Work is underway as Humboldt constructs a new wastewater treatment facility. (Submitted/Peter Bergquist)

By Cam Lee

Debt limit

Humboldt council votes to increase debt limit to $20 million

Jul 23, 2024 | 3:50 PM

The City of Humboldt has amended an application to increase their debt limit.

Council has approved the amendment that will see Humboldt apply to the Saskatchewan Municipal Board (SMB) to increase its established debt limit from $15 million to $20 million.

City Controller Jace Porten told council at Monday’s meeting that the city’s current established debt limit of $15 million will not be sufficient for them to construct their wastewater treatment facility and make upgrades to two lift stations.

“To allow the city’s funding of a portion of that (project), it will not be able to fit within the established debt limit,” Porten said.

At their regular meeting May 27, council approved a recommendation to apply to the SMB for an increase to the debt limit from $15 million to $28 million.

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“Since that time, SMB has reached out…there (were) discussions on…their processes when approving debt limits and they like to see it done in smaller increments so that they can have more of an update on the ongoing financial standing of municipalities,” Porten explained. “They have asked that we seek an increase of $5 million to $20 million and then as the needs arise for increases, we apply on a case-by-case basis going forward.”

The city will receive about $25 million for the project from an Investing in Canada Infrastructure Program (ICIP) grant. They have about $1.7 million paid internally and must borrow the rest. The project is slated to cost around $40 million, and the city expects it to be fully complete by next fall.

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Cam.lee@pattisonmedia.com

On X: @northeastNOW_SK