In addition, long-term investments are coming due in 20.
The county also has “a healthy overdraft limit at the bank” to ensure sufficient cash flow. Work has already started on rebuilding the county’s working fund. He noted that several factors would help the levy do its job. “The strategy would save $5.3 million in interest and is a better use of tax dollars,” said Henley. That would cover just over the $13 million. It was option four that staff recommended – 1.5 per cent per year beginning in 2022 and increasing by 1.5 per cent annually until 2026. Options two and three – respectively 1.5 per cent and two per cent for 2022 and one per cent annually after that – would cover a larger portion of the $13 million. This would generate close to $9 million in funds, or 66.75 per cent of the $13 million amount. Option one was a one per cent levy increase for 2022 and an additional one per cent per year increase for 2023-2026. He outlined four options to help alleviate or even eliminate the cost of borrowing. He noted the cost of borrowing the $13 million for replacement of the Teeswater Bridge in Paisley, 2021-2024, and the Durham Street Bridge in Walkerton, 2024-2026, would result in interest charges of over $5.3 million. The levy would be “reinvesting in our county,” Henley said. 28 corporate services committee meeting, Henley presented a report that explored the impact of implementing an infrastructure renewal capital levy in 2022 and annually for the following four years. Council was not willing to vote on the 2022 budget as presented.Īt the Oct.
“What it did not do was ensure the county would raise enough money to replace infrastructure,” said Edward Henley, director of corporate services.įaced with $13 million in bridge work in the next few years – the bridges in Paisley and Walkerton – council asked Henley to bring back some numbers and options for avoiding substantial interest charges on borrowing, money that could be used to do additional infrastructure work. The county, like many others over the past number of years, has been balancing the budget by postponing work on bridges and roads – not a sustainable policy. BRUCE COUNTY – Bruce County council has decided to bite the bullet, however unpalatable it might be, and implement an infrastructure renewal levy of 1.5 per cent for 2022, in addition to the 4.8 per cent regular levy.
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