It’s Christmas and I’ve been sitting here being all “holiday cheery”…but I can’t get out of my head a statement made by our Mayor at his Chamber of Commerce luncheon held November 27th. As reported in the Abbotsford News, Mayor Banman told the assembled business leaders that “…Abbotsford is not broke…” in fact “… we will be debt free by 2016…”
Sorry Bruce. I can’t let that go. You, sir, are a liar.
This past summer, the City of Abbotsford did not have $17 million to “give” to the YMCA. All the public forums and presentations by staff included financial statements that included clear evidence that the City did not currently have the funds. Many staff presentations included options on where the City of Abbotsford would get the $17 million to give to the YMCA.
So, in 2 years, Mayor Banman says we are going to pay off nearly $200 million in Plan A debt. We are going to pay back the $43 million taken out of the DCC Fund (Development Cost Charges levied on new home construction to build and upgrade infrastructure like sewers, roads, etc), and we’ll also miraculously catch up on the $30 – $50 million in infrastructure “deferrals” we carry each year.
Tell you what Mr. Mayor. I’ll give you a pass on everything but Plan A.
Congratulations everyone. In 2017 your Property Taxes will be reduced by the 11% initially added on to them because Mayor Banman will have paid off that debt.
What is that Mr. Mayor? That’s not what you meant when you said we’d be debt free?
Then you’re a liar.
Very blunt speaking but absolutely true. The facts are readily available for anybody to check.
At http://viewer.zmags.com/publication/e8ed82bc#/e8ed82bc/61 then going to Exhibit 5 on page 59.
This shows only $700,000 of debt repaid by 2016 out of a total of over $87 million and, as Vince points out that excludes the deficiences in DCCs which are substantial.
Poisonous as they often are in Abbotsford politicians are entitled to their own views but they are not entitled to their own facts
Abbotsford’s debt, at the end of 2007, was $123.5M., and as of the end of 2012, was $87.5M. (a further $4.5M. was repaid in 2013). A quick calculation indicates a reduction in debt, over 5 years, by 29%. Indeed, rontaylor, the facts are readily available for anybody to check. http://www.cscd.gov.bc.ca/lgd/infra/statistics_index.htm
As you seem to have missed it, there’s a column I think you might find interesting if you scroll up just slightly.
dloe … what part of your submission should convince anybody that all debt will repaid by 2016? That would require payments over around $40 million a year. It won’t happen – as Dimano says it is “lies, lies”