Presentations about finances were given tonight at the Civic Centre about Chatham-Kent’s financial position.
Gord Quinton, acting director of financial services, said the Municipality had $128 million debt at the end of 2013, with $67 million of that from the PUC.
Quinton said the trend will see the municipal debt shrink.
“We’ll be down to $105 million in debt by 2015,” he said.
Quinton said Chatham-Kent had $1,031,700,000 in assets in total, $217,300,000 in liablities, $814,400,000 in accumulated surplus which equals just over $1 billion in liabilities and equity.
Quinton said C-K’s accumulated surplus, which is C-K’s investment in assets and reserves less liabilities, was at about $700 million in 2009.
“We’re trending upwards,” he said.
Quinton added Chatham-Kent’s credit rating improved to an A + rating this year, thanks to a “pay as you go” policy adopted in 2009 for exisiting infrastructure.
Quinton pointed out a number of challeneges moving forward, including infrastructure funding.
“We’ve made great strides… we’re meeting 70 per cent of our requirements,” he said.
Quinton added: “There is more work to be done there.”
He said the non-residential tax base has dropped two per cent in last 10 years as well.
Quinton said overall Chatham-Kent will “remain healthy” moving forward.
Council unanimously approved the audited financial statements, along with the final operations variance.
