The Town of Cochrane has been internationally recognized for its savvy financial aptitude.
The Government Finance Officers Association (GFOA) of Canada and the U.S. has bestowed an award to the town for Excellence in Government Finance for its work on finalizing the Community Revitalization Levy (CRL).
Cochrane mayor Truper McBride is thrilled the town was recognized by such a prestigious organization.
“Council and administration worked exceptionally hard with Municipal Affairs to finalize the CRL,” he said. “Without it, the long-range vision of an integrated, vibrant downtown simply would not be able to happen.”
The CRL is a one-time opportunity for the town to redirect the education portion of collected property taxes to enhance a specific CRL area. These funds – between $4.7-$6.1 million – would otherwise be seized by the province in the form of an education tax, but if utilized properly would instead be targeted to support the cleanup and redevelopment of ‘brownfield sites.’
The secret for success with the CRL program is to focus in on areas and structures that would see the most significant assessment increase once refurbishment is complete; in Cochrane’s case, the Quarry site, along with some parcels of land to the northwest of the site, best meets such a criteria.
The GFOA award submission stated that Cochrane was the first small community in Alberta to utilize the CRL program.
Calgary and Edmonton have both taken advantage of the levy.
The GFOA award sent to the town said, “The GFOA is proud to recognize the initiative as a contribution to the practice of government finance that exemplifies outstanding financial management.”
The town estimates that the increased value of the land in the CRL area will increase tax revenue by around $13.8-$17.9 million in the next 20 years, all going toward the further enhancement of the targeted 23-hectare area.
The project has a maximum 20-year lifespan; at that time, taxes collected from the area will no longer be directed to CRL projects.
The GFOA helps to enhance and promote the professional management of governments with development of financial policies and practices. A professional association, the GFOA boasts approximately 17,500 state, provincial and local government finance officers, and governments must submit an entry form to be eligible for an award.
The town approved the CRL bylaw during a special meeting on Nov. 29, 2012, with the province giving it the go-ahead the following month.
The town will receive the GFOA award this June at a ceremony in San Francisco, Calif.
