Sechelt council approved the borrowing of a short-term loan of over $1.5 million for the Wakefield Sanitary Lift Station project at its Feb. 7 regular meeting.
The lift pump project is approximately 45 per cent complete, and now the district is ready to borrow the short-term portion of funds allocated to the project, said a staff report.
Council approved a budget of just over $4 million for the Wakefield Sanitary Lift Station project in April 2023. It’s to be funded through various sources, including this loan, development cost charges, sewer capital reserves and the Investing in Canada Infrastructure Grant.
The $1,578,543 short-term loan from the Municipal Finance Authority is to be paid back within five years.
Coun. Alton Toth asked how the yearly payment of $330,000 to $360,000 will affect user costs for sewer services.
David Douglas, director of financial services for Sechelt, explained that there will be a 3.69 per cent user fee increase, which is already included in the current sewer budget.
Council unanimously passed the motion to approve the short-term borrowing.
Coun. Dianne McLauchlan was not in attendance.
Jordan Copp is the Coast Reporter’s civic and Indigenous affairs reporter. This reporting beat is made possible by the Local Journalism Initiative.
