Recently - I was asked by someone how much the City was paying for principal/interest payments on the City's Long Term Debt. So I thought I would take this opportunity to review what City of WL taxpayers' were paying for principal/interest on long term debt from 2003 vs 2010
In 2003 - Annualized Principal/Interest Payments on the City's Long Term Debt of $6,488,795 was $851,799 (in 2004 dollars)
By 2010 - This amount had increased to $1,570,588 on long term debt owing of $17,600,000
While the annualized payments have increased by 54% in the last 7 years, long term debt has increased by 377% over the same 7 years
Please keep in mind that max borrowing capacity for the City of Williams Lake is presently rated at $55,000,000 and our current debt level is 55% of this. Another reason why, given the local economic times, we should halt any new long term debt and just work at paying back what we owe and take on new debt, if/when the local economy improves and if the public unanimously says we must borrow for a project
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