{"id":5191,"date":"2025-10-21T12:53:35","date_gmt":"2025-10-21T16:53:35","guid":{"rendered":"https:\/\/www.northhatley.info\/?p=5191"},"modified":"2025-10-21T13:09:08","modified_gmt":"2025-10-21T17:09:08","slug":"first-things-first-whats-north-hatleys-shared-objective-on-debt","status":"publish","type":"post","link":"https:\/\/northhatley.info\/en\/2025\/10\/21\/first-things-first-whats-north-hatleys-shared-objective-on-debt\/","title":{"rendered":"First things first: what\u2019s North Hatley\u2019s shared objective on debt?"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li>Accelerate debt repayment to lower taxes (e.g., stop paying $0.21 per $100 of assessment toward debt service)?<br><\/li>\n\n\n\n<li>Or invest\u2014accepting some risk\u2014in projects that could generate future revenues?<\/li>\n<\/ul>\n\n\n\n<p>In theory, you can try to do it all. In practice, a <strong>tight budget forces choices<\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">A concrete benchmark: a day-to-day example<\/h2>\n\n\n\n<p>You have a low-rate mortgage (1.89%) maturing in <strong>December 2025<\/strong> and likely renewing around <strong>4%<\/strong>. Your budget barely covers essentials (food, energy, maintenance, taxes, fuel, repairs). You can just manage <strong>one trip per year<\/strong>.<br>Your options:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Work more (evenings\/weekends) to maintain the same lifestyle;<\/li>\n\n\n\n<li>Cut the annual trip;<\/li>\n\n\n\n<li>Borrow more (increase the mortgage);<\/li>\n\n\n\n<li>Combine these levers;<\/li>\n\n\n\n<li>Rare boosts: a <strong>grant<\/strong> or a <strong>gift<\/strong>.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">The municipality\u2019s levers<\/h2>\n\n\n\n<p>The <strong>September 16, 2025<\/strong> <a href=\"https:\/\/northhatley.info\/wp-content\/uploads\/2025\/09\/NH-Sept-16-Presentation-v3.1.pdf\">PowerPoint deck mentions <strong>non-property-tax revenues<\/strong>, <strong>grants<\/strong>, and <strong>private donations<\/strong><\/a>. Concretely, the municipality can:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Increase revenues<\/strong><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Citizen services<\/strong> (e.g., municipal beach)<\/li>\n\n\n\n<li><strong>Service contracts<\/strong> (e.g., snow removal on Route 108)<\/li>\n\n\n\n<li><strong>Other fee-for-service activities<\/strong> (e.g., dock rentals)<\/li>\n<\/ul>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Pursue grants<\/strong><br>Now essential, but time-consuming, rigorous, and uncertain.<br><\/li>\n\n\n\n<li><strong>Accept private donations<\/strong><br>Useful, but often <strong>conditional<\/strong> (refrigerated rink, master plan, etc.).<br><\/li>\n\n\n\n<li><strong>Reduce expenses<\/strong><br>Tighter spending control, stricter purchasing and capital policies.<br><\/li>\n\n\n\n<li><strong>Take on new debt<\/strong><br>Justified if a project\u2019s <strong>net return exceeds the borrowing cost<\/strong>\u2014and if execution capacity is there.<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Where do we stand?<\/h2>\n\n\n\n<p><strong>Cash-flow pressure<\/strong><br>Struggling to cover <strong>principal + interest<\/strong>? \u2192 <strong>Cut non-essentials<\/strong> and <strong>renegotiate<\/strong> rates\/terms.<\/p>\n\n\n\n<p><strong>Debt cost vs. expected return<\/strong><br>If debt costs <strong>5%<\/strong> and a project yields <strong>&gt; 5% net<\/strong> (including risk and OPEX), revenue growth is defensible; otherwise, <strong>prioritize savings<\/strong>.<\/p>\n\n\n\n<p><strong>Cost discipline<\/strong><br>Eliminate <strong>waste<\/strong> and \u201cextras\u201d before touching services that <strong>generate revenues<\/strong> or <strong>avoid future costs<\/strong>.<\/p>\n\n\n\n<p><strong>Time horizon<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>0\u201312 months:<\/strong> quick savings, freeze major purchases, better procurement, hire freeze\/slowdown, contract renegotiations.<\/li>\n\n\n\n<li><strong>18\u201336 months:<\/strong> projects that <strong>broaden the revenue base<\/strong> (smarter pricing, new services, partnerships).<\/li>\n<\/ul>\n\n\n\n<p><strong>Execution capacity &amp; risks<\/strong><br>Revenue growth takes time and is uncertain; poorly targeted cuts can <strong>undermine services\u2014and revenues<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">A practical rule<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cash squeeze?<\/strong> \u2192 start with <strong>targeted cuts<\/strong>, <strong>optimizations<\/strong>, and <strong>renegotiations<\/strong>.<\/li>\n\n\n\n<li><strong>Investment return &gt; borrowing cost?<\/strong> \u2192 investing can make sense\u2014with <strong>transparency<\/strong>, <strong>risk management<\/strong>, and control of <strong>recurring costs<\/strong>.