City Council members to gain update on financing plans for loan authorizations on infrastructure work

Infrastructure work on First Avenue as seen from Cow Bay

Tonight's Regular City Council Session will feature a follow up on a discussion topic introduced at the Special Council Session of last Thursday, when Council members heard the first details towards how the City plans to finance an additional 40 million dollar loan, that towards liquid waste infrastructure.

As we outlined last week, Chief Financial Officer Corrine Bomben delivered a report towards the topic that outlined the reasoning towards replacing both water and sewer at the same time, that mainly of cost and less in the way of inconvenience for residents facing what will be years of ongoing work on infrastructure.

As we noted last week, at the Thursday afternoon Special Session, City Staff and City Manager Robert Buchan provided frequent reassurances that staff would explore as many options as possible towards funding for the loan requirement, hoping to make use of current revenue streams and any new opportunities that may come to pass.

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At last week's session, one of the few questions that the CFO could not answer at the time, was the amount of potential increase to the city's utility fees that will be required towards financing the loan arrangement.

Those details are part of the report to Council for tonight.

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A further explanation of the  cost of financing element will come tonight as Ms. Bomben expands on the Report's details.

The remainder of the Report and its tables is available as part of the City Council Agenda package, starting on page 170.

In addition to the financial elements, Ms. Bomben will also explain that there is an approval process that is required before the borrowing can take place. 

With Council to be asked to direct staff to make use of either the Alternate Approval Process, or Assent of Electors by way of a full referendum on the request.

For much of the last decade of loan requests, the City has made use of the AAP program, which puts the onus on residents to register their opposition or concern by signing the AAP form which would then trigger the potential for a wider referendum of residents.

More notes on the city's infrastructure planning can be reviewed here.

A wider overview of what's ahead for tonight's Council Session can be explored here.

Cross posted from the North Coast Review.