Source: 2020-2026 Forecasted Long-Term Liabilities Graph, Accompanies page 15 of the Proposed 2022 Budget
Total Liabilities $ 21,864,965
Annual Payments $4,506,792
Here is our list of our current debt projects. I did not include: Drainage as it is user pay, Shoreline Assistance Grant program as it is user pay, and minimal amounts for Waterworks related to Energy Upgrades as the amounts are small but are included in the total debt figures.
If you would like a copy of our complete list of long term debt please reach out to me via email and I will provide it to you. sbondy@essex.ca
I believe in the next term of council and even in the final year of this term we MUST get serious about our debt. This is the highest I have ever seen our debt levels and its time to reevaluate spending and find partnerships for wish list projects. For example, we still have not found naming rights for our Twin Pad Arena.
Environment Services: Sanitary Sewer
Funded through the payment of Wastewater rates….
Harrow Wastewater Treatment Plant– Original Amount- $4,057,000 Maturity- 2025 Interest Rate- 2.67% Annual Payment- $263,128 Balance as of Dec 31 2021 $873,676
Essex Wastewater Treatment Plant Upgrade and Expansion– Original Amount- $1,990,220 Maturity- 2026 Interest Rate- 2.66% Annual Payment- $277,830 Balance as of Dec 31 2021 $1,292,715
Erie Road Sanitary Sewer Extension – Original Amount- $402,303 Maturity- 2024 Interest Rate- 3.40% Annual Payment- $48,130 Balance as of Dec 31 2021 $135,102
Essex Flooding – Original Amount- $3,076,455 Maturity- 2027 Interest Rate- 2.76% Annual Payment- $354,156 Balance as of Dec 31 2021 $1,945,994
Protection to Persons and Property
Fire Department – St 3 Energy Upgrades– Original Amount- $9,144 Maturity- 2024 Interest Rate- 3.60% Annual Payment- $1,076 Balance as of Dec 31 2021 $2,566
Fire Department- St 2 Energy Upgrades– Original Amount- $ 4,968 Maturity- 2024 Interest Rate- 3.60% Annual Payment- $585 Balance as of Dec 31 2021 $1,394
Police Station Energy Upgrades– Original Amount- $ 45,912 Maturity- 2024 Interest Rate- 3.60% Annual Payment- $5,404 Balance as of Dec 31 2021 $12,883
Gesto Office Energy Upgrades-Original Amount- $ 3,650 Maturity- 2024 Interest Rate- 3.60% Annual Payment- $430 Balance as of Dec 31 2021 $1,024
Fire Station 1 Replacement -Original Amount- $ 2,979,109 Maturity- 2034 Interest Rate- 3.62% Annual Payment- $210,615 Balance as of Dec 31 2021 $2,168,628
Engine 1 Station -Original Amount- $ 532,400 Maturity- 2023 Interest Rate- 3.20% Annual Payment- $116,080 Balance as of Dec 31 2021 $224,021
Fire Station 2 Estimate Debt -Original Amount- $ 3,282,031 Maturity- 2041 Interest Rate- 2.55% Annual Payment- $211,529 Balance as of Dec 31 2021 $3,282,031
General Government
Essex Municipal Bldg Energy Upgrades– Original Amount- $75,165 Maturity- 2023 Interest Rate- 3.60% Annual Payment- $8,847 Balance as of Dec 31 2021 $21,091
Essex Streetscape ESTIMATE – Original Amount- $ 6,351,000 Maturity- 2042 Interest Rate- 4.00% Annual Payment- $467,318 Balance as of Dec 31 2021 N/A as estimate and work not started
Harrow Streetscape Estimates – Original Amount- $2,291,500 Maturity- 2036 Interest Rate- 3.00% Annual Payment- $191,951 Balance as of Dec 31 2021 $2,291,500
Public Works
Ferris Road Building Energy Upgrades– Original Amount- $23,186 Maturity- 2024 Interest Rate- 3.60% Annual Payment- $2,729 Balance as of Dec 31 2021 $6,506
