City raises debt limit to $125 million
A request to increase the city debt limit to $125 million from $95 million was approved Monday night. The motion was carried by majority vote with Coun. Dawn Luhning and Coun. Swanson opposing. “We have to take a hard look at everything we’re doing to prevent us from being $125 million in debt and equipment purchasing is one place where we can start I believe,” Swanson said. An outstanding debt of $26,510,043 for the city has been reported. Sanitary sewer utility borrowing costs total $8,009,000, multiplex borrowing results in $16,219,000 and multiplex internal borrowing comes in at $2,282,043. The document noted that federal and provincial grants might land in city coffers. Administration compared the debt limit to communities such as Saskatoon, and Regina, however, it was noted that those cities have bigger populations to sustain that amount of potential debt.