Cochrane council approved nearly $2 million in increased capital costs to the 2013 budget during its May 27 meeting. Totalling $1,967,000, the additional funding will go toward several key projects - $1,414,000 for Centre Ave.
Cochrane council approved nearly $2 million in increased capital costs to the 2013 budget during its May 27 meeting.
Totalling $1,967,000, the additional funding will go toward several key projects - $1,414,000 for Centre Ave. public space enhancement landscaping; $360,000 for two electronic messaging signs; $100,000 for Horse Creek Road surface improvements; $38,000 for sidewalk improvements at Quigley Dr. and Highway 22; and $55,000 to replace the microphones in council chambers.
Funds were also requested by Spray Lake Sawmills Family Sports Centre to help replace two ice resurfacers that are past life-expectancy, but was deferred to the 2014 budget cycle.
Council approved the transfer of 2012’s operating surplus of $612,922 to the major facilities capital reserve, bringing the balance to $1,201,853.
Of the $1,967,000 added to the 2013 budget, $1,414,000 is funded from the Basic Municipal Transportation Grant, with the remaining $553,000 coming from the road rehabilitation and major facilities reserves.
Braaten said the town is borrowing from the grant fund, but expects to reclaim the money through the Community Revitalization Levy.
Financial changes
A handful of changes to the Ten Year Financial Plan were presented to council, revealing some significant funding adjustments.
The town increased its maximum contribution for the future aquatic facility from $9.7 million to $19.7 million (which comes from MSI capital grants plus proceeds from the sale of surplus town lands).
Transit funding took a hit, being reduced from $9 million to $2.5 million.
The town also increased its maximum contribution for the future performing arts centre from $5 million to $7.4 million.
The final key adjustment to the financial plan was to base population projections to the year 2022 on four per cent growth per year rather than 4.5.
Fundraising update
Senior manager of community services Suzanne Gaida provided an update to council on the town’s efforts to raise funds for three major projects - aquatic centre, curling facility and arts and culture centre.
Gaida said there are two types of donors they are approaching to help fund the three initiatives, ‘those who give just to give, and those who want something in return.’
“To date, we have no hard commitments, ” said Gaida, adding that they are currently approaching those who can donate $250,000-plus.
The town has utilized the Goldie Company to act as campaign manager for the facilities fundraising project and a steering committee, of which Gaida is a member, has been established to identify potential donors.
Members of the committee have been trained by the Goldie Company to make initial contact with several stakeholder groups, such as swim and curling clubs and warm water therapy, to test the waters and see if there is an interest in funding or sponsorship.
Addressing a concern of councillor Jeff Toews, Gaida said once an interest has been identified, members of the steering committee will be provided support from either the Goldie Company or the town.
Toews also voiced excitement over the design plans for the aquatic centre, which will be presented during the next council meeting.
Gaida said a public campaign is expected to be launched early 2014 once initial funding has gained some momentum.
River Heights
A public hearing was established to address a proposed land-use bylaw amendment that would see 11.03 hectares of urban reserve land used to develop mixed housing, townhomes and a future shared school site.
The hearing will be June 10.
