On Monday, city council will do budget deliberation for the new year and from what it looks like, there will be nothing new coming for the city as it is trying to maintain its current needs only, and operate with $22-Million shortfall in the forecast.
“Due to limited resource availability, the 2018 Capital Budget currently only addresses the maintenance of current assets and regulatory requirements. The 2019–2022 Capital Forecast currently reflects unfinanced requirements of approximately $22 million required for asset maintenance. Future capital budgets will require additional funding through the levy to address this shortfall, or projects will continue to be deferred,” the agenda reads.
So what does that mean for next year? No changes to the McMeeken! Unless future taxes are raised or additional funding agencies are acquired.
“The McMeeken Centre arena replacement has not been included in the Capital Budget forecast. A utilization study is currently being completed to verify the requirement and funding source for potential replacement.
As with other similar projects of such magnitude, in order for the City to proceed with this development, funding needs to be obtained from other sources. The City will consider funding the remaining amount primarily through issuance of debt, so as not to not take away funding from the strategy for the capital repair and maintenance of the existing facilities. As with most previously issued City debt, the servicing of this debt will likely be added to the tax levy.
Staff will report back to Council upon completion of the utilization study and when more information becomes available regarding potential funding programs available for projects of this nature.”