Burnaby's $1.2B capital reserve 'basically exhausted.' - CBC
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The city says future projects are essentially on hold indefinitely until it can generate funds through a new provincially mandated funding tool, one it has repeatedly criticized.
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Looks like Burnaby is trying to strike up some drama with the Province to distract from criticism of them sitting on their hoard of cash too long (and not taxing existing residents for capital projects prior to this year basically).
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Mayor Mike Hurley also criticized the province's new funding plan, but he wouldn't commit to taking on debt.
"It's not something that I would ever want to do," he told CBC. "I think we just have to find different ways and come up with a different business plan. Burnaby's motto has always been pay as we go, and hopefully we can stay that way."
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Almost like this isn't really the Province's issue, it's an issue with those allergic to taking on debt for capital projects in Burnaby (like every other municipality that's trying to improve their residents quality of life does).