Advertisement

$65M debt prompts Summerside to seek independent review

$65M debt prompts Summerside to seek independent review

The city of Summerside wants an independent debt management review on how to manage its $65 million debt.

A request for proposals has been issued. The study will look at how the debt is being managed now and how it might impact capital planning for future years.

Summerside's chief financial officer Rob Philpott says the review will look at how debts in municipalities of a similar size are being handled.

"We feel that we do a fairly good job of managing our debt but it is always nice to have an outside set of eyes take a look at what you're doing and to offer recommendations for ways in which you could probably do it a little bit better," said Philpott .

The review is expected to cost between $30,000 to $35,000.

Proposals will be accepted until the end of July. A hiring recommendation will be made to council in August.

A final report on the review is expected by the middle of October.