Debt reduction is a priority for Laval’s economic plan

When the city decides on its triennial investment plan, debt reduction is “the first criteria” that guides what measures are included, explains Gaetan Vandal, the municipal assistant director-general. To bring its development projects to completion, Ville de Laval will borrow $67.7 million in 2009, while for the same period it will pay down by $70.1 million the accumulated debt which by December 31, 2009 debt comes down to $467.3 million. The interest on the debt will cost the city $38.4 million in 2009, down $3.5 million from 2008.

In 2009, capital repaid ($70.1 million) and interest paid ($38.4 million) on the accumulated debt comes in at $ 108.5 million, representing 17% of the municipal budget.