City's long-term debt troubling

The agenda for Regina city council's meeting on Wednesday holds debt information concerning every local taxpayer, outraging this supporter of local democracy.

Inside the packet is a city administration report on Regina's long-term debt and showing fully 60 per cent of Regina's long-term debt is for the Mosaic Stadium project.

The repayment figure is $11.4 million annually, for a full span of 30 years to be paid off in 2045.

As the city report notes, Regina's debt limit is set by the Saskatchewan Municipal Board, an administrative tribunal under the Saskatchewan government and established for regulatory and quasi-judicial purposes in dealing with issues from local authorities. And that authority may well have to be approached specifically to raise the debt limit allowed for Regina.

And the report suggests more borrowing for big projects may be in the works.

“Addressing these needs may limit the ability to access debt as a source of financing without applying to the Saskatchewan Municipal Board for an increase in the limit.”

More research will be presented to council before the city applies to the municipal board.

But if the city does indeed apply, and if the municipal board approves: “(A)dditional debt could impact the City's credit rating, which in turn, can increase future borrowing costs.”

Unfortunately, history shows that the city can and has overridden the processes meant to keep ratepayers informed and elected officials accountable.

A decade ago, the pro-stadium propaganda machine hard-sold the need for a new Mosaic Stadium instead of renewing the existing one. And that edition of city council approved the current massive stadium debt while avoiding a city-wide vote on the matter.

This whole turn of events is troubling. And it's a history lesson that's relevant now, considering talk of two additional new stadiums arising in Regina.