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

Impaired charges laid in afternoon crash near Port Franks

December 2, 2024

A Friday afternoon crash south of Port Franks has lead to impaired driving charges. Lambton OPP were called to a single vehicle crash on Haig Line at Blain Road around 1: 20 pm. The driver wasn’t injured. Police have charged a London man with two impaired driving charges. The drivers’ license was suspended and the vehicle has been impounded for

Read More

Snow along Oil Heritage Line south of Wyoming.
Front Page

OPP warn drivers to expect the unexpected this winter

December 2, 2024

With the giant snowstorm in cottage country top of mind, the OPP is issuing its annual warning to be prepared for anything when you head out on the roads this winter. OPP say drivers should expect and prepare for the unexpected. Police suggest: More winter driving safety tips can be found at :http://www.mto.gov.on.ca/english/safety/winterdrive/winterdrive.shtml).

Read More

Image
Front Page

Wyoming accident leads to impaired charges

December 2, 2024

An Enniskillen man is facing charges after an accident in Wyoming. Lambton OPP say around 10:50 pm Friday officers were called to Broadway Street to investigate a two-vehicle crash. No one was injured. A 33 year-old from Enniskillen Township faces two impaired driving charges and one charge of dangerous operation of a vehicle. Officer also suspended the drivers licence for

Read More

Image
Front Page

Rural roads ‘disproportionately more dangerous’

December 1, 2024

Heather Wright/The Independent Lambton County is backing a call to improve rural roads to reduce the risk of accidents. Scott Butler, executive director of the Good Roads Association, says in 2023, there were 616 people killed in Ontario and over 36,000 injured. That number is up 20 per cent in the last 10 years. Of the people who were killed

Read More