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July 15th, 2015 ~ Vol. 85 No. 28
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Municipality to borrow $10 million to finance capital projects
Crowsnest Pass Herald Front Page
EZRA BLACK
Pass Herald Reporter
The municipality is borrowing $10 million to help finance almost $53 million in capital projects as part of the 10-Year Capital Plan.
“That’s the grim story of the next ten years when it comes to capital projects,” said CAO Sheldon Steinke at a July 7 council meeting.
At that meeting, council adopted the plan that will allow for prior approvals of equipment purchases and borrowing for capital projects through to 2024.
The municipality will be spending about $8.8 million to replace municipal vehicles, almost $9 million for deep infrastructure replacement and about $7.5 million for roadwork and upgrades to the electrical grid.
But the biggest expenditure will be an $18 million investment in the Frank Wastewater Treatment Plant from 2016 to 2020.
continued below ...
To pay for these projects, the municipality has applied for $41 million in federal and provincial grants while administration is developing borrowing by-laws that will be submitted to council at a future date.
A small amount of cash will be coming from land sales and the municipality will be saving about $100,000 a year in operating costs starting in June 2017 with the scheduled closing of Albert Stella arena but Councillor Dean Ward pointed out that the plan is open to modification.
“Just so I’m clear, this document is a living document, we’re going to revisit it every year and adjust and change according to the circumstances,” said Ward.
“Correct Councillor Ward,” said Steinke. “It’s not a tombstone document, it’s a living one.”
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July 15th ~ Vol. 85 No. 28
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