The City of Fort Saskatchewan's debt management was a topic of discussion at the recent Committee of the Whole meeting.
On Tuesday (Sept.18), council saw a presentation from Fort's chief financial officer Jeremy Emann about the city's future debt policy.
Council was informed on the procedures of debt management and debentures, along with a refresher on the policy overview.
"Basically what we're saying is, (debt) is going to be used for multi-generational projects and projects that have paybacks," said mayor Gale Katchur. "I think this at least puts a policy in place that the council of today and the future can follow."
In the presentation, the main topics discussed include recognizing that debt management is an important long-term planning tool, using debt as an affordable source of funding to support a long-term capital need and avoiding excessive debt to stay flexible for any unforeseen challenges.
The City of Fort Saskatchewan's debt limit is nearly $114 million for 2018. The projected actual debt amount for 2018 is around $37 million, putting the city at 33 per cent of their limit.
"Everybody was able to provide their feedback and hopefully it comes back before we make our final decision," added Katchur.
A revised debt policy will be brought to a future regular council meeting to be approved.
In May, the Town of Morinville closed in on their self-imposed debt limit.


More Local News

RCMP warn of vacation rental scam

A vacation rental scam is making its way around the area.

Local resource centre desperate for mittens

A Sturgeon County resource centre is missing a main piece of winter attire.

Drivers caught going 187 km/h and 171 km/h in area

Four drivers who were charged with excessive speeding in Strathcona County recently appeared in court.

Zero per cent tax increase for Sturgeon County residents

Residents are getting a bit of a break this year.

Chamber of Commerce anticipating growth in 2019

The Fort Saskatchewan Chamber of Commerce is ready for big things.

Changes for construction zone speed signs, lane closures

New highway construction zone requirements in Alberta were announced on Tuesday (Jan.15).

41-year-old arrested after MDMA, meth and GHB seized in Bon Accord

The Morinville RCMP executed multiple search warrants in Bon Accord recently.

Internationally-recognized poet taking residence in Sherwood Park

Mary Pinkoski is the Strathcona County Library’s writer in residence until April.

Council and 50 employees return to work in Strathcona County

More progress is being made in the restoration of the Strathcona County Community Centre.

Fort Sask Hospital helping families grieve with new CuddleCot

The Fort Saskatchewan Community Hospital continues to improve. is Westman's only source for community news and information such as weather and classifieds.

Search the Biz Guide