City of Victoria and debts

I thought I would look at debts and financing costs for different municipalities in this region. I am doing this because I want to point out the awful job the City of Victoria has been doing and how completely out of sync it is with other municipalities in this region.   With a $500,000,000+ infrastructure deficit and a bad balance sheet, the City of Victoria is in serious financial problems.

The data is from 2009 and you can find it as this link.

Total Debt

• Victoria $49,386,444
• Langford $23,002,407
• Saanich $17,421,794
• Esquimalt $11,421,457
• North Saanich $10,872,967
• Sooke $9,352,534
• Colwood $7,761,211
• Oak Bay $3,911,358
• Sidney $1,971,251
• View Royal $840,520
• Highlands $530,057
• Metchosin $0
• Central Saanich $0
• Total - $136,472,000 - City of Victoria had 36.2% of the that debt.   With the addition of the Johnson Street Bridge project, the City will take on at least $41 million more in debt.

Interest paid on debt

• Victoria  $4,272,741
• Saanich $1,396,831
• Esquimalt $680,706
• North Saanich $655,114
• Langford $617,276
• Colwood $480,620
• Sooke $389,840
• Oak Bay $226,477
• Sidney $187,445
• View Royal $60,765
• Highlands $35,348
• Central Saanich $0
• Methchosin $0
• Total - $9,003,163 - City of Victoria paid 47.5% of the interest on debt in this region.

Debt financing costs (principal and interest paid)

• Victoria $7,726,247
• Saanich $2,820,545
• Colwood $1,219,870
• Esquimalt $1,185,297
• North Saanich $1,151,466
• Langford $1,083,632
• Sooke $863,708
• Sidney $501,974
• Oak Bay $381,772
• View Royal $286,950
• Highlands $73,710
• Central Saanich $0
• Metchosin $0
• Total - $17,295,171 - City of Victoria represents 44.7% of this.

The City of Victoria is already carrying more debt than others in this region while at the same time not having put money aside for capital improvements that are needed now.