The amount of money going into various reserve accounts in the City of Quinte West has been on the upswing.
At the end of 2018, the city’s reserve funds totalled almost $39.5 million, an increase of over $2.7 million from the end of 2017.
However, because of major capital projects, Quinte West’s yearly debt payments increased $5 million to close to $8 million at the end of the year.
Corporate Finance Chair Councillor Karen Sharpe says the city has the financial capacity to make the payments.
At the end of 2018, Quinte West’s debt sat at $97.3 million with loans having an average interest rate of 3.5%.
Meanwhile, if city council approves, seniors and the disabled will be getting a break on their municipal taxes soon.
Council’s Corporate Finance Committee has recommended council sign off on $200 property tax credits for those on the Ontario Disability Support Program and seniors.
The tax break would be in effect only for this year with the committee reviewing the program every year thereafter for renewal.