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Example: snow removal on Route 108<\/h2>\n\n\n\n<p>A <strong>April 12, 2021<\/strong> <a href=\"https:\/\/www.northhatley.org\/wp-content\/uploads\/2021\/04\/NH-ordinaire-2021-04-12-AN.pdf\">council minute says Route 108 snow removal is \u201c<strong>usually profitable<\/strong>\u201d and announces a <strong>snow removal report<\/strong> at the next meeting<\/a>. Three operators are trained. <strong>No formal report has been found<\/strong> since.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Financing trucks to \u201ccover our costs\u201d<\/h2>\n\n\n\n<p>Buying trucks today <strong>costs money<\/strong>. <a href=\"https:\/\/northhatley.info\/en\/2025\/10\/14\/lets-revisit-north-hatleys-municipal-debt-from-a-different-perspective\/\">At an average rate of <strong>5.7%<\/strong><\/a> on a balance of <strong>$3,981,833<\/strong>, annual interest is <strong>$226,964<\/strong>. Ideally, do a solid <strong>cost\u2013benefit analysis<\/strong> before proceeding.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>$3,981,833 \u00d7 0.057 = <strong>$226,964.48<\/strong><\/p>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Invest or reduce: the decision is real<\/h2>\n\n\n\n<p>Yes, you can <strong>defer part of the debt<\/strong> to acquire trucks and <strong>generate new revenues<\/strong>. But that <strong>pushes out<\/strong> debt reduction\u2014and <strong>tax relief<\/strong> for residents. Good or bad, it depends on what citizens want. That\u2019s essentially what happened <strong>between 2023 and 2024<\/strong> (as noted in the <strong><a href=\"https:\/\/mailchi.mp\/ba3f18c0f78c\/entre-nous-bulletin-municipal?e=b5cd2dccf2\">Sept. 6<\/a><\/strong> and <a href=\"https:\/\/mailchi.mp\/62b98da9996d\/suivi-prsentation-financire-financial-presentation-follow-up?e=b5cd2dccf2\"><strong>Oct. 1, 2025<\/strong> <\/a>newsletters).<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">The problem is the message sent to citizens<\/h2>\n\n\n\n<p>From the <a href=\"https:\/\/mailchi.mp\/ba3f18c0f78c\/entre-nous-bulletin-municipal?e=b5cd2dccf2\"><strong>Sept. 6, 2025<\/strong> newsletter (Mayor Davis-Gerrish)<\/a>: promises of exiting the crisis, reducing debt, and <strong>eliminating it within five years<\/strong>; then using <strong>surpluses<\/strong> to <strong>improve services and\/or lower taxes<\/strong>.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe are finally emerging from the financial crisis that threatened our very existence. Too much of our annual revenues went to debt service, complicating our hopes of lower taxes and a stable future\u2026 We reversed the deficits that led to our indebtedness, then reduced the debt itself\u2026\u201d<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">Debt trend<\/h3>\n\n\n\n<p>Please note that we are not referring to net debt, which includes assets and liabilities<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"592\" src=\"https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/remboursement-dette-municipale-north-hatley-1024x592.png\" alt=\"\" class=\"wp-image-5188\" style=\"width:657px;height:auto\" srcset=\"https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/remboursement-dette-municipale-north-hatley-1024x592.png 1024w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/remboursement-dette-municipale-north-hatley-300x173.png 300w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/remboursement-dette-municipale-north-hatley-768x444.png 768w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/remboursement-dette-municipale-north-hatley-1536x888.png 1536w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/remboursement-dette-municipale-north-hatley-600x347.png 600w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/remboursement-dette-municipale-north-hatley-1320x763.png 1320w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/remboursement-dette-municipale-north-hatley.png 1980w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"614\" src=\"https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/graphique_dette_2019_2024_rouge_bleu_vert-1024x614.png\" alt=\"\" class=\"wp-image-5205\" style=\"width:666px;height:auto\" srcset=\"https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/graphique_dette_2019_2024_rouge_bleu_vert-1024x614.png 1024w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/graphique_dette_2019_2024_rouge_bleu_vert-300x180.png 300w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/graphique_dette_2019_2024_rouge_bleu_vert-768x461.png 768w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/graphique_dette_2019_2024_rouge_bleu_vert-1536x922.png 1536w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/graphique_dette_2019_2024_rouge_bleu_vert-600x360.png 600w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/graphique_dette_2019_2024_rouge_bleu_vert-1320x792.png 1320w, https:\/\/northhatley.info\/wp-content\/uploads\/2025\/10\/graphique_dette_2019_2024_rouge_bleu_vert.png 2000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em><strong>Chart:<\/strong> evolution of outstanding debt, interest and capital repayment<\/em> <em>on debt.