, (the MEA) states that “a council or local board shall establish a compliance audit committee before October 1 of an election year for the purposes of this Act.” The CAC must have a minimum of three members and a maximum of seven members. 1.2 The CAC is a non-advisory quasi-judicial Committee. The CAC has the full authority, provided by Sections 88.33 to 88.37 of the MEA, to address applications requesting an audit of a candidate's or third party advertiser's election campaign finances and to consider reports from the Municipal Clerk citing apparent instances of over-contribution to municipal campaigns. In accordance with the MEA, this authority includes, but is not limited to, the following:  review applications for a compliance audit and grant or reject audit requests within 30 days of receipt;  where an audit is granted, appoint an auditor and review the audit report;  following the audit, decide whether legal proceedings shall be commenced; and  within 30 days after receiving a report from the Clerk, under Sections 88.34 and 88.36 (dealing with apparent campaign contributions above the permitted limits), the Compliance Audit Committee shall meet to consider the report and decide whether to commence a legal proceeding against a contributor for an apparent contravention, if applicable. 2. Timing 2.1 Although Council has until October 1st to appoint the new CAC members, the preferred timing is prior to the May 1st start of nominations. The Members begin their work in 2027 after the election financial period of December 31, 2026 passes and the financial statements start to be submitted. Page 171 Municipality of Clarington Page 3 Report LGS-020-26 3. Terms of Reference 3.1 At the January 26, 2026 Council meeting, Council adopted the following resolution contained in Report LGS-002-26: That Report LGS-002-26, and any related delegations or communication items, be received; That the By-law attached to Report LGS-002-26, as Attachment 1, to establish a Clarington Municipal Election Compliance Audit Committee for the 2026 -2030 term, and the Committee’s Terms of Reference, be approved; and That all interested parties listed in Report LGS-002-26, be advised of Council’s decision. 3.2 The Committee’s Terms of Reference were approved with the passage of By-law 2026- 004. 4. Recruitment of Compliance Audit Committee Members 4.1 The Municipal Clerk’s Division placed an advertisement in the Orono Times, on the Chartered Professional Accountants Ontario website, and on the Municipality’s website detailing the selection criteria, with a closing date of March 12, 2026. In an effort to extend the reach of our advertisements, vacancies for the Compliance Audit Committee were listed on the Clarington Volunteers website. 4.2 Additionally, Staff contacted the Institution of Chartered Accountants, the Law Society of Ontario, Durham Region Police Service, UOIT, and former applicants. 4.3 In response to the call for members, applications were received from the following 11 applicants:  Dolamu Asipa  Don Beaton  Ryan Frost  Myrtle Guthrie  Mehtab Habib  Katie Paulino  Wendy Peaker  JoAnne Swaine  Andrew Villeneuve  Micheal Volpe  Georgia Young Page 172 Municipality of Clarington Page 4 Report LGS-020-26 Note: Mohammed Ahmad, Ryan Frost, Paul Jones, JoAnne Swaine (alternate) are currently appointed to the 2022-2026 Clarington Municipal Election Compliance Audit Committee. 4.4 The applications have been circulated confidentially under separate cover (Attachment 1) as they contain personal information. 5. Additional Alternate Member 5.1 The Terms of Reference indicate that the composition of the CAC shall consist of three members and one alternate member. The administrative procedure sets the quorum at three. 5.2 Staff are recommending an additional alternate member (i.e. total of two alterna tes) be appointed for the following reasons:  Large list of qualified candidates.  With a small number of CAC members, there is a greater concern of loss of quorum due to ineligibility: o if the CAC loses quorum during the period of notice and MEA requirement to hold a meeting (40 days) there may not be enough time to find/appoint a replacement to hold a meeting to meet the MEA requirements. o if the CAC loses quorum during the deliberation of a complaint, the MEA is silent on whether deliberations continue, or they need to start again.  