Penetanguishene debt expected to rise by $2.6 million in 2017
Treasurer reports infrastructure projects responsible for increase
By Ian Burns Midland Mirror
PENETANGUISHENE – Penetanguishene’s fiscal status was front and centre at council’s Jan. 27 meeting, with tax rates and the municipality’s $13.7-million debt dominating much of the discussion.
Town treasurer Carrie Robillard presented a series of financial reports. She noted the current debt is projected to rise to $16.3 million by 2017 due to costs from several infrastructure projects.
Mayor Gerry Marshall said one option would be to create a reserve fund that could potentially be used to pay down debt.
… Robillard also noted Penetanguishene has the highest tax rate among Simcoe County’s 16 lower-tier municipalities, which is due to the fact it has the fewest households.
Deputy Mayor Anita Dubeau, though, said the high tax rate needs to be considered alongside the fact that Penetanguishene offers services some of the other municipalities do not.
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