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The city’s net long-term debt grew last year to $1.65 billion and is expected to increase in years ahead as light-rail work progresses.
“As a municipality, we continue to grow, we continue to need new infrastructure. We need to continue to repair the existing infrastructure,” treasurer Marian Simulik told reporters after giving the city’s audit subcommittee the update Monday. The city’s 2013 consolidated financial statements and an outside audit were carried by committee and will go on to finance committee and council.
“Unless you’re going to ask current day taxpayers to pay for everything, the most equitable way of financing that is by using debt, because future generations will be using that infrastructure,” Simulik said, adding, “The financial shape of the city is very good.”
Much of the debt is from previous administrations. Most of the $294 million authorized by this council is tied to the Ottawa on the Move transportation plan, city staff said.
Interest charges on debt grew last year by $9 million, to $81 million. “There’s a very, very small portion of that that ends up on the taxpayer,” Simulik said, because portions come from gas tax revenues, development charges, community housing rent, plus water and sewer rates.
Each year, two per cent of all the city’s revenues go toward paying interest on debt owed, Simulik said, adding that’s an “insignificant” amount. In total, 4.9 per cent of revenue pays off both actual debt and interest, amounting to $182 million each year.
The city’s assets — including money and infrastructure, such as pipes, buses and buildings — also grew last year, to $11.4 billion.
As the city continues building light-rail transit, and as it enters the second phase pending other government funding, more debt and interest is expected. Simulik said debt from Lansdowne will be carried for 40 years.
cmills@ottawacitizen.com
twitter.com/CarysMills
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“As a municipality, we continue to grow, we continue to need new infrastructure. We need to continue to repair the existing infrastructure,” treasurer Marian Simulik told reporters after giving the city’s audit subcommittee the update Monday. The city’s 2013 consolidated financial statements and an outside audit were carried by committee and will go on to finance committee and council.
“Unless you’re going to ask current day taxpayers to pay for everything, the most equitable way of financing that is by using debt, because future generations will be using that infrastructure,” Simulik said, adding, “The financial shape of the city is very good.”
Much of the debt is from previous administrations. Most of the $294 million authorized by this council is tied to the Ottawa on the Move transportation plan, city staff said.
Interest charges on debt grew last year by $9 million, to $81 million. “There’s a very, very small portion of that that ends up on the taxpayer,” Simulik said, because portions come from gas tax revenues, development charges, community housing rent, plus water and sewer rates.
Each year, two per cent of all the city’s revenues go toward paying interest on debt owed, Simulik said, adding that’s an “insignificant” amount. In total, 4.9 per cent of revenue pays off both actual debt and interest, amounting to $182 million each year.
The city’s assets — including money and infrastructure, such as pipes, buses and buildings — also grew last year, to $11.4 billion.
As the city continues building light-rail transit, and as it enters the second phase pending other government funding, more debt and interest is expected. Simulik said debt from Lansdowne will be carried for 40 years.
cmills@ottawacitizen.com
twitter.com/CarysMills
查看原文...
