Greater Sudbury considers paying for infrastructure projects through debt financing

Morning North7:08Greater Sudbury considering borrowing to pay for infrastructure projects

Financial risk or a golden opportunity? The city of Greater Sudbury is considering debt financing to pay for infrastructure projects. The chair of the city's finance committee Mike Jakubo explained why it may be a good time to borrow.

The city of Greater Sudbury is taking a close look at borrowing money to pay for infrastructure projects.

Council received a report Wednesday about the idea of debt financing. They were told the city is in a favourable position to take on more debt.

Infrastructure Services Manager Tony Cecutti said now is the right time to fix roads and water mains.

"If we invested money in them now, we would preserve them for a longer life cycle," he said.

"But if we wait a little bit longer, they have to be entirely replaced at significantly more money. So what debt financing can do is allow you to spend the right money at the right time."

City staff are preparing another report on debt financing that would list infrastructure projects in order of priority and shovel readiness.