The MEA requires that the CAC be established prior to October 1st for the next term– there is a concern that if we lose two members during the next four years: o The new Council might be required to appoint people to the CAC who would be reviewing a Compliance Audit complaint regarding a sitting Member of Council. o Concerns about possible contravention of the MEA by appointing after October 1st. Page 173 Municipality of Clarington Page 5 Report LGS-020-26 6. Eligibility and Selection Criteria 6.1 The eligibility and selection criteria are outlined in the TOR. The following persons are ineligible for appointment:  Employees or officers of the Municipality;  A member of council or of a local board of the Municipality;  Any persons who are candidates in an election of the Municipality or local board for which the CAC is established; or,  Any persons who are registered third parties in an election of the Municipality or local board for which the CAC is established. 6.2 The following selection criteria was followed, and preference was given to candidates that have experience related to compliance audit activities or investigative or adjudicative processes:  Demonstrated knowledge and understanding of municipal election campaign financing rules;  Proven analytical and decision-making skills;  Experience working on committees, boards, adjudicative bodies, task forces, or similar settings;  Experience in accounting and audit, law, law enforcement, academics, or municipal administration from related fields;  Demonstrated knowledge of quasi-judicial proceedings;  Availability and willingness to attend meetings; and  Excellent oral and written communication skills. 7. Staff Recommendations for Members 7.1 Applicants were asked about their availability for frequency, timing, and types of meetings. Emphasis was given to local applicants who would be available for daytime meetings. 7.2 In recognition of the CAC being a quasi-judicial Committee with no Council representative, and in accordance with the Board/Committee Management Policy, Staff recommend the following for the core members:  Don Beaton  Wendy Peaker  Andrew Villeneuve Page 174 Municipality of Clarington Page 6 Report LGS-020-26 7.3 To provide continuity and institutional knowledge to the CAC, Staff recommend the following two returning members for the alternates:  Ryan Frost  JoAnne Swaine 8. Financial Considerations 8.1 As noted in the previous report, the retainer for each member will be $400 and each member (including alternates) will be paid $400 per meeting plus mileage, plus an additional $100 for any additional application or report being considered after the first one, during the same meeting. The retainer covers attendance at a mandatory training session and review of periodic updates or information supplied by the Clerk. Therefore, the financial impact of the recommendation for an additional alternate would be $800 in retainers and $800 more per meeting (plus unknown mileage). Staff consider this as insurance against possible loss of members. 9. Strategic Plan N/A 10. Climate Change Not Applicable. 11. Concurrence Not Applicable. 12. Conclusion It is respectfully recommended that the CAC Terms of Reference be updated to add an additional alternate member and that members be appointed to the CAC. Staff Contact: June Gallagher, Municipal Clerk, jgallagher@clarington.net Attachments: Attachment 1 – Confidential Application Package (Distributed Under Separate Cover) Attachment 2 - By-law to amend By-law 2026-004 to change the composition. Interested Parties: All applicants Page 175 Attachment 2 to Report LGS-020-26 Page 1 of 2 If this information is required in an alternate format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. The Corporation of the Municipality of Clarington By-law 2026-NN Being a By-law to amend By-law 2026-004, a by-law to establish a Clarington Municipal Election Compliance Audit Committee for the 2026-2030 term of Council, by changing the number of alternate members. Whereas Section 88.37(1) of the Municipal Elections Act, 1996, S.O., 1996, c. 32, as amended, (the Act) requires the Council to establish a Compliance Audit Committee, before October 1 of an election year for the purposes of Section 88.33 to Section 88.37 of the Act; and Whereas, the Municipal Council has adopted the recommendations contained in Staff Report LGS-XXX-26; and Whereas the Municipality of Clarington is committed to ensuring a consistent, open and transparent process for receiving and processing compliance audit applications; Now therefore the Corporation of the Municipality of Clarington enacts as follows: 1. That subsection 4.1 of Attachment 1 of By-law 2026-004, the Terms of Reference for the Clarington Municipal Election Compliance Audit Committee for the 2026 - 2030 term of Council be amended replacing the following words: “one alternate member” With the words: “two alternate members” 2. That subsection 4.2 of Attachment 1 of By-law 2026-004, the Terms of Reference for the Clarington Municipal Election Compliance Audit Committee