Debt Free County
The County of Essex will be completely debt-free come July, with $82-million in reserves.
Warden Tom Bain says a pay-as-you-go strategy was implemented more than 20-years ago, and it’s the reason the county is now able to say it’ll be debt-free for the first time ever.
“I think the key factor is, when you’re doing pay-as-you-go, you’re not borrowing money for projects. It’s when you borrow, that interest kills you. You end up paying back, in some cases, half as much in interest as you are in principal.”
County Treasurer Rob Maisonville says the highest the county’s debt has been in recent years is $6-million.