Minimum Payment Warning
Minimum Payment Warning, DCR Capital Spending
By Chuck Anastas | March 2022
The table below shows what the Commonwealth’s Minimum Payment Warning might look like if the Department of Conservation and Recreation’s (DCR) $1.0 billion deferred maintenance backlog was a credit card balance.
Minimum Payment Warning: If you make only the minimum payment each period, you will pay more, and it will take you longer to pay off your balance. For example:
If you make no additional charges using this card and each year you pay...You will pay off the balance shown on this statement in about...And you will end up paying an estimated total of...Only the minimum payment:$85 million18.4 years$1.564 billion
DCR’s Chief of Planning and Engineering Patrice Kish reported at last month’s Stewardship Council meeting that DCR has devoted $85 million to capital projects in FY2022. Using the $85 million as the minimum payment and adding a conservative five percent for inflation and yearly additions of existing maintenance projects coming online, we will...