Town receives $7.1 million from feds/province

The Town of Cochrane will receive provincial and federal funding totaling $7.1 million for the 2019/2020 budget cycle.

Mayor Jeff Genung said he is pleased that the provincial government has recognized the town’s request for continued infrastructure funding support for municipalities.

 “As one of the fastest growing communities in Canada, support for infrastructure investments are crucial,” said Genung. “This necessary provincial and federal investment in our community is appreciated and we look forward to working with the Alberta government to develop a framework that ensures the legislated, predictable and stable funding for the municipal infrastructure required to support local and regional growth.”

To kick off the year, Cochrane hosted the Alberta Mid-Sized Cities conference where municipalities from around the province gathered to discuss issues. One of those issues was working with the province for a predictable funding model, similar to the deal Calgary and Edmonton received for provincial funding. 

The town will receive $4 million in provincial funding from the Municipality Sustainability Initiative (MSI), which helps support local infrastructure priorities and an additional $1.6 million from the federal Gas Tax Fund (GTF), which is provided to provinces and territories for municipalities, that can choose to pool, bank and borrow against this funding, providing financial flexibility. In addition, the town will receive a $1.5 million one-time top up from the GTF.

In 2018, the Town received $4.2 million in MSI funding and $1.45 million in GTF. These funds were used to support the Jack Tennant Memorial Bridge and the new pool and curling rink at the Spray Lake Sawmills Family Sports Centre. The 2019/2020 MSI and GTF funds will be used to support council’s Community Connectivity strategic priority.

Unallocated funds will be considered in the 2020 budget planning process.