for the 2026 - 2030 term of Council be amended replacing the following words: “The alternate member” With the words: “All alternate members” Page 176 Attachment 2 to Report LGS-020-26 Page 2 of 2 Effective Date 1. That this by-law shall come into force and effect on the date the by-law is deemed passed under Part VI of the Municipal Act. Passed in Open Council this XX day of MMMM, 2026. _____________________________________ Adrian Foster, Mayor _____________________________________ June Gallagher, Municipal Clerk By signing this by-law on XXXX XX, 2026, Mayor Adrian Foster will not exercise the power to veto this by-law and this by-law is deemed passed as of this date. Page 177 Staff Report If this information is required in an alternate accessible format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. Report To: General Government Committee Date of Meeting: April 13, 2026 Report Number: LGS-021-26 Authored By: June Gallagher, Municipal Clerk Submitted By: Rob Maciver, Deputy CAO/Solicitor, Legislative Services Reviewed By: Mary-Anne Dempster, CAO By-law Number: Resolution Number: File Number: Report Subject: Appointment of Integrity Commissioner – 2026-2030 Recommendations: 1. That Report LGS-021-26, and any related delegations or communication items, be received; 2. That the Municipality of Clarington appoint Boghosian Allen LLP as Clarington’s Integrity Commissioner in accordance with s. 223.3(1) of the Municipal Act, for the Term of Council (2026-2030) commencing November 15, 2026, subject to the Council of the Regional Municipality of Durham approving and authorizing the appointment, as the Regional Municipality of Durham’s Integrity Commissioner with the option to renew for an additional Council term; 3. That authority is granted to the Deputy CAO/Solicitor to execute an agreement with Boghosian Allen LLP for the provision of Integrity Commissioner services for the Term of Council (2026-2030) to implement the provisions of Report LGS-021-26 with the terms similar to the Region of Durham; 4. That the by-law (Attachment 1 to Report LGS-021-26), repealing By-law 2022-39 and appointing Boghosian Allen LLP, as Clarington’s Integrity Commissioner, with an effective date of the by-law being November 15, 2026, be approved; 5. That Staff be directed to update Clarington’s Accountability and Transparency webpage following the appointment coming into effect; and 6. That all interested parties listed in Report LGS-021-26, be advised of Council’s decision. Page 178 Municipality of Clarington Page 2 Report LGS-021-26 Report Overview 1. Legislative Authority 1.1 Subsection 223.3 (1) of the Municipal Act, 2001, as amended, grants the authority to municipalities to appoint an Integrity Commissioner who reports to council and who is responsible for performing in an independent manner the functions assigned by the municipality. 2. Previous Agreement 2.1 Arising out of Report LGS-013-22, Clarington joined the retainer agreement with the Region and appointed Principles Integrity to provide Integrity Commissioner services on the payment of an annual retainer and hourly fee for service basis. Principles Integrity was appointed by By-law 2022-039 for a term ending November 14, 2026. 3. Integrity Commissioner Responsibilities 3.1 The Integrity Commissioner shall have the following responsibilities outlined under subsection 223.3 of the Municipal Act: Page 179 Municipality of Clarington Page 3 Report LGS-021-26 3.2 As part of the reporting process, the Integrity Commissioner may recommend that Council impose penalties in accordance with the Municipal Act, 2001 if, in the opinion of the Integrity Commissioner, a Member of Council has contravened the Code of Conduct. 3.3 The volume of calls/complaints cannot be predicted. 3.4 Clarington’s Code of Conduct Complaint Procedure detail the steps for receipt, investigation, and resolution of complaints pursuant to the Code of Conduct. These procedures are contained in Appendix A to the Council Code of Conduct and our Accountability and Transparency webpage, including the Complaint Form. 4. Code of Conduct 4.1 The Council Code of Conduct helps to ensure that Members of Council engage and debate using acceptable conduct. These standards should serve to enhance public confidence that the Municipality’s elected representatives conduct Council Business in a civil and courteous manner. By-law 2017-020, as amended, establishes the current Clarington Code of Conduct. 