District’s long-term debt has decreased

District’s long-term debt has decreased

Mission's debt has dropped from $6.8 million to $6.2 million, as a result of regularly scheduled payments.

Mission’s long-term debt decreased by $600,000 in 2015. Kris Boland, director of finance for the district, told council last week that the long-term debt has dropped from $6.8 million to $6.2 million, as a result of regularly scheduled payments.

The debt comes from money borrowed for the construction of Fire Hall #1 in 1998 and the construction and redevelopment of the Mission Leisure Centre, sports park and water spray park in 2007.

“Assuming no other early debt retirement opportunities are pursued, when they come up, the district will have debt outstanding for approximately 11 years,” said Boland.