<\/em><\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Year<\/strong><\/td><td><strong>Opening balance<\/strong><\/td><td><strong>Closing balance<\/strong><\/td><td><strong>Capital repayment (annual)<\/strong><\/td><td><strong>Interest (annual, 5.7%)<\/strong><\/td><\/tr><tr><td>2019<\/td><td><\/td><td>6\u202f909\u202f760 $<\/td><td>0 $<\/td><td>0 $<\/td><\/tr><tr><td>2020<\/td><td>6\u202f909\u202f760 $<\/td><td>6\u202f235\u202f162 $<\/td><td>674\u202f598 $<\/td><td>374\u202f630 $<\/td><\/tr><tr><td>2021<\/td><td>6\u202f235\u202f162 $<\/td><td>5\u202f494\u202f778 $<\/td><td>740\u202f384 $<\/td><td>334\u202f303 $<\/td><\/tr><tr><td>2022<\/td><td>5\u202f494\u202f778 $<\/td><td>4\u202f726\u202f395 $<\/td><td>768\u202f383 $<\/td><td>291\u202f303 $<\/td><\/tr><tr><td>2023<\/td><td>4\u202f726\u202f395 $<\/td><td>4\u202f043\u202f170 $<\/td><td>683\u202f225 $<\/td><td>249\u202f933 $<\/td><\/tr><tr><td>2024<\/td><td>4\u202f043\u202f170 $<\/td><td>3\u202f981\u202f833 $<\/td><td><strong>61\u202f337 $<\/strong><\/td><td><strong>228\u202f713 $<\/strong><\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td><\/td><td><\/td><td><strong>2\u202f927\u202f927 $<\/strong><\/td><td><strong>1\u202f478\u202f882 $<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><em>Table showing the evolution of the debt balance, capital repaid, and accrued interest.<\/em><\/p>\n\n\n\n<p><strong>Debt evolution (2019\u20132024)<\/strong> \u2014 figures cited by <a href=\"https:\/\/mailchi.mp\/ba3f18c0f78c\/entre-nous-bulletin-municipal?e=b5cd2dccf2\">Mayor Davis-Gerrish on Sept. 6, 2025:<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2020:<\/strong> $6,235,162<\/li>\n\n\n\n<li><strong>2019:<\/strong> $6,909,760<\/li>\n\n\n\n<li><strong>2021:<\/strong> $5,494,778<\/li>\n\n\n\n<li><strong>2022:<\/strong> $4,726,395<\/li>\n\n\n\n<li><strong>2023:<\/strong> $4,043,170<\/li>\n\n\n\n<li><strong>2024:<\/strong> <strong>$3,981,833<\/strong> \u2192 <strong>net decrease: $61,337<\/strong> (4,043,170 \u2212 3,981,833)<\/li>\n<\/ul>\n\n\n\n<p><strong>Oct. 1, 2025 newsletter:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Principal repaid in 2024:<\/strong> <strong>$736,000<\/strong> (page 26, line 13 of the financial statements).<br><em>Note: the reports had not yet been published and made public at that time.<\/em><br><\/li>\n\n\n\n<li><strong>New 2024 debt:<\/strong> <strong>$665,000<\/strong> for <strong>two snow-removal trucks<\/strong>;<br><\/li>\n\n\n\n<li>Hence the <strong>limited net decrease<\/strong> (\u2248 <strong>$61,000<\/strong>).<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Ethical\u2014more than financial\u2014concerns<\/h2>\n\n\n\n<p>The issue isn\u2019t that there was no repayment; it\u2019s the <strong>implied message<\/strong> that repayment was <strong>significant<\/strong>\u2014while the <strong>2024 net effect<\/strong> was modest\u2014communicated in a <a href=\"https:\/\/mailchi.mp\/ba3f18c0f78c\/entre-nous-bulletin-municipal?e=b5cd2dccf2\"><strong>municipal newsletter<\/strong> <strong>13 days<\/strong><\/a> before the election period began. On top of that, a citizen who asked questions on the topic was <a href=\"https:\/\/northhatley.info\/en\/2025\/09\/25\/the-municipal-administration-is-attempting-to-silence-a-citizen-with-threats-of-legal-action-sent-by-bailiff-at-taxpayers-expense\/\"><strong>served a formal notice by bailiff<\/strong>.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In theory, you can try to do it all. In practice, a tight budget forces choices. A concrete benchmark: a day-to-day example You have a low-rate mortgage (1.89%) maturing in December 2025 and likely renewing around 4%. Your budget barely covers essentials (food, energy, maintenance, taxes, fuel, repairs). You can just manage one trip per [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,36],"tags":[],"class_list":["post-5191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-municipality-en","category-opinion-en-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First things first: what\u2019s North Hatley\u2019s shared objective on debt?<\/title>\n<meta name=\"description\" content=\"Accelerate debt repayment to lower taxes (e.g., stop paying $0.21 per $100 of assessment toward debt service)?Or invest\u2014accepting some risk\u2014in projects that could generate future revenues?In theory, you can try to do it all. 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