A study reviewing the feasibility of potentially transitioning Cassellholme to a municipal home maintained by the city remains on the council committee file.
The study’s findings were presented at a special committee meeting on Monday night by Oscar Poloni, Partner in KPMG’s Sudbury Office.
Council heard that transitioning to a municipal home would provide North Bay full authority over governance, but there would be a number of potential risks.
They include added annual costs associated with assuming the levy contributions of Cassellholme’s eight other member municipalities, as well as potential future added costs related to operating pressures.
“The issue that you have is that by undertaking a governance transition that’s proposed and taking on 100 per cent of the levy requirement you’re now fully exposed to the increases,” he says. “Whereas under the current model, 20 per cent would go to the district homes.”
City staff will now prepare a report and recommendations to council.
As part of its analysis, KPMG looked at financial statements and annual reports, financial forecasts, capital redevelopment information, financing agreements and in-person discussions.
Council also heard from Poloni that as of the end of December, the Cassellholme redevelopment project was on budget.