Sarnia City Council faces more budget pressure Monday when it decides on a timeline for the refinancing of SSEC loans.
Staff recommend loans be refinanced over 15 years with a five year term but Mayor Mike Bradley would like to see them paid off within five years, boosting the proposed levy increase to nine per cent and cutting capital spending.
Bradley wants to continue on the path to becoming a debt-free city within five years.
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Bradley says the city has done remarkable work on the fiscal fitness plan, going from over $96-million in debt to less than $20-million over the last ten years.
Staff recommend refinancing over 15 years since debt level would be very manageable from 2023-2031.
The city currently owes $6.3-million through two separate loans for the Sarnia Sports and Entertainment Centre, each with different refinancing dates.
