Audited long-term debt fell from $37.5 million in 2000 to $7.1 million in 2025. Debt lets the City pay for a long-lived asset over time, rather than collect all the money before building it.
2000-2025 / millions of dollars · Long-term debt ($ millions)
$7.1m2025 · Long-term debt
Sources & methods
A low debt balance alone does not show whether infrastructure is adequate or projects offer good value. Interest, construction costs and the cost of waiting all matter.
- 2025 Campbell River Annual Report
- Statistics Canada building construction price index, Table 18-10-0289-01
- Municipal Finance Authority of B.C. long-term lending rates
- City financial plans and annual reports
| Year | Long-term debt |
|---|---|
| 2000 | $37.5M |
| 2001 | $33.6M |
| 2002 | $30.3M |
| 2003 | $26.6M |
| 2004 | $25.1M |
| 2005 | $22.9M |
| 2006 | $20.6M |
| 2007 | $16.1M |
| 2008 | $15.6M |
| 2009 | $12.4M |
| 2010 | $10.5M |
| 2011 | $7.42M |
| 2012 | $6.09M |
| 2013 | $4.81M |
| 2014 | $3.60M |
| 2015 | $2.70M |
| 2016 | $2.03M |
| 2017 | $4.54M |
| 2018 | $8.32M |
| 2019 | $12.5M |
| 2020 | $11.7M |
| 2021 | $10.7M |
| 2022 | $9.81M |
| 2023 | $8.86M |
| 2024 | $7.99M |
| 2025 | $7.11M |
Method notes
- All values are the audited long-term debt line in the City's annual reports (Municipal Finance Authority debt net of actuarial adjustments; capital leases and short-term borrowing are separate lines and excluded). Each 2000-2014 value was confirmed in two consecutive annual reports where both exist.
- The loans continuing at year-end carried rates from 1.47% to 3.15%, below the approximately 3.45% annualized rise in Vancouver non-residential building costs over the 20 and 30 years ending in Q2 2026. That index is a B.C. market proxy, not a Campbell River civil-infrastructure index. Project costs vary, existing loan rates do not price a new loan, and longer MFA loans can carry refinancing risk.
- The 20- and 30-year construction comparisons use the Vancouver non-residential building index from Q2 2006 to Q2 2026 and Q2 1996 to Q2 2026. The index rose 96.6% and 177.3%, equal to compound annual rates of 3.44% and 3.46%.
- The City's major remaining Issue 141, 145 and 147 loans carried 2.80%, 3.15% and 2.66%. From their spring 2017, 2018 and 2019 issue quarters through Q2 2026, the same construction index compounded at approximately 4.80%, 4.80% and 4.76% a year.
- The comparison does not say debt is always cheaper. MFA's spring 2026 10-year issue rate was 4.07%, and a separate 20- to 30-year issue was 4.82%, both above the long-run construction-cost averages after borrowing ran much lower through most of 2015-2022.
- Reserves and debt do not make bad infrastructure good. First ask whether it is needed and worth the cost. Then decide whether to collect the taxes early or later.
What should be measured next: Before borrowing, show that the asset is needed, that the benefits are worth the cost, and that it will be purchased as efficiently as possible. Then compare the interest cost with the construction cost and service risk of waiting.