Two borrowing bylaws, originally approved for first reading On December 12, 2022, have been adjusted and will be brought back for first reading again on Monday. The first report included all projects in the 10-year capital plan and will return with more specific amounts for projects in 2023 and 2024. The new bylaws will include reduced borrowing amounts.
Based on the interim approved 2023-2024 Budget, borrowing may be needed by The City to invest in approved capital infrastructure projects. Approving the borrowing bylaws will allow future borrowing to occur, only if needed. The future borrowing will be done as required to fund expenditures in capital projects based on need and may occur over multiple years.
The projects covered in the borrowing bylaws are the rehabilitation of the CPR Bridge and other bridge maintenance, and the Lindsay Thurber Comprehensive High School athletic track project.
Borrowing will be done as required to fund actual expenditures related to the projects. Proceeding with first reading in advance ensures that the bylaw is fully approved in time for the 2023 construction season.