Private vs Public Financing

Municipalities have been under pressure to use private partner financing and P3 arrangements that are difficult to acurately assess for risks, given the provisions for secrecy in both negotiations and contracts. A recent study of P3s in British Columbia examined the costs of private financing of public projects and found that public financing is less risky and less expensive. 

Last year, Millenium Development and its financial guarantor, the City of Vancouver entered into a $750 million dollar line of credit with Fortress Investment Group to fund its Olympic Village construction budget.  Unfortunately, they chose to do so using very risky currency swaps.  

According to Kenneth Bayne, the City’s director of finance, quoted by the Vancouver Sun:  “”This exposes the loan to both interest rate and currency risks between the two countries [hedging risks].”

Fortunately for British Columbians, the Municipal Finance Authority of British Columbia (MFA) provides low interest financing and other financial services to BC communities and institutions.  The MFA has saved BC taxpayers millions of dollars in debt repayments as a result of their excellent credit rating.

 

Wind Farm Trend Hitting the North

 At present, Alaska faces some of the highest fuel prices in the U.S.  In an attempt to seek economic relief in this unstable time, numerous communities in Alaska have built wind turbine farms.  This attempt has not only led to a decrease in household electricity bills, but has also reduced the use of fuel and energy on a whole. To learn more

A New Years Resolution that Makes a Difference

This year, Trees Ontario wants us to make a New Years resolution that will last for years to come.  Along with various “green” resolution suggestions, Trees Ontario ecourages locals to help them in planting nearly three million trees throughout the Province in 2009.

50 Solutions to Help the Homeless

Vancouver’s new mayor has pledged to end homelessness by 2015, a considerable challenge that will require solutions that go beyond asking the federal governmnet and the province for more money to address the issue. Megaphone Magazine, Vancouver’s street paper has republished an article from the Tyee listing 50 ways to help the homeless.

Child Poverty Affecting Academic Performance

A recent study conducted by the Univeristy of British Columbia found an alarming link between child poverty and poor academic performance.  Such findings further highlight B.C.’s high child poverty rates. Read the full story in The Tyee.

New Westminster, BC Implementing Density Bonuses

New Westminster city councillors are asking staff to move ahead with the implementation of density bonuses. The city is offering bonuses to developers in exchange for amenity contributions. Amenities include affordable housing, child care, civic lands and buildings, parks and
open spaces, public art and specific types of transportation
infrastructure were appropriate. The City has assurred residents that bonuses will be in accordance with the current Community Plan. Read more here.

Richmond BC School District Works Towards Energy Sustainability

As part of an overall environmental stweardship objective, the school district of Richmond BC is currently working towards energy sustainability with the following goals in mind:

  • Reduction of energy consumption
  • Sourcing energy from clean renewable sources and
  • Reducing the environmental impact of energy consumption.

Read more here.

Only 30% of Canadian Children Walk to School

A new study finds that only 30% of children in Canada walk to school. This is a significant drop from a study conducted in 1970 that showed 80% of children walked to school. Urban sprawl, tight schedules and parents’ fear for child safety are the main reasons for this decline is physical activity. Read more here.