Council had approved up to $20 million in borrowing for a citywide snow clear, city planners now expect they'll need about $13 million.
Two new fire stations in the city’s west end are listed as the highest-priority items in the plan, with a total cost of just under $19 million.Another report to the committee provides more detail on the overall financial impact of the 2022 storms.
The city incurred just under $2 million in snow removal costs in 2022; about $16 million more was spent in the first several weeks of 2023.up to $20 million in borrowing to pay for the snow removal. Assuming $5 million gets redirected from the city’s long-term capital funding plan, that leaves about $13 million left to be handled using an internal city loan.
City internal borrowing is charged at a rate comparable to what the money would be expected to bring in if it was invested in the bond market.
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