Petrolia in an “excellent” financial position: McCharles

November 3, 2013

Petrolia Mayor John McCharles calls it an “excellent situation.”

Town Treasurer Rick Charlebois says the town’s debt load is about 50 percent of the maximum allowed by the province. “Next year it will be down to about 45 percent,” he told The Independent.

A debt load analysis prepared for town council shows Petrolia needs to budget $1.12 million for loan repayments this year for some major road works but also for larger projects including the Petrolia Farmers’ Market, work at the water treatment plant and the Oil Heritage District Community Centre.

The loan for the centre will be paid off by 2016 as will the work on the water treatment plant leaving the town with only $265,000 in debt that year – if the town doesn’t borrow money for other projects.

Mayor McCharles says it is an enviable position to be in.  “This is an excellent situation,” he said during Monday’s council meeting “better than I’ve ever seen. By 2015 we’ll be basically debt free if we don’t borrow any money.”

Charlebois says it is likely the town will have to take on more debt for road works particularly the Florence/Kerby Street reconstruction which could cost upwards of $2 million. However he’s hopeful the town might be able to secure up to 90 percent of that cost from a new provincial grant recently announced by the government. Usually, municipalities foot at least 33 percent of the cost or bear the weight of the whole bill themselves since federal and provincial grants have been drying up.

Town staff have been directed to apply for the grant, but McCharles says it remains to be seen if the project will gain funding since every other small municipality in Ontario is also clamoring for infrastructure dollars.

“We may not get all of that, we may get part of it and we may get none of it,” McCharles says. “We are basically competing with other projects in Ontario.”

Share This

Image
Front Page

New ice pad needed say Petrolia hockey moms

October 8, 2024

Heather Wright/The Independent The growth of girls hockey has prompted a movement for another ice pad in Petrolia. Kelly Bailey and Lisa Vanderwal, who call themselves dedicated hockey moms, have started a petition on Change.org to prove the community wants a second ice pad. Bailey, who is a member of the girls hockey organization Lambton Attack, says the hockey club

Read More

Image
Front Page

Flu and COVID-19 vaccines widely available in Lambton Oct. 28

October 8, 2024

Lambton Public Health says COVID-19 and flu vaccines should be in the county by mid-month and available to the general public by Oct. 28. In a news release, officials said people in hospital and long-term care homes are getting their vaccines first. High risk people including children, First Nations communities, pregnant women, retirees and first responders will be eligible in

Read More

Image
Front Page

LCCVI’S ROMBOUTS QUALIFIES FOR PROVINCIAL HIGH SCHOOL GOLF FINAL

October 4, 2024

Kassandra Rombouts of LCCVI carded a 78 this week and finished second in the open girls’ division at the SWOSSA high school golf championship at Willow Ridge in Blenheim. Rombouts will now represent the LKSSAA at the provincial high school championship in Windsor on Oct. 16 and 17. In team boys action, St. Pat’s, North Lambton and LCCVI finished sixth,

Read More

Image
Front Page

LCCVI’s Zelenchuk win boys’ singles tennis crown

October 4, 2024

Yarko Zelecnhuk won the boys’ singles banner at the LKSSAA north division tennis tournament this week. The LCCVI student will now advance to the overall LK championship tournament next Tuesday in Chatham. Sam Hayter and Russell Bulgin of the Lancers advanced in the boys’ doubles division as did Lancer teammates Haillie Whiting and Noelle Edgar and Julianna and Brooklyn Brown

Read More