City Council approved a $80.7 million capital budget this morning after three days of deliberation. The capital budget includes projects that will take place in 2018, or projects that require additional funding from previous years.
The 2018 Capital Budget concentrates on adjusting to the new financial reality. Some of the items passed during Council deliberation include:
- Infrastructure replacement and rehabilitation projects including Crown Paving, roadway reconstruction and stormwater infrastructure.
- Current growth projects are focused within the current city growth area and include approved projects such as Waste Management infrastructure, and Highway 11A sanitary trunk extension.
- Future growth projects prepare The City for the new growth area and includes approved projects such as storm offsite projects.
- Community Amenity projects included approved projects such as Bower Ponds node enhancements and sports fields upgrades.
“With Red Deer continuing to see the residual effects of slower growth in our community, we are focusing our investments towards projects and infrastructure that ensure our sustainability,” said Mayor Tara Veer. “We recognize the importance of keeping tax rates as low as possible for our citizens while the economy moves through a state of recovery. We will continue to advocate for Red Deer’s needs with the provincial and federal government.”
With the approval of today’s capital budget, The City’s estimated debt limit sits at 58 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 sustainability for our community and kept the current economic reality at top of mind,” said City Manager Craig Curtis, “The reality is growth was slower for Red Deer over the last few years, and recognizing this, we recommended a capital budget that is $29 million less than what we proposed in 2017 while putting forward a plan that respects Council’s direction, vision and budget guidelines surrounding debt limit and tax increases.”
Along with the 2018 Capital Budget, Council approved the 2019-2027, $1.3 billion capital plan in principle allowing the flexibility for administration to adjust the priorities outlined in the plan based on community need 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