At Smiths Falls’ council’s committee meeting, Town Treasurer Paul Dowber provided an Annual Debt Report to guide 2026 budget discussions. He began by reminding everyone, why municipalties take on debt in the first place.
He noted that the Town currently pays $1.5M per year to service the principle and interest of its existing debt of $14M. Future projects to renew streets and infrastructure and the Town Hall, and to replace the public works building, among projects is expected to add over $29M to the Town’s debt load over the next 3 years. He laid out the property tax increases required to service that debt if no major provincial or federal grants were obtained.
The debt limit imposed by the province on the Town will be $27M by 2028. Below is a list of the projects involved and their costs
Beckwith St. Phase 2 $332,122 in 2026 with a yearly repayment of $25,311
Lombard/Abbot $282,028 in 2026 with a yearly repayment of $21,494
Cornelia St $183,328 in 2026 with a yearly repayment of $13,792
Catherine St $674,303 in 2026 with a yearly repayment of $51,390
TownHall Renos 3 $857,758 in 2026 with a yearly repayment of $65,371
Water Tower $5,015,250 in 2026 with a yearly repayment of $384,205
Public Works Building $9,027,832 in 2027 with a yearly repayment of $565,369
Trunk Upgrate $12,750,000 in 2028 with a yearly repayment of $798,470
Story by Brian Turner
