Ontario Construction News staff writer
The township of Centre Wellington will borrow up to $27 million to fund four major capital projects.
Borrowed funds will be used for the investigation of new well areas, the construction of a new corporate operations facility, phase two of the township’s water supply strategy, and land acquisitions to expand the Fergus Sportsplex.
According to a staff report, Centre Wellington has kept its debt low in recent years due to strong cash positions. However, with significant capital projects now largely completed, staff are recommending borrowing to finance the 2025 capital program.
“We’re fairly risk-averse as a municipality, and as far as debt goes, I think we’re in a good position,” Adam McNabb, the township’s managing director of corporate services and treasurer, told council.
Staff will present an approval bylaw and further details later this year.
