‘Dismayed and shaken to the core’: Surrey’s mayor reveals $514 million debt
Posted November 27, 2018 2:23 am.
Last Updated November 27, 2018 5:12 am.
This article is more than 5 years old.
SURREY (NEWS 1130) – There’s new uncertainty over several pre-election promises from new Surrey Mayor Doug McCallum.
Early Tuesday morning, the Mayor’s Office revealed the ‘spiraling’ debt of $514 million the city is facing, which McCallum says he’s “dismayed and shaken to the core” by.
“The fact that the debt load is at $514 million is simply untenable and frankly, irresponsible,” McCallum said.
“When I was previously Mayor for nine years, I took great pride in running the city’s finances by saving first and avoiding debt. Council and I have agreed to immediately bring the city’s fiscal house in order.”
The Council will be ordering staff to prepare a budget that will “significantly cut down the debt by embracing the principle of pay as you go.”
While Mayor McCallum is allaying fears of city services and programs being impacted by any budget cuts, he’s indicated the capital projects planned in the city will need to be reviewed.
“What we will be doing as a Council is determining what makes the most fiscal sense for our ratepayers and how to responsibly proceed with capital projects,” the mayor said.
“In short, we will not mortgage the city’s future and will operate like a regular household by saving up and paying as we go.”
It puts into question several promises made by McCallum, including plans for a SkyTrain extension, free parking and a new police force.
Council staff have been told to present the new budget at the council’s Finance Committee meeting on Dec. 11, where it will be reviewed by the mayor and council.
That meeting had initially been scheduled for Monday of this week, but was cancelled at the last minute.