Harrow Industrial Park – Original Amount- $350,000 Maturity- 2026 Interest Rate- 2.76% Annual Payment- $40,291 Balance as of Dec 31 2021 $221,391
Erie Street ( Clark and County Road 20) – Original Amount- $370,609 Maturity- 2027 Interest Rate- 2.76% Annual Payment- $42,664 Balance as of Dec 31 2021 $234,427
Erie Roadwork – Original Amount- $692,641 Maturity- 2027 Interest Rate- 2.76% Annual Payment- $79,736 Balance as of Dec 31 2021 $438,126
Salt Shed Replacement – Original Amount- $369,626 Maturity- 2022 Interest Rate- 2.37% Annual Payment- $78,828 Balance as of Dec 31 2021 $77,449
Half- Ton Pick – Original Amount- $34,661 Maturity- 2022 Interest Rate- 2.37% Annual Payment- $7,392 Balance as of Dec 31 2021 $7,263
Half Ton Pickup – Original Amount- $34,667 Maturity- 2022 Interest Rate- 2.37% Annual Payment- $7,393 Balance as of Dec 31 2021 $7,264
Ward 1 Storm Sewer Improvements – Original Amount- $2,493,605 Maturity- 2032 Interest Rate- 3.00% Annual Payment- $292,327 Balance as of Dec 31 2022 $2,493,605
15- Ton Tandem Replacement – Original Amount- $103,980 Maturity- 2022 Interest Rate- 2.37% Annual Payment- $22,175 Balance as of Dec 31 2021 $21,787
Essex Wastewater Treatment Plant Upgrade and Expansion– Original Amount- $1,990,220 Maturity- 2026 Interest Rate- 2.66% Annual Payment- $277,830 Balance as of Dec 31 2021 $1,292,715
LED Conversion- Estimate – Original Amount- $680,000 Maturity- 2027 Interest Rate- 2.00% Annual Payment- $105,068 Balance as of Dec 31 2021 $680,000
Community Services
Twin Pad Arena – Original Amount- $10, 000, 000 Maturity- 2030 Interest Rate- 4.65% Annual Payment- $773,423 Balance as of Dec 31 2021 $5,379,599
Essex Community Centre and Library Energy Upgrades – Original Amount- $154,861 Maturity- 2024 Interest Rate- 3.6% Annual Payment- $18,227 Balance as of Dec 31 2021 $43,454
Harrow Arena Energy Upgrades– Original Amount- $11,233 Maturity- 2024 Interest Rate- 3.6% Annual Payment- $1,322 Balance as of Dec 31 2021 $3,152
Essex Recreation Centre Energy Upgrades– Original Amount- $5,088 Maturity- 2024 Interest Rate- 3.60% Annual Payment- $599 Balance as of Dec 31 2021 $1,428
Harrow Colchester South Arena Roof – Original Amount- $341,982 Maturity- 2024 Interest Rate- 2.88% Annual Payment- $39,603 Balance as of Dec 31 2021 $113,043
Twin Pad Arean – Original Amount- $930,277 Maturity- 2029 Interest Rate- 3.33% Annual Payment- $91,592 Balance as of Dec 31 2021 $638,623
Pickup Truck – Original Amount- $32,268 Maturity- 2022 Interest Rate- 2.37% Annual Payment- $6,882 Balance as of Dec 31 2021 $6,761
Woodview– Original Amount- $26,463 Maturity- 2022 Interest Rate- 2.37% Annual Payment- $5,644 Balance as of Dec 31 2021 $5,545
Rec Lands Ward 1 – Original Amount- $1,100,342 Maturity- 2027 Interest Rate- 2.76% Annual Payment- $126,669 Balance as of Dec 31 2021 $696,015
Ditching and Consulting on Recreation Lands– Original Amount- $61,820 Maturity- 2023 Interest Rate- 3.20% Annual Payment- $13,479 Balance as of Dec 31 2021 $26,013
New Stairs at Harbour Restaurant – Original Amount- $180,891 Maturity- 2023 Interest Rate- 3.20% Annual Payment- $39,440 Balance as of Dec 31 2021 $76,115
Harbour Building Conversion – Original Amount- $77,286 Maturity- 2023 Interest Rate- 3.20% Annual Payment- $16,851 Balance as of Dec 31 2021 $32,520
Community Services Dump Truck – Original Amount- $56,405 Maturity- 2024 Interest Rate- 3.45% Annual Payment- $12,475 Balance as of Dec 31 2021 $34,984
