Money for new Hillsburgh fire station to be borrowed at 2.5%

In late August, council approved the tender for the addition and renovations for the Hillsburgh Fire Station.

At that time, council requested director of finance Sharon Marshall to negotiate a temporary construction loan to finance construction costs of up to $2.1 million.

On Sept. 21, she recommended council enter into an agreement with the Toronto Dominion Bank at rate of bank prime minus 0.5%.

Since bank prime rates are 3%, Marshall said that would drop the rate down to 2.5% with interest paid monthly and termed out at the completion of the project.

She estimate the project would be complete by next June or July.

Marshall noted that projections were that interest rates would not go up until the third quarter of 2012.

But more recently, she had heard rumours that interest rates may actually drop.

She fully intends to keep an eye on the situation.

“But it’s a great interest rate for us,” Marshall added.

Council later endorsed the borrowing bylaw.

Financial analyst resigns

On Sept. 8, the treasurer received a letter of resignation from town financial analyst Jennifer Bienia-McQuitty.

“For personal reasons, Jennifer is take a new direction in her young life. Her last day of employment is Nov. 11.”

“We will miss her. She’s been a valuable member of the finance team.”

Bienia-McQuitty was hired in 2008 to fill the newly created financial analyst position.

“Her enthusiasm and expertise have helped this position grow into a vital resource for good financial management of the town.”

Bienia-McQuitty was involved in numerous projects including the tangible capital asset inventory, an updated development charges rates study, tendering for the town’s insurance program, update water rate study, sustainable water financial plan and the first steps to completion of a five-year capital budget and long term capital plan.

Marshall is hoping to present a draft of the five year capital plan in early November.

She added it was being presented to department heads in the near future so the numbers can be double-checked.

She noted these are the types of projects front line staff and even myself “we just don’t have the time to dedicate the hours, the intensity and the investigation required to complete those types of projects.”

The financial analyst position is for a numbers person, who sits in their office and deals with that, Marshall said.

Marshall said having a person on hand saved the municipality consultant fees.

“Most importantly, as financial analyst, she ensured that the various studies drafted in the past several years, are not just documents printed to fulfil a mandatory requirement, but that these studies have also become working, usable resources for staff and council.”

Marshall planned to advertise for the position immediate, with the goal of having someone ready to start in early November.