Debt Free City

// February 8th, 2010 // Amusing, Video

You are going to love this story!  A debt free city and 700Mil in cash reserves.  That is as much as the State of Oklahoma has in their rainy day fund.
Their secret?  Low taxes, jobs jobs jobs, and a mayor that is 88 years old and has the energy of a spring chicken!

Mississauga, Ontario isn’t just your normal metro.  They have done what most people would call the impossible.  A city of no debt and plenty of cash for the grandkids to live on.  Mississauga has set an example for cities around the world.   They are the Canada headquarters for companies like Hewlett-Packard, Microsoft, Pepsico, General Electric,  Fujitsu and Wal-Mart Canada.

Responsible financial management coupled with forward planning policies has resulted in the City’s debt-free status, with hundreds of millions in reserve funds for future infrastructure development.  -Taxes & Assessment

Note that they assess property taxes based on need and not on value of the property.  I really like this concept from a property rights perspective plus there isn’t a built-in disincentive to keep your property, well, worth’less’.

The total amount of taxes collected depends on the municipality’s revenue needs, and not on the value of property assessments within a municipality. -Taxes & Assessment

I also really like the fact that municipalities can’t offer businesses direct incentives like tax breaks and loans.  This probably causes the city to stand on its broad based incentives like low taxes, crime rates, transit, and aesthetics.

The City operates on the philosophy that new development should pay for itself. Funds collected are placed in reserve to pay for capital improvements needed in the future. -Taxes & Assessment

Good stuff.

Enjoy this report and let me hear your thoughts.

93 Responses to “Debt Free City”

  1. Justin Vincent says:
    February 9, 2010 at 10:41 am

    88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank. http://bit.ly/9ylIVx

    Reply
  2. Kotora says:
    February 9, 2010 at 10:45 am

    RT @justinvincent: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank. http://bit.ly/9ylIVx

    Reply
  3. Gero Hirschelmann says:
    February 9, 2010 at 10:55 am

    Low taxes, jobs jobs jobs, and a mayor that is 88 years old and has the energy of a spring chicken! http://bit.ly/bAefyr (via @koenau)

    Reply
  4. Arík says:
    February 9, 2010 at 11:00 am

    Meet the Canadian Shimon Peres – Hazel McCallion. She's 88yo, been (and still) the the mayor of her city for the past 31y http://j.mp/cERhci

    Reply
  5. Alexandre Oliveira says:
    February 9, 2010 at 11:40 am

    Matéria muito legal sobre a cidade sem dívidas, 700mi em caixa e sua prefeita de 88 anos: http://sidburgess.com/debt-free-city #recomendado

    Reply
  6. Alp Uçkan says:
    February 9, 2010 at 11:44 am

    RT @justinvincent: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank. http://bit.ly/9ylIVx

    Reply
  7. Debt Information says:
    February 9, 2010 at 1:17 pm

    Debt Free City | Sid Burgess http://bit.ly/dAHeUZ

    Reply
  8. Lawrence S says:
    February 9, 2010 at 1:21 pm

    Hazel McCallion.She's 88yo,been (and still) the mayor of her city for the past 31 year,debt-free and 700M in reserve http://goo.gl/FC95

    Reply
  9. Jake says:
    February 9, 2010 at 1:23 pm

    Can't wait to move to Canada http://bit.ly/cte3R1

    Reply
  10. Jeff says:
    February 9, 2010 at 1:32 pm

    I live in Canada and applaud Mississauga, but I think we should be careful about giving them more credit than they deserve. Mississauga also has a huge Canadian government presence, as anyone who has had to mail something to the Canadian government would know, and I wonder how much this government presence contributes to their debt free/surplus of funds situation. Incluidng attracting all those businesses.

    Reply
  11. Chad says:
    February 9, 2010 at 1:52 pm

    RT @sidburgess: Debt Free City http://bit.ly/bS0a4L

    Reply
  12. cubitplanning says:
    February 9, 2010 at 2:10 pm

    88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://bit.ly/cte3R1

    Reply
  13. Danny Wilsher says:
    February 9, 2010 at 2:11 pm

    RT @erickbrockway: Cutest mayor in North America; http://tinyurl.com/yhrwhzp #tcot #hhrs #sgp

    Reply
  14. Doug Philips says:
    February 9, 2010 at 2:28 pm

    Whoa! RT @justinvincent: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank. http://bit.ly/9ylIVx

