Springwater Township budget: Appropriate debt in municipal financing is wise. Falling into a Debt Trap is not.

Does massive new debt, help or hurt the new 2015-2019 Springwater Township Council  stop the Midhurst Secondary Plan?

98 Debt trap

The answer is pretty clear, even on a household level.

I pulled my last visa bill and noted that my credit limit is $15,500. If my balance were at 92% ( ie. $14,260) AND I was making the minimum payments each month AND I was going to do that for the next 20 years,  Would you consider that prudent financial management?

Incredibly, that’s what Senior staff recommended last night.

And Mayor Collins, Deputy Mayor Dan McLean, Councillors Dan Clement and Rick Webster were going to rubber stamp this scheme. Councillors Sandy McConkey, Perry Ritchie and Jack Hanna fought for a new meeting on February 18th because they heard residents’ concerns about recklessness.

Conspiracy Alert: There is an election this year on October 27th and I am a registered candidate. The newly-elected 2015-19 Council may decide to spend $ to legally defend against the sprawl plan. They may judge, in consultation, that a few dollars now could save thousands and thousands of dollars down the road for township property tax payers.  It is wrong for this exiting Council to handcuff the next one, especially when the current council chose not to commission any Economic Feasibility Study AND chose not to sign a single infrastructure agreement.

SummaryA modestly-sized, rural municipality with:

  • sky-high debt,
  • depleted reserves, and
  • stagnating revenue…

squared-off against an internationally-financed financial speculator.

What do you think?

Posted on iLoveMidhurst.ca and voteLesStewart.ca.

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