Tbnewswatch Local News
2014-01-28 at MIDNIGHT

City's debt management policy pushed back until March

By Jamie Smith, tbnewswatch.com

Some councillors have concerns over the way the city wants to manage its debt.

City council was being asked to approve a debt management policy that would fall in line with the province's Municipal Infrastructure Strategy and follow "intergenerational equity", which spreads the cost of things like roads over years so that all those who use it pay a share. The policy would also see that the city's debentures not exceed 10 per cent of its overall budget.

But councillors said they simply didn't have enough information.

"I understand the policy but I don’t see the numbers behind it,” Coun. Mark Bentz said. “We’re talking hundreds of millions of dollars.”

Coun. Linda Rydholm said she wasn' convinced either.

Councillors referred the recommendation until March but not before Coun. Trevor Giertuga asked his colleagues to read their agendas over the weekend and get the information they need from administration before coming to meetings.

"Rather than coming here and talking for an hour and a half then asking for more information,” he said.

The referral means that a $10 million request for capital projects will also be referred until March. The report also included taking on $8.2 million for Phase 2 of the Golf Links Road/Junot project, which will now be discussed through the upcoming budget meetings.

Click here to report a typo or error


Note: Comments that appear on the site are not necessarily the opinion of tbnewswatch.com.