Waterloo Region’s debt is climbing

Waterloo Region has more than doubled its’ debt since 2009, with the number standing at $428 million dollars.

Chair of the Budget and Finance Committee, Tom Galloway spoke with 570 News about the figure.

“We are concerned. Staff have been asked to look at the next 10 year capital forecast and come back to council with a way to mitigate further borrowing and the interest costs associated with that borrowing.”

Galloway says the Region relies on debt for about 40 per cent of construction.

He cites the Kitchener and Waterloo waste water treatment plants as an example, which will costs close to 400-million dollars.

He says that this is not funded through the tax base.

What is partially funded through the tax base includes roads, new police headquarters, EMS facilities and the local portion of LRT.

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