Priority: DEBT Approve spending on water licenses before granite counter tops.

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Aug 21, 2017 No Comments ›› Dan Cunin

In 2013 Cochrane had a total debt of 24% MGA debt limit.  In 2017 Cochrane had a total debt of 53% MGA dept limit.   That’s a 120% rise in our debt level in just 4 yrs!  According to 2016 projections; we will have a spike of 96% of council approved debt level by 2019 (a mere 2 years away).  These numbers represent an almost complete diversion of our tax revenue for the next 10 years and a drastic reduction in our capital reserves.  These numbers do not include the aquatic center cost over runs, additional loans and debt servicing costs nor recent borrowing.  Early budgets reported a return to previous low levels of debt but the 2017 budget does not.  In the next 10 years we must also address water licenses that could already be exhausted prior to the completion of currently approved developments, wastewater upgrades and critically delayed infrastructure spending.  I can promise you this; I will question every penny of spending and will never approve such frivolities such as granite counter tops installed in the ranch house (a cost of $32,000 in 2014) or new chairs in the Ranch House (a cost of $70,000 in 2017)!