City of Powell River Council will be considering $360,000 in short-term borrowing to pay for several projects.
At the financial committee meeting on Tuesday, October 22, chief financial officer Adam Langenmaier reported on the need for a short-term borrowing resolution for 2019 capital projects funded with short-term borrowing.
He said that in the 2019 financial plan, there were a number of capital projects.
“What is before you today is a report on those projects that got completed and what amount of short-term term borrowing we need to undertake to fund these,” said Langenmaier. “The money has been spent. The move to short-term borrowing is paying it off in the next five years.”
Langenmaier said that at the time he wrote his report to the financial committee, there was an expectation that there would be some costs coming in for the remediation of the so-called Hemlock loop in the Townsite ordered by the Agricultural Land Commission (ALC).
“We got those costs in and they were lower than expected,” said Langenmaier. “The total ask of $375,000 to borrow is going to be reduced by $15,000 to $360,000. That’s to reflect the actual cost of the ALC remediation.”
Langenmaier said the proposed short-term debt for the ALC remediation would be $45,000, and not the $60,000 that had been forecast. The budget for the project was $100,000.
Some of the other projects included $71,000 for parking meter replacement and $60,000 for a parks master plan.
