'Dug ourselves into a hole': City of Regina to request debt limit increase
CTV
The City of Regina is preparing to ask the Saskatchewan Municipal Board (SMB) for an increase to its debt limit.
The City of Regina is preparing to ask the Saskatchewan Municipal Board (SMB) for an increase to its debt limit.
According to administration, Regina’s maximum allowable debt is $660 million. However, with several projects incurring debt to go ahead, just $299 million remains available for use.
“We still have the aquatic centre as well as some other things to fund,” City Manager Niki Anderson reminded executive committee Wednesday.
On Tuesday, council approved the use of between $92 million and $119 million in debt financing to allow the Regina Public Library to start their Central Library Renewal Project.
On Wednesday, Executive Committee examined using at least $100 million in debt to pay for the expansion of Regina’s water network.
The project would ensure water pressure is adequate in all areas of the city.
“It’s more about prioritization of outstanding work,” Anderson said. “And looking at the different ways at funding them.”
