On April 26 Council agenda there is a report proposing a new debt policy for the Township which defines how the Township decides to take on debt, what the criteria is for such a decision.    I am very pleased that such a policy is being proposed.  As we make decisions on projects requiring capital it is not adequate to simply say “no, we can’t take on new debt” or for anyone to advocate for taking on debt; those decisions should be made by considering the same criteria each time.  The policy includes identification of eligible capital projects; one category is for projects that provide future cost savings or cost avoidance.  I believe that opportunity for climate change action should be added.  As reviewed in the report King’s debt, as defined as a % of annual revenues less debt servicing costs & long term financial obligations, is 4.88% which is far less than the 25% permitted by the Province. It is recommended that the debt ceiling for King should be 10%.  The report reviews the origins of our current debt of $20 million.  Note:   all decisions to take on new debt is a Council decision based on recommendation from Treasurer.

To read both the report and the policy go to meeting agenda and scroll down.  To register for verbal deputations and/or emailed deputations contact clerks@king.ca by noon Monday April 26.