Both these projects are receiving substantial dollars from the feds and the Canada Mortgage and Housing Corp.īut this new city debt won’t be taxpayer-supported, said Mancina. These include a substantial share of the $39-million 145-unit Meadowbrook residential tower currently being built as well as about $54 million towards the $170-million repair and renewal project to revive thousands of the corporation’s aged units over eight years. While debt has been dropping, city council is already committed to a couple of major debt-incurring investments for public housing via the Windsor Essex Community Housing Corp. About $170 million annually is devoted to capital projects. Pricey projects financed this way in recent years include the WFCU Centre, the downtown aquatic centre, the new Huron Lodge and the new city hall. The city’s proposed capital budget for 2022 says that the pay-as-you-go approach has saved tens of millions of dollars in interest charges over the years. Mayor Drew Dilkens and CAO Jason Reynar, right, join at a press conference to outline the 2022 municipal budget framework at City Hall, on Friday, Nov. “We’re paying as we go on that project and once that work is done it’s paid for,” said Dilkens, who noted that when he was first elected mayor in 2014 long-term debt had dropped from $230 million to $104.1 million. “You don’t have fixed principal and interest payments you have to make in your operating (budget) each year that limits your flexibility when you run into situations like we did in the last 18 to 24 months with the pandemic,” he said, recounting how prior to 2003, prior to the arrival of former mayor Eddie Francis (mayor from 2003 to 2014), there was a different philosophy when it came to long-term debt. City treasurer, Joe Mancina, gives a presentation during day one of the 2020 budget deliberations in Council chambers, Monday, Jan.
We’re paying as we go on that project and once that work is done it’s paid forĬity Treasurer Joe Mancina said the elimination of taxpayer-supported long-term debt (the city has no short-term debt, he added) puts the city in an enviable financial position compared to other Ontario cities. “The numbers are moving in the right direction on the chart but it’s also important for the public to know they are no longer supporting taxpayer-funded debt in the municipal levy,” he said, referring to the estimated $437 million required from taxpayers in 2022 to keep city hall running. This advertisement has not loaded yet, but your article continues below.
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