Wednesday, July 24, 2013

Could a Municipality go bankrupt in BC?

In light of the City of Detroit filing for bankruptcy in court - read more from the Globe and Mail here

The question some have asked is:

Could what happened in Detroit occur here by a municipality in BC?

The short answer is no -- as BC Municipal debt is covered by checks and balances to ensure what happened in Detroit doesn't occur here

Watch a video below from CKPG interviewing Prince George City Councillor Cameron Stolz on the subject:




Meanwhile - Saanich Mayor and Chair of the Municipal Finance Authority Frank Leonard writes a thoughtful two page memo to all local governments on this subject which you can review here

No comments: