February 2, 2021 Reading time: 1 min 30 s
By Nick Seebruch
CORNWALL, Ontario – City of Cornwall Chief Financial Officer (CFO) Tracey Bailey explained the municipality’s current debt situation to Council during budget deliberations on Monday, Feb. 1.
As of Jan. 2021, the City of Cornwall currently had $39,799,200 of debt on the books, with Bailey stating that the city would add an additional $22,775,000 in 2021.
“Debt financing should be for projects greater than $2.5 million and would last 20 years and non-recurring,” said Bailey.
Some projects that will be financed through debt in 2021 that meet this criteria include the Cornwall Fire Services new fire hall and replacement of pumper number three, as well as the redesign of the Municipal Works Yard, a project coming in at over $14 million.