Last night I attended the City Council meeting, and found out that the City is indeed in debt :( I was not pleased to hear this, yet I wasnt surprised :S I had been told previous, by a councillor, that the City was not in debt, but had deficits, in operating costs...however...In 2009, the Citys debt, actual debt, was $182.2 Million...and at the end of 2013...our Citys debt was $168.9 Million. That sounded a little better until I heard from the administration, that as of the end of 2014...our Citys debt will be $184.7 Million :( Along with this information, it was said in the City Council meeting, that Golf Links Roads Phase 3, has been budgeted for $6 Million, that there is $22,345,000 in the Renew Thunder Bay Reserve Fund, and that if the Event Centre is built... a debenture for any shortfall, will possibly happen :S Typing about the Event Centre...Council and Administration is hoping to receive between $60-$80 Million from the Fed. and Prov. Governments...If we are to use the Renew Thunder Bay Reserve Fund, completely, which Council is intending, and if these figures are secured and accurate, (based on the Construction estimate of approximately $150 Million, and giving the approximate amount of $70 Million from the other levels of government for the equation) that means a shortfall of approximately $58 Million, could be debentured... The administration does give other options, to avoid a debenture for this amount, such as other investors, naming rights, etc... What are your thoughts, on this information?
Posted on: Tue, 25 Mar 2014 14:50:20 +0000
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