City approves borrowing bylaw for line-of-credit increase
In a special meeting on Monday, Meadow Lake council approved a borrowing bylaw for an increase to the city’s line of credit.
Mayor Merlin Seymour said the $600,000 increase to the city’s operating line of credit with RBC Royal Bank was needed as a precaution, while waiting for some federal-provincial grant money to come in.
“We want to make sure we are able to cover our expenses, as of right now,” he said. “Our first-quarter mailings [for utility billings to property owners] went out, so the cash flow isn’t as good as it could be… We are not in any financial problems by any means. We just want to make sure we are going to be able to pay our bills on time.”
The city is also anticipating some property tax revenue to arrive.
