Thunder Bay – Budget Deliberations Reveal Debt

The city, whose debt is expected to increase from $205.9 million at the end of 2018 to $212.1 million projected at the end of last year, does have a number of debentures that will be paid off by decade’s end.

In addition to the homes for the aged loan, the city is paying off a $42-million debenture for its water treatment plant, with $12.6 million remaining on a debt that expires in 2025. Another $19.2 million loan for the facility, taken out in 2007, will be off the books in 2027. Meanwhile loans of $20 million and $23 million, taken out for waste water infrastructure in 2004 and 2005, disappears by 2025

The city is making progress paying down most of its debt categories. Tax-supported debt is down to $76.3 million, from $77 million a year ago. Wastewater debt dropped to $32.1 million from $33.7 million and waterworks slid from $65.8 million to $64.3 million.

However, the overall debt grew by $6.2 million thanks to Tbaytel, whose debt grew from $28.9 million to $38.8 million.

The city is making progress paying down most of its debt categories. Tax-supported debt is down to $76.3 million, from $77 million a year ago. Wastewater debt dropped to $32.1 million from $33.7 million and waterworks slid from $65.8 million to $64.3 million.

However, the overall debt grew by $6.2 million thanks to Tbaytel, whose debt grew from $28.9 million to $38.8 million.

Thunder Bay’s total debt was $179 million in 2015. – tbnewswatch

read full article here

Sooo $212 million in 2019 is larger than $179 million ion 2015. Four years with a debt increase $33 million.

Tbaytel has a debt level just under $39 million. This is the cash cow that the City of Thunder Bay is milking yo the tune of $18 million plus annually? An argument can be made that Tbaytel launders debt for the City of Thunder Bay.  It borrows millions then turns around and gives it to the city.

previous related posts here and here

 

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