As a former councillor, I feel a responsibility to comment on the current debt load of Rocky View County.
On Sept. 1, I met with the County financial manger to get the current facts and I will outline the various projects and the resulting debt load.
1. The water rights purchase from W.I.D. $15 million and for this, the County paid cash.
2. Langdon sewer system $70 million. $63 million cost and $7 million in interest thus far.
3. Graham Slough (Kathyrn) Treatment Plant and pipeline estimated cost $36 million - $7 million borrowed thus far.
4. Balzac pipeline and reservoir cost $7.65 million. Paid $2.5 million cash, the remaining $5 million in debt. So 63 + 36 + 5 = $104 million in debt.
The provincial debt limit for the County is set at $106 million, so now we are almost at the debt limit. In 2001, the MD’s total debt was $3 million. I examined the 2009 audited financial statements and the various levies on the developed lands do not seem to be reducing the current debt as was the hope of council.
My concern is that this large debt will be borne by the taxpayers in the future.
Therefore, it is important that we elect members of council who will show financial responsibility in the coming October election.
John Gough, Balzac