Gananoque Council will consider final approval tonight of a 12-point-9-million-dollar debenture from the Ontario Infrastructure and Lands Corporation.
In a social media post, Mayor John Beddows says the loan would increase the Town’s municipal debt from about 6-point-zero-two million dollars to more than 18 million.
Beddows says annual repayment costs will total about 841-thousand dollars, split between the property tax levy and wastewater revenues. He says the cost would be equivalent to a 7-point-32-percent increase in the property tax bill if the entire amount were funded through taxation.
The Mayor says the debenture is needed to fund core infrastructure and service requirements, particularly water and wastewater projects.
Beddows also says the Town has received more than 12 million dollars in provincial infrastructure grants over the past three years, but rising project costs and more than four million dollars in approved in-year capital budget deviations are adding financial pressure.
He says the 2027 budget will focus on identifying discretionary services and finding ways to reduce the impact of the new debt on taxpayers.
(By: Tim Baltz)