4.2 There are currently no plans to review the Code of Conduct pending the Province’s review and proposed changes regarding the Code of Conduct and Integrity Commissioners. The Province had proposed legislation on several occasions but has not passed any, as of the writing of this report. Bill 9, Municipal Accountability Act, 2025, was sent to third reading on October 20, 2025 and proposes the following changes:  Currently, the Act provides that municipalities shall establish codes of conduct. Re-enacted section 223.2 of the Act provides that the Lieutenant Governor in Council may make regulations prescribing a code of conduct for members of councils of municipalities and of local boards.  New section 223.3.1 of the Act requires the Integrity Commissioner of Ontario to perform certain functions with respect to Integrity Commissioners, including providing education and training to Commissioners. Page 180 Municipality of Clarington Page 4 Report LGS-021-26  New section 223.4.0.1 of the Act provides that after conducting an inquiry under section 223.4 of the Act, a Commissioner may make a recommendation to the Integrity Commissioner of Ontario regarding whether the seat of the member who is the subject of the inquiry be declared vacant. New section 223.4.0.2 of the Act sets out the responsibilities of the Integrity Commissioner of Ontario upon receiving such a recommendation, including the responsibility to conduct an inquiry. Subsection 223.4.0.2 (4) of the Act sets out the actions the Integrity Commissioner of Ontario is required to take upon completion of their inquiry.  New section 223.4.0.3 of the Act sets out the consequences where the Integrity Commissioner of Ontario refers a matter back to the Commissioner. New section 223.4.0.4 of the Act sets out the consequences where the Integrity Commissioner of Ontario recommends that a member’s seat be declared vacant, including requiring the council of the municipality to vote on such recommendation. 5. Discussion Region’s Appointment 5.1 The process to secure integrity commissioner services for the next term of Council followed the Region’s Consultant and Professional Services Contracting Procedure. 5.2 The appointment of an Integrity Commissioner was a coordinated effort between the Region of Durham and the local municipalities. 5.3 The Region chose a “selection process”, similar to the practice in 2022, following the Region’s Consultant and Professional Services Contracting Procedure. All Lower-tier municipalities reviewed the Consulting Services Agreement (CSA) invitation letter and provided input. Invitations to enter into a consulting and professional services contract with the Region were sent to individuals/firms. Three proposals were received and evaluated by Regional Staff. Respondents also participated in the presentation, and interview sessions, which were evaluated by Regional Staff and representatives from some of the Durham Region Clerks. 5.4 Similar to the previous two agreements, Durham's lower-tier municipalities were offered the opportunity to “piggyback” on the Region’s agreement, which will result in individual agreements with the municipalities and the Integrity Commissioner. The lower-tier municipalities are under no obligation to appoint the same Integrity Commissioner as the Region. However, appointing the same Integrity Commissioner as the Region allows the Region and Municipality to undertake coordinated efforts to review the Council Codes of Conduct, and for the Mayor and Regional Councillors to seek advice from one source for matters that may come before both lower-tier and Regional Council. Page 181 Municipality of Clarington Page 5 Report LGS-021-26 5.5 The Region has stated that “the overall scores between the three proponents were incredibly close and references from existing clients were considered in the final selection process. The interview panel concluded that each proponent, including the Region’s current Integrity Commissioner, Principles Integrity, were capable of delivering exceptional service in a vital transparency and oversight role.” 5.6 Based on the technical presentation, demonstration, and financial evaluation of the compliant bid proposals submitted to the Region of Durham, Boghosian Allen LLP achieved the highest combined score and was recommended for award. 6. Financial Considerations 6.1 The budget for the Integrity Commissioner is part of the “Administration-Professional Fees” account for Legislative Services, which has $25,000 budgeted for 2026 and 2027. Exact costs incurred on an annual basis depend on frequency of requests for advice and number of investigations undertaken. 6.2 The following table shows the budgeted and actuals for this account in recent years. 2022 Budget 2022 Actual 2023 Budget 2023 Actual 2024 Budget 2024 Actual 2025 Budget 2025 Actual $20,000 6.3 There is no cost for an annual retainer fee. It is anticipated that the Integrity Commissioner will be called upon to provide at least one educational session. 