MattersFinanceFirst seen Mar 17, 2026
Internal borrowing and repayment plan
The City reported about $19.6 million in internal borrowing as of September 30, 2025, and outlined repayment schedules, including a proposed $2.6 million transfer in 2026. Repayment through future budgets could affect property taxes and leave less room for other capital needs.
Where it stands: Staff directed to prepare a borrowing bylaw and repayment plan Mar 17, 2026.
Timeline
Every time this matter appeared in council records, newest first.
Staff reported internal borrowing and were directed to plan repayment
Council received a report detailing approximately $20M of internal borrowing and directed staff to prepare a governance bylaw and remediation plan.
Discussion
Public and councillors expressed surprise at the scale and age of some internal loans; concerns raised about delaying repayment and impacts on future capital capacity. Staff advised the need for a formal repayment schedule and governance to avoid ad-hoc borrowing and to restore fiscal flexibility.
Decision: Directed staff to prepare an internal borrowing governance bylaw, remediation plan, and amend policies.
Adopted 7–0
- Frazer JohnsonConcerned · Budget survey and internal debt
Questions the survey’s usefulness and urges more context, then calls for repaying internal debt to restore the city’s financial stability. - A residentConcerned · Budget, crossing guards, and truck routes
Questions proposed crossing-guard cuts given child-safety commitments and renews concerns about missing truck-route signs and low survey participation. - Lisa FoxallOpposes · Budget and internal debt
Opposes rising taxes and spending choices, and asks where the $1.7 million medical-clinic transfer appears in the budget. - T. DamidianosSupports · Financial plan and budget survey
Supports the 2026 financial plan and argues accessible surveys may better include working families and produce representative feedback.
- Frazer JohnsonConcerned · Budget survey and internal debt