Council approves financing for new heavy equipment

Merritt City Council has approved Municipal Finance Authority (MFA) borrowing for two big-ticket items in the municipal budget.

“The purchase of a new dump truck for the Public Works department to replace the existing 2002 dump truck that was at the end of its life span. The replacement cost was budgeted at $285,000,” said Finance Director Wayne Anderson.

The truck came in just over $6,000 above budget and the difference will be funded through surplus and not added to the loan.

“The purchase of a new hydro-vac truck for the Public Works department to replace the existing hydro-vac truck that was nearing the end of its life span. The replacement cost was budgeted at $550,321,” said Anderson.

The hydro-vac came in under budget by approximately $10,000.

Both loans are to be paid back within five years.