Reviewing the books
Summerside wants someone to review its debt management practices
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.