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major Canadian city stands tall despite its financial burdened by the accumulation of significant debt. And for good reason: CAD $ 5.6 billion of debt, or $ 3,500 per capita.
The cumulative long-term loans
Montreal uses the long-term debt primarily to support spending in the PTI, three-year capital program. She also borrowed for three years to refinance the initial actuarial liability of the former city of Montreal. Given the planned capital expenditures in 2011, refinancing, loans due and excluding debt issued to refinance the debt of five of the six actuarial pension plans for employees of the old city debt of Montreal will reach $ 5.6 billion in early 2012. The interest amounted to $ 650 million, or 13.8% of the annual budget of the city.
A light load for the taxpayer.every citizen in Montreal, the debt would amount to 3500 dollars. A relatively low interest rates was maintained for 10 years through a policy of tight control. The amount of pension plans has thus been maintained at 12% of the municipal budget. This whole strategy has to have a lower cost compared to that Montreal should pay. Although this is not the opinion of the opposition parties at the Hotel de Ville, the Tremblay administration claims to have debt under control. This is supported in part by the Quebec government to the tune of $ 160 million. A portion is paid by the fees of the Committee on electrical services in Montreal and another by long-term investments to $ 48 million. The burdens borne by taxpayers and reduced.
Source: Canoe money
