It may be a big chunk of change, but spend responsibly, town staff has warned.
That's regarding $15 million in proceeds from the sale of Collus to Epcor and from the sale of Collingwood Regional Airport, which has not yet been completed.
Council passed its first vote to put the question to the public through an engagement process of surveys and public meetings and a possible "coffee with council" event.
Town treasurer Marjory Leonard submitted a report to council on Monday night on the asset sale proceeds and some of the options she has compiled from Collingwood’s financials. The report was originally planned to go through the Strategic Initiatives Committee (SIC), however the meeting ran short on time. The vote will come up again at the next council meeting for the final approval.
The ideas laid out in the report include debt management, project funding, an internal loan fund, reserves, and legacy funds.
Leonard said there's about $3.2 million in debt that can be paid off without penalties.
Projects listed in the report included fixing up the grain terminals for $10 million, and extending electrical, water, and wastewater services to the end of the pier by the terminals to accommodate future projects. The list of ideas also included $2.3 million for a renovation at the public works building on Tenth Street to accommodate more staff and town services.
Another option included in Leonard’s report is to establish an internal loan fund. Essentially, the town would use the $15 million to create an internal fund to reduce or eliminate the need for future debt financing.
Continuing with the idea of saving for a rainy day, Leonard also included ideas for reserve fund contributions.
Finally, Leonard’s report included ideas for two legacy funds including a community foundation for supporting local initiatives, and a legacy fund that uses investment income for annual grants.
- with files from Erika Engel
