No need to borrow to replace the wharf – Victoria News
On the one hand, I am delighted with the council’s decision regarding Sidney’s wharf but on the other hand, I am frustrated that the council cannot think outside the box when it comes to funding the inevitable replacement.
As I said in my letter to council, White Rock sees the value of their pier and made it clear from the start that it would be repaired after it suffered damage from the storm. In their situation, they had no option. They urgently needed to find the funds to make the repairs.
Sidney, on the other hand, has time, so why do board members seem to think the only option is to borrow money?
Hazel McCallion was Mayor of Mississauga from 1978 to 2010 and during her tenure she had a philosophy of paying as you go.
Mississauga did not borrow money for municipal capital projects while in power, but it has built many multi-million dollar projects, most notably the Mississauga Civic Center at a cost of $ 51 million. from dollars to 1987 dollars and the municipality had no debt while she was in office.
Hazel presented budgets for public review that included tax levies that, while not onerous, accumulated the necessary funds over time.
She was disciplined to put the money aside and invested it so that when it came time to build, she had municipal taxpayer funds as well as federal and provincial grants to pay. bills when due and, of course, paid no interest.
We are 8-10 years old. It is time to think about financing by means other than borrowing to conserve the Sidney wharf.