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By A Smith (anonymous) | Posted January 25, 2011 at 23:45:34
Just a note about our debt and ability to finance big projects...
As of 2009, Toronto's net financial debt was around $1,390 per resident. In that same year, Hamilton had a net financial surplus of $324 per resident. If Hamilton decides that it wants to build out the West Harbour, it could in theory spend $1,714 per resident, or $901M and only then would Hamilton match the debt levels of Toronto.
Total net assets/resident (including tangible capital assets)
Mississauga (city only) - $10,671,
Hamilton - $7,716
Toronto - $5,284
Portland - $4,202
Boston - $861
Detroit - $279,
New York - minus $12,923,
For those worried about wasting money on I.W., ask yourself how New York and Boston manage to function/thrive, even though their city balance sheets are far thinner than ours. What is the difference between Detroit and the other two? Is it possible to take on more debt and become more like NYC as opposed to Detroit?
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