Re­view­ing the books

Summerside wants some­one to re­view its debt man­age­ment prac­tices

The Guardian (Charlottetown) - - NEW - BY COLIN MA­CLEAN

The City of Summerside is look­ing for some­one to take a look at how it is man­ag­ing its debt load.

The city’s fi­nan­cial ser­vice di­vi­sion is­sued a re­quest for pro­pos­als ear­lier this week. All in­ter­ested com­pa­nies have un­til July 31 to sub­mit.

The re­view is all about mak­ing sure the city is han­dling its debt load prop­erly, said Rob Philpott, man­ager of fi­nan­cial ser­vices.

“We be­lieve we’re do­ing a rel­a­tively good job of man­ag­ing it, but it’s al­ways nice to have some­one else come … and take a look at what we’re do­ing, see how we stack up against other mu­nic­i­pal­i­ties and make sure we have the right prac­tices in place,” he said.

City coun­cil heard a great deal from the cit­i­zens dur­ing the last elec­tion, he added, that the city’s debt was a great con­cern to the elec­torate.

So this re­view is a re­sult of that con­cern.

As of the end of 2014, the city’s to­tal long-term debt is $65 mil­lion.

Philpott said he hopes to have a rec­om­men­da­tion for coun­cil as to who should re­ceive the con­tract at its Au­gust meet­ing and then a fi­nal re­port, with rec­om­men­da­tions, by Oc­to­ber.

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