Prince Albert looks to increase debt limit to complete capital projects
The City of Prince Albert is seeking councils approval to proceed with an application to the Saskatchewan Municipal Board to increase the approved debt limit by $10 million dollars to $75 million.
“The province monitors to make sure that cities are within their borrowing capabilities,” Cheryl Tkachuk, Director of Financial Services, told paNOW.
“Not every municipality has a debt limit established. What this does is anytime a municipality wants to borrow money, it has to be within the debt limit approved, or we would have to go to the Saskatchewan Municipal Board for every time we want to borrow if we don’t have a debt limit established. It provides us with more options.”
As of December 31, 2020, the city had a long term debt of $20,626,393 and also has a line of credit that is worth $12 million.