    Reply
  15. Douglas May says:
    February 9, 2010 at 3:00 pm

    Debt Free City | Sid Burgess http://bit.ly/clwtAE

    Reply
  16. George Hutchings says:
    February 9, 2010 at 3:00 pm

    Debt Free City | Sid Burgess http://bit.ly/bjeaMI

    Reply
  17. Mark Sumpter says:
    February 9, 2010 at 3:00 pm

    Debt Free City | Sid Burgess http://bit.ly/d7IXV5

    Reply
  18. Susan Rosen says:
    February 9, 2010 at 3:00 pm

    Debt Free City | Sid Burgess: A city of no debt and plenty of cash for the grandkids to live on. Mississauga has s… http://bit.ly/d7IXV5

    Reply
  19. Bobby Casey says:
    February 9, 2010 at 3:21 pm

    Can we get Hazel to run for US President? She may even be younger than McCain.

    Reply
  20. Rich McGrath says:
    February 9, 2010 at 3:35 pm

    88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://sidburgess.com/debt-free-city

    Reply
  21. Rich McGrath says:
    February 9, 2010 at 3:35 pm

    88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://sidburgess.com/debt-free-city

    Reply
  22. Adam Chavez says:
    February 9, 2010 at 4:08 pm

    http://bit.ly/9Or59o 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank.

    Reply
  23. Toby Davis says:
    February 9, 2010 at 4:09 pm

    RT @BitmobRich: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://sidburgess.com/debt-free-city

    Reply
  24. Ryan Liang says:
    February 9, 2010 at 5:19 pm

    RT @justinvincent: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank. http://bit.ly/9ylIVx

    Reply
  25. Anthony Morales says:
    February 9, 2010 at 5:36 pm

    RT @cubitplanning: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://bit.ly/cte3R1

    Reply
  26. Brian Irish says:
    February 9, 2010 at 6:16 pm

    88 Year old Mayor of Missassauga, Ontario – debt-free city with $700mil in reserve funds: http://sidburgess.com/debt-free-city #whoa

    Reply
  27. Top Hacker News says:
    February 9, 2010 at 6:31 pm

    88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank. http://cli.gs/DzpVH http://ff.im/-fF9BE

    Reply
  28. Andrew Ford says:
    February 9, 2010 at 6:34 pm

    RT @tynanbtyb: It takes a lot for me to say something nice about Canada, but what an awesome mayor! http://sidburgess.com/debt-free-city

    Reply
  29. redblogroll says:
    February 9, 2010 at 6:35 pm

    RT @sidburgess: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://su.pr/3tNWxX

    Reply
  30. tulsaoknews says:
    February 9, 2010 at 6:35 pm

    RT @sidburgess: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://su.pr/3tNWxX

    Reply
  31. horseblogs says:
    February 9, 2010 at 6:35 pm

    RT @sidburgess: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://su.pr/3tNWxX

    Reply
  32. troysports says:
    February 9, 2010 at 6:35 pm

    RT @sidburgess: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://su.pr/3tNWxX

    Reply
  33. foundingquotes says:
    February 9, 2010 at 6:35 pm

    RT @sidburgess: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://su.pr/3tNWxX

    Reply
  34. ALsportsnews says:
    February 9, 2010 at 6:35 pm

    RT @sidburgess: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://su.pr/3tNWxX

    Reply
  35. munitoday says:
    February 9, 2010 at 6:35 pm

    RT @sidburgess: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://su.pr/3tNWxX

    Reply
  36. tweetjoker says:
    February 9, 2010 at 6:35 pm

    RT @sidburgess: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://su.pr/3tNWxX

    Reply
  37. usaviationnews says:
    February 9, 2010 at 6:35 pm

    RT @sidburgess: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://su.pr/3tNWxX

    Reply
  38. Jonas Huckestein says:
    February 9, 2010 at 6:36 pm

    RT @sidburgess: Debt Free City http://bit.ly/bS0a4L

    Reply
  39. Dustin Hurst says:
    February 9, 2010 at 6:38 pm

    RT @tynanbtyb: It takes a lot for me to say something nice about Canada, but what an awesome mayor! http://sidburgess.com/debt-free-city

    Reply
  40. orange333222 says:
    February 9, 2010 at 7:29 pm

    RT @sidburgess: 88yr Old Mayor Gets City Debt-free & Puts 700M Cash In The Bank http://su.pr/3tNWxX

    Reply
  41. Michael + Camille says:
    February 9, 2010 at 8:47 pm

    RT @sidburgess: Debt Free City http://bit.ly/bS0a4L

    Reply
  42. anton vaynshtok says:
    February 9, 2010 at 9:55 pm

    it took me 15 hours to post this cuz I couldn't come up with an awesome enough description for this lady http://bit.ly/cERhci

    Reply
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