Financial Plan & Borrowing

2019 Financial Plan

Download 2019 Financial Plan Public Hearing Notice

The 2019 Financial Plan Hearing, as required by the Municipal Act, will be held on Tuesday, May 7, 2019 at 7:00 pm at the RM of St. Clements Council Chambers at 1043 Kittson Road in East Selkirk.

Residents are welcome to make a representation, ask questions, or register an objection to the Financial Plan as provided.

Any person who has questions, needs clarification or requires further information, either prior to or following the hearing, is encouraged to contact DJ Sigmundson, CAO at 482-3300.

Copies of the 2019 Financial Plan will be available for review after May 2, 2019 at the Municipal Office located at 1043 Kittson Road, East Selkirk or on our website at www.rmofstclements.com.

2018 Borrowing

The three borrowings included in this year’s budget have been approved by the Municipal Board so the projects can proceed. The borrowings are:

  1. To build a municipal recreation facility in south St. Clements – up to $4,850,000
  2. Upgrades and expansion of facilities and equipment of the Narol Fire Department – up to $1,573,000
  3. Construction & Improvement of Water Control Works – up to $3,520,000

How does borrowing work?

It is very similar to getting a loan to build a home.

  • We get approval to borrow a certain amount. The amount approved for borrowing is not necessarily the amount we will borrow; it is a maximum amount.
  • Before we actually borrow, we complete the project and pay for it either with money on hand, a short term loan or a line of credit. We will also be seeking grants and other cost saving opportunities to help reduce the amount borrowed.
  • Once the project is completed, council will look for the best rate and borrow the funds that were spent
  • Loan payments are expected to start between 2020 and 2022. At that point, the loan payments will be collected from residents through their annual property tax bill.

Financial Plans