Delta continues to pay down its debt.
In 2015, the municipality decreased its debt by $1 million and by the end of 2016 it will be less than $300,000, director of finance Karl Preuss told civic politicians last week.
The municipality has not taken on any new debt since the 2002 Sungod Recreation Centre referendum. That debt, which was approved by North Delta residents and is being paid solely by homeowners in that area, will be paid off in 2022. The rest of the municipality's general debt is scheduled to be paid off by 2018.
In 2000, Delta's debt sat at $58 million so in 2002 the decision was made to focus on paying down the debt and moving to a payas-you-go system.
Delta's shrinking debt was one of several items covered last week as Preuss presented the annual audited financial statements.
Last year was a busy one for the municipality with $38 million in capital improvements completed, including the Boundary Bay Airport heritage hangar and runway improvements, the Dugald Morrison turf field, dike works and the expansion of the North Delta Recreation Centre.
It was also a busy year for new construction, with more than $200 million in building permits and new construction completed.
"New construction is an essential component, and a good indicator of economic vibrancy of the municipality," Preuss said.
In terms of spending, policing remains the single largest expenditure for
Delta with 18 per cent of the municipality's total spending going to police services. Delta spent just over $35 million on policing in 2015.
Road and transportation, which includes drainage, equipment, recoverable services and depreciation, was the next highest expenditure at more than $30 million.
Property taxes accounted for 55 per cent of the municipality's revenue, with user fees, including utility fees, accounting for most of the rest at 28 per cent.
The municipality also saw an increase in its reserve funds last year, with the combined funds reaching close to $100 million. Delta has a number of reserve funds, including ones for Boundary Bay Airport, roads, drainage, sewer, capital projects and an emergency fund.
