Councillors here will borrow nearly $300,000 from township reserves to pay off the remaining deficit of the aquatic centre in Arthur.
The move followed a report by Treasurer John Jeffrey that noted the pool was built by the township in 2005 with a Trillium Foundation grant, a Farm Credit Canada grant, Wellington North development charges, reserves, and local fundraising activites.
That was five years ago.
Now, “Despite the best efforts of the fundraising committee in the year of construction, and since, there is still a capital deficit with respect to the project,” Jeffrey reported.
He noted the issue was discussed at length by the finance committee and concluded “This deficit should be funded properly as other township projects have been.”
Jeffrey added, “It is expected that the fundraising effort will continue with ongoing proceeds applied to reduce the funding required.”
The township will need to borrow $286,484 from its reserves and repay that debt with 4% interest per year, over five years.
Council is proceeding with the recommendation.
