By Doug Collins

City’s debt level within reasonable bounds

May 3, 2017 | 5:15 AM

KAMLOOPS —  Kamloops debt levels are higher than the provincial average, but we’re still in pretty good shape.

That’s the gist of the audited financial statements presented to Council yesterday.

The debt levels jumped last year to $119.8 million dollars, up from the $94.2 million in 2015.

But BDO Canada’s Mario Piroddi told council a number of capital projects will be paid off this year, which will help reduce the debt. 

The City’s debt is about $1300 per person, higher than the provincial average of $1000, but Piroddi says Lower Mainland communities can run lower levels because they have a larger tax base, and can share services with other nearby municipalities, something not possible here.

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Part of the increase in debt comes from the purchase of the Owl Road dump as well as several other capital works projects.

But the good news is that debt for the Centre for Water Quality and the Tournament Capital Centre come to an end in 2017.