Capital Projects

The park levies story

Nov.21, 2005 (with a p.s. from 2009), by Jutta Mason

There was a woman who used to drive her electric wheelchair into the park and park it right in the middle, beside some big trees. Her name was Yvonne, and she lived halfway up Gladstone Avenue just north of the park. She was in the wheelchair because of an auto-immune disease that made it hard to move very much. She was often in pain and the many bumps on the park’s dirt-rut centre path made the ride feel worse. But she wanted to be in the park, to read or just sit in the sun and watch people.

AUDITOR'S REPORT: PARKS, FORESTRY AND RECREATION – CAPITAL PROGRAM – THE BACKLOG IN NEEDED REPAIRS CONTINUES TO GROW

January 23, 2009
Auditor General’s Office

Auditor's report on the backlog in Park, Forestry and Recreation capital projects.

The report notes that 95% of PFR capital project funding comes from debt. This can’t be sustained:

Excerpts:

P.19

With respect to debt funding, the City’s $2.5 billion of net debt in 2007 is projected to rise to $3 billion by 2013. In 2006, the City raised its debt service guideline from 10, to 15 per cent of property taxes and expects to reach this level by 2011. This means that for every dollar of property taxes, 15 cents will go towards making interest and principal payments on debt. The result of this is that it reduces the amount available for annual operating expenditures. In summary, it is unlikely that debt can be used any further to minimize the growth in the state of good repair backlog.

Content last modified on October 19, 2009, at 02:08 AM EST