Today, City Council approved a $105 million Capital Budget. The Capital Budget includes projects that will take place in 2017, multi-year projects starting in 2017 or projects that require additional funding from previous years. Council started deliberations with a proposed $106.8 million budget that was reduced by $1.8 million over the course of two days.
The 2017 Capital Budget focuses on investing in infrastructure to keep our city sustainable, and the projects that benefit the city today and in the future. Some of the items passed during the two day Council deliberation include:
- Infrastructure replacement and rehabilitation projects, like pavement rehabilitation and roadway reconstruction.
- Current growth projects, like North Red Deer Regional Water Services Commission supply line purchase, improvements on Ross Street at Rideout Avenue and 20 Avenue.
- Future growth projects, like Taylor Drive intersection improvements, storm and water offsite improvements and waste management infrastructure for the Green Cart Program.
- Community Amenity projects, like Riverwalk Phase 2 and Plaza, Red Deer Royals legacy project, Cronquist House preservation and playground development in Lonsdale.
“With Red Deer facing the challenge of slower growth due to a changing economy, we are focusing our investments towards projects and infrastructure that ensure our sustainability, while deferring other capital projects into future years,” said Mayor Tara Veer. “Investments made in infrastructure during a slower economy help to provide job opportunities, investment opportunities, increased community amenities and positive future outlook, while respecting our communities ability to afford it.”
With the approval of today’s capital budget, The City’s estimated debt limit for 2017 sits at 66 per cent, which is below the 75 per cent debt limit set by Council.
“When we developed this budget for Council’s consideration, we focused on providing quality infrastructure for Red Deerians, while keeping sustainability and the current economic reality in mind,” said City Manager Craig Curtis, “We recommended a capital budget that was $26 million less than what we proposed in 2016 that respects Council’s direction, vision and budget guidelines surrounding debt limit and tax increases.”
Along with the 2017 Capital Budget, Council approved the 2018-2026, $1.3 billion Capital Plan in principle allowing the flexibility for administration to adjust the priorities outlined in the plan based on community need, economy, grant availability and project funding.
“A project’s inclusion in the Capital Plan does not mean that it is necessarily going ahead, it simply means that The City is considering it, planning for it, and looking at financing options,” said Curtis. “We plan projects well into the future based on Council direction, community needs and funding.”
To see further details on the approved capital budget, visit www.reddeer.ca/budget.
For more information, please contact:
Mayor Tara Veer
The City of Red Deer
Communications & Strategic Planning
The City of Red Deer