The estimated net proceeds from the sale of assets is $18.6 million.
This is the last time the Town will have this amount of funding available and, in terms of fiscal responsibility and sustainability, should not be considered a windfall. Once these funds are gone, they are gone.
The following options have been developed by staff as a starting point for Council and public discussion.
Debt Management
The total internal and external debt is $3,269,454.
Potential Project Funding
There are several potential projects that the funds, or a portion of the funds, could be directed toward.
- Collingwood Terminals
- Extending Services to the “Spit” (the landform off our lakeshore featuring Heritage Dr. & Millenium Park)
- Seeking a Property in the Proximity of the Downtown Core and/or Waterfront Area
- Accommodation Study
Establish an Internal Loan Fund
This suggestion is a continuation of debt management and long-term planning. The reason behind this suggestion is to create an internal fund that would reduce or eliminate the need for future debenture financing.
Reserves
- Hospital Reserve Fund
- Working Capital Reserve Fund: This fund was established to provide a contingency for funding:
- Temporary cash shortfalls minimizing the need for short-term borrowing;
- Urgent, unforeseen expenditure requirements;
- Unpredictable one time expenditures; and,
- Business continuity in the event of a disaster or long term interruption of operations.
- Waterfront Master Plan Reserve Fund
- Lifecycle Replacement Reserve Fund/Asset Management Plan (AMP)
Legacy Funds
A legacy is defined as anything handed down from the past, as from an ancestor or predecessor. Council has an opportunity to create something that current and future generations will receive benefit from.
Community Foundation: Community foundations contribute time, leadership and financial support to local initiatives, helping people give back where their communities need it most.
Collingwood Legacy Fund: This suggestion would see a portion of the proceeds invested based on advice received from a professional fund advisor.
* For further details on any of the above, please see Staff Report T2019-01 on the right side of this page
Before Council makes a decision, we invite the public to share ideas and provide feedback!
