Members of Quinte West’s Corporate Finance Committee, May 2017. (Photo: Quintenews).
The City of Quinte West’s finances are in good shape and moving in the right direction.
A report from city staff shows that the city is closing a gap between its debt payments
for capital projects every year and the amount of money it puts into reserves for capital investments.
In fact, for the first time, Quinte West posted a $3.3 million “accounting surplus” when it came to capital spending
in 2016.
The goal is to continuously put as much money into capital reserves each year as goes out to pay off borrowing for capital. That would mean no extra debt burden on taxpayers.
