The following release was sent by Prince Edward County. The Ontario Land Tribunal (OLT) has approved the Count...
The following release was sent by Prince Edward County.
The ARL is the maximum amount that an Ontario municipality can pay in principal and interest payments in the year for new long-term debt and in annual payments for other financial commitments. Like most Ontario municipalities, the County’s ARL is set at 25 per cent of its “own-source revenue” such as property taxes, user fees and investment income. The rule prevents municipalities from overextending themselves financially unless an application is made to the OLT.
but still face high costs associated with building and maintaining roads, water and wastewater systemsThe OLT agreed with the County that the construction grant from the Ministry of Long-term Care that is paid out annually over 25 years that supports new long-term care developments should also be exempt from the ARL as the province’s commitment to continue to this multi-year obligation is not a financial risk for the municipality.
“We are committed to fiscal responsibility and borrowing within our means. That’s why we requested that debt paid from other sources not count towards our ARL,” says Amanda Carter, Director of Finance and IT, County of Prince Edward. “The OLT decision ensures our ARL calculation more accurately reflects the actual debt we must cover through our own-source revenue and give us some flexibility in our borrowing capacity to meet our community’s infrastructure demands.
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