Short Term Borrowing Limit

Year
2013
Number
B22
Sponsor(s)
Coldstream

WHEREAS the short term borrowing upper limit has been set at 50 per capita since 1993; AND WHEREAS, according to the Bank of Canadas online Inflation Calculator, inflation has reduced this value to the equivalent of 35.40 in 1993 dollars: THEREFORE BE IT RESOLVED that the provincial government be requested to introduce legislation to amend the short term borrowing limit from 50 per capita to 75 per capita.

Provincial Response

Ministry of Community, Sport Cultural Development The Ministry has completed review of the 50 per capita limit set for short-term capital borrowing STCB and concluded at this time that it is not appropriate to increase the limit. With modernized financing tools now available to local governments such as liabilities under agreement and the assent free liability zone STCB is becoming an increasingly redundant financing tool. In 2012, there were only five requests for STCB for all local governments in British Columbia.

Convention Decision
Endorsed