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KSAC owes over $130 million
The Kingston and St Andrew Corporation, KSAC is indebted by more than 130 million dollars.
And that figure is climbing according to Deputy Mayor, Andrew Swaby.
Councillor Swaby who was addressing the third sitting of the KSAC committee of council Tuesday, said 35 million of that amount is for payments related to the transfer of markets from the then Metropolitan Parks and Markets to the KSAC.
Councillor Swaby explained that this leaves over 97 million dollars representing other liabilities.
In advising the Councillors of the debt which he emphasized was inherited, the Deputy Mayor assured the Council, that the KSAC is committed to reducing the Corporation’s total debt.
However he warned that it is important that careful planning and prioritizing be done, when dealing with the Council’s Expenditure.
The Deputy Mayor advised the Council that a Revenue Sub-Committee of the Finance Committee has been formed and will be responsible for maximizing the income generation of the Corporation.