7. Timing 7.1 The Region of Durham plans to take their report to Regional Council in April. As a result of the timing of the Region’s recommendation report, Staff are recommending an effective date tied to the Region’s decision. 7.2 The current Integrity Commissioner Agreement expires on November 14, 2026. If no Integrity Commissioner is appointed, as per s. 223.3(1.1), “the municipality shall make arrangements for all of the responsibilities set out in that subsection to be provided by a Commissioner of another municipality.” 8. Strategic Plan Not applicable. Page 182 Municipality of Clarington Page 6 Report LGS-021-26 9. Climate Change Not Applicable. 10. Concurrence This report has been reviewed by the Deputy CAO/Treasurer who concurs with the recommendations. 11. Conclusion It is respectfully recommended that Boghosian Allen LLP be appointed as the Integrity Commissioner for the Municipality of Clarington for the term ending November 14, 20 30, subject to the Region appointing same. Staff Contact: June Gallagher, Municipal Clerk, 902-623-3379 ext. 2102 or jgallagher@clarington.net. Attachments: Attachment 1 – By-law to Appoint an Integrity Commissioner Interested Parties: The following interested parties will be notified of Council's decision: Alexander Harras, Regional Clerk/Director of Legislative Services, Region of Durham Principles Integrity Boghosian Allen LLP Page 183 Attachment 1 to Report LGS-021-26 If this information is required in an alternate format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. The Corporation of the Municipality of Clarington By-law 2026-XXX Being a by-law to repeal By-law 2022-039 and to appoint an Integrity Commissioner for the Municipality of Clarington for the Council Term of 2027-2030. Whereas pursuant to Part V.1 of the Municipal Act, 2001 S.O. c. 25, as amended, a municipality is authorized to appoint an Integrity Commissioner who reports to Council and who is responsible for performing, in an independent manner, the functions assigned by the municipality; And Whereas Sections 223.4 to 223.8 of the Municipal Act, 2001 provide s that an Integrity Commissioner has certain powers and protections during investigations; And Whereas the Municipality of Clarington Council has established a Code of Conduct for Members of Council; And Whereas the Municipality of Clarington deems it necessary to appoint an Integrity Commissioner to administer the Code of Conduct; Now therefore the Council of the Municipality of Clarington enacts as follows: 1. That the Deputy CAO/Solicitor be authorized to execute, on behalf of the Municipality of Clarington, an agreement to appoint Boghosian Allen LLP as Clarington’s Integrity Commissioner and also to provide the required services for Clarington’s Integrity Commissioner on such terms and conditions as included in the Regional of Durham’s Integrity Commissioner selection process, and such other terms and conditions as may be required by the Municipality of Clarington to give effect to the Agreement. 2. That the services to be provided by Boghosian Allen LLP shall include the services enumerated in subsection 223.3(1) of the Municipal Act, 2001. Page 184 Attachment 1 to Report LGS-021-26 3. That Boghosian Allen LLP be appointed for a term from the date of November 15, 2026, to the end of the term of Clarington Council, November 14, 2030. 4. That By-law 2022-039, appointing the previous Integrity Commissioner, Principles Integrity, be repealed effective November 14, 2026. Passed in Open Council this XXX day of XXX, 2026. _____________________________________ Adrian Foster, Mayor _____________________________________ June Gallagher, Municipal Clerk By signing this by-law on MMMM NN, YYYY, Mayor Adrian Foster will not exercise the power to veto this by-law. Page 185 Municipality of Clarington General Government Committee Meeting Resolution DATE: April 13, 2026 MOVED BY Mayor Foster SECONDED BY Councillor Anderson Whereas the Municipality of Clarington currently provides bursaries to students pursuing post-secondary education; and Whereas the value of those bursaries has remained static at $100 per student for many years, despite significant increases in the cost of post-secondary education; and Whereas recent changes to the Ontario Student Assistance Program (OSAP) have reduced financial support available to many students, Now therefore be it resolved that the Municipality of Clarington increase the value of its post-secondary education bursaries from $100 to $500 per eligible student, effective for the next bursary intake; and That the Deputy CAO/Treasurer be authorized to fund this increase from an appropriate account as deemed suitable. Page 186