The City of Yorkton’s financial statements for 2016 were presented to City Council during their regular meeting yesterday (Mon).
The city’s Director of Finance, Shannon Bell says Yorkton’s Debt Limit remains at $42 million dollars – where it has stayed since 2006 – and of that amount only $13.7-million has been utilized, which leaves $28.2-million to work with.
Making up the $13.7-million is the Fire Hall at $4-million, 861-thousand, 552 dollars, the Gallagher Centre at $3-million, 477-thousand, 262 dollars, and Waterworks at $5-million, 418-thousand dollars.
There was also an internal debt of nearly $3-million reported; Bell explained what internal debt is.
“If we don’t need to go into large amounts of loans, we can borrow from ourselves,” Bell said. “so they are just essentially borrowing from different bank accounts, and repaying them through the operations budget.”
A loan of $6.2 million dollars was approved to fund the re-construction and underground utility replacement on Dracup Avenue from Broadway Street to York Road.
Bell says with a fixed interest rate of 2.25 per cent, the loan will be paid off in 10 years by making annual payments of nearly $700-thousand.
The source of the payments will be from property tax revenue.