Amherstburg town council has approved $9 million in debt financing following a three hour council meeting Monday night.
Council reviewed intricate details of the town's municipal debt which sits at $38 million.
In addition there’s $16 million to $17 million in unfinanced capital spending also on the books.
Director of corporate services Val Sequeira presented financial statements for 2012.
"It was something that we would have done, but we made it a point, to say this is what needs to get done," says Sequeira. "We're going to get it done within a couple of months. To me that was significant.”
The meeting was the first of many steps to bring the town's financial house back to order.
Sequeira says he's working on a long-term financial strategy moving forward.
The town's Chief Administrative Officer says any talk of property tax hikes or a reduction of services is premature at this stage
