In today's SP (Jan. 24/12) it was reported that S&P granted the city its AAA credit rating for all the usual reasons - the economy, strong cash and liquidity levels - but with a long-term review pending due to the high amount of borrowing from a very large capital program.
The next article notes that the City will be increasing its line of credit to $100 million, up from $60 million, in order to pay for some of the borrowing on major construction projects. One of the projects without identified funding in the Major Capital Projects document is the city yards and transit headquarters ($200 million.) We don't know yet where the other $100 million will sourced. This is money over and above the already planned debt of $310 million listed in the projects document.
With planned debt of $310 million for 2013 and pending debt of $200 million, we taxpayers will be in the hole to the tune of $510 million and counting.
Does anybody care?
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No one cares, current Council is too busy opposing international Free-Trade Agreements on no basis whatsoever..... or I suppose on the rationale given last night that Saskatoon City Council wasn't invited to sit at the negotiation table, ergo we should opt out of any Agreement.
ReplyDeleteIdiots, running the City into the ground.