City on track with long term debt payments
The City of Swift Current remains in good financial shape according to the annual financial statements received by the city at the May 5 City Council meeting.
The consolidated statement of financial activities report showed the city recorded expenditures of $34.8 million, a full $10 million lower than the 2007 total of $44.5 million. City revenue was also reported at $34.6 million, down slightly from $36.7 million in 2007
Director of Finance Tim Marcus noted the city remains in a strong financial situation.
“The city’s doing good financially. We’re in pretty good shape. The city’s (long term) debt is $39 million and it’s broken down, I believe, $14 million is utilities, $15 million is general, which is essentially the iPlex, and there’s $4 million in property development, and the remainder is of course the amount owing for the repayment of the hospital.”
He notes each debt area is funded. The utility debt is the remaining funding outstanding for the waste water treatment plant, which will be funded through city water rates. The hospital repayment funds are raised annually through a special levy. The property development debt is repaid when property is sold. The iPlex expansion will be repaid from the general revenue fund, covered by city property taxes.
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