Collingwood is $36 million in debt

by John Edwards Collingwood Connection

The Town of Collingwood is currently $36 million in debt.

Councillors received a financial update during the strategic initiatives committee meeting on Feb. 5.

Mike Switzer said the town’s debt management policy is calling for no new debt until the ratio of debt to revenue is around seven per cent. Currently, that number is sitting at 11.6 per cent.

The town has about $28 million in external debt, $6.7 million in internal debt, and $1.3 million in committed external debt. The committed debt includes $500,000 for the curling club renovations, $170,000 for the Eddie Bush Arena upgrades and $700,000 for the Shipyards walkway.

The debt number could rise to about $54 million if the waterfront master plan ($17 million), Eddie Bush Memorial Arena ($1.5 million) and Sunset Point Park redevelopment ($200,000) are approved by council.