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City using alternative approval process to OK borrowing $2.7 million for new equipment

The City of Prince George is looking to borrow $2.7 million to purchase new equipment.

The city is using the alternative approval process to gain public assent for the borrowing. The alternate approval process is used rather than going to referendum. The question of borrowing the money will go before council at its April 12 meeting. Anyone opposed to the borrowing, without the bylaw first receiving assent of the electors by a referendum vote, may sign and submit an elector response form indicating your opposition by March 30. At least 10 per cent of the electorate must sign the form in order to force the city to hold a referendum on the borrowing, or not borrow the funds.

The loan agreement with the Municipal Finance Authority will be for a term no longer than 15 years to match the expected service life of the new mobile equipment. The annual debt servicing costs for borrowing the full amounts is estimated to be $341,407 and would result in 0.29 per cent of future tax levy increases.

The approved projects from the 2023 – 2027 Capital Financial Plan that will be part of the Equipment Financing Program request include:

  • #0431 – Mobile Equipment Replacement – $2,395,000
  • #1283 – Drivable Hoist – Lube Bay – $65,000
  • #3208 – Janitorial Equipment – Replace Floor Scrubbers – $30,000
  • #3388 – Fire Srv – Rapid Deployment Tents – $51,000
  • #3389 – Fire Srv – Emergency Program – New Light Fleet – $85,000
  • #3390 – Fire Srv – Training Captain – New Light Fleet – $85,000

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