Christina Lake Fire Service Alternative Approval Process
Share Christina Lake Fire Service Alternative Approval Process on FacebookShare Christina Lake Fire Service Alternative Approval Process on TwitterShare Christina Lake Fire Service Alternative Approval Process on LinkedinEmail Christina Lake Fire Service Alternative Approval Process link
Consultation has concluded
Eligible electors in Electoral Area C/Christina Lake participated in an Alternate Approval Process (AAP) that closed on July 12, 2021. The AAP has passed, meaning the RDKB will use long-term borrowing to finance a $1,285,000 loan to buy a new tender/pumper engine, a primary fire rescue engine, a command vehicle, a heater and boiler, an exhaust removal system and a self-contained breathing apparatus cascading system for Christina Lake Fire and Rescue.
The AAP asked electors whether they were opposed to a decision, rather than the more familiar process of a referendum, in which electors are asked whether they supportContinue reading
Eligible electors in Electoral Area C/Christina Lake participated in an Alternate Approval Process (AAP) that closed on July 12, 2021. The AAP has passed, meaning the RDKB will use long-term borrowing to finance a $1,285,000 loan to buy a new tender/pumper engine, a primary fire rescue engine, a command vehicle, a heater and boiler, an exhaust removal system and a self-contained breathing apparatus cascading system for Christina Lake Fire and Rescue.
The AAP asked electors whether they were opposed to a decision, rather than the more familiar process of a referendum, in which electors are asked whether they support a particular question. Two property owners who opposed the long-term borrowing of the $1,285,000 filled out an Elector Response Form (see link below) and returned it to the RDKB's corporate officer by 4:30 p.m. on July 12, 2021.
The new fire fighting equipment is required for better fire protection and to allow the Christina Lake Fire and Rescue Service to meet a Class 1 Public Fire Protection Classification (PFPC) with the Fire Underwriters of Canada. Meeting this standard also allows for lower home insurance rates for property owners in the region.
The loan for the fire equipment will be repaid over a period of no more than 20 years and residents would pay an additional $4 to $14 dollars in property taxes per annum per $100,000 of property value over the period of time.
The alternative to borrowing the money over the 20-year period was to use short-term borrowing that would have resulted in a higher cost for residents over a short period of time. Longer-term borrowing will result in smaller annual increases to property taxes.
Share What will be the total costs including interests for both options. Please also provide the NPV (net present value). on FacebookShare What will be the total costs including interests for both options. Please also provide the NPV (net present value). on TwitterShare What will be the total costs including interests for both options. Please also provide the NPV (net present value). on LinkedinEmail What will be the total costs including interests for both options. Please also provide the NPV (net present value). link
What will be the total costs including interests for both options. Please also provide the NPV (net present value).
Raimund
asked
over 3 years ago
Hello! Thank you for your query.
Below is a summary of total costs and Net Present Value (NPV) of the two alternatives:
Long-Term Borrowing = Total Costs $1,315,942.78 & NPV $13,690.45
Short-Term Borrowing = Total Costs $1,183,892.62 & NPV $-23.38
