The Sunshine Coast Regional District is looking to borrow $20 million to help fund projects and provide relief for operational expenses heading into 2025.
According to a staff report, they’re borrowing the money to help offset the increased expenses for running the municipality and to help deal with the increase in capital expenditures, which they say have been increasing exponentially over the last three years.
The report says the district will come to the table on look at adopting a borrowing bylaw on Dec. 12, at which point they’ll deem whether borrowing the money from the Municipal Finance Authority (MFA), at a rate of 4.33 per cent would be in the best interest of the region.
Staff say they’re recommending the board proceed with adopting a borrowing bylaw to meet current lawful expenditures.
The district says short-term borrowing is needed to help provide cash-flow between Jan. 1, and Aug. 1.
