Region looking at debt risk management framework
Now that demands for a investigation into the town of Pelham's finances have ended, with the province refusing to intervene, comes calls for a regional framework on municipal borrowing.
The region's audit committee is looking into the development of a debt risk management framework.
St. Catharines Regional Councillor Bruce Timms says its hoped the policy will help avoid the high temperature discussions the region had with Pelham over financing of its new community centre.
Timms says the framework acknowledges if a municipality or region needs to borrow significant money for a project, throwing them into debt, the group as a whole is on the hook to pay it back.
He adds the Pelham situation has presented an opportunity to provide all local politicians with a refresher course on their financial responsibilities.