Lacombe City council has received a draft of the 10-year Capital Plan, which outlines council’s future capital priorities.
The estimated capital expenditures represented in the 2023-2032 Capital plan are $80.7 million (before inflation), according to a release.
The plan also identifies potential funding sources, including third-party contributions, debenture borrowing, grants and reserve contributions.
The first year of the Capital Plan is the 2023 Capital Budget, which will be approved to authorize capital expenditures. The remaining nine years (2024-2032) are for planning and do not authorize capital spending. The plan does meet provincial and federal requirements for multi-year capital planning.
Significant projects in the 10-year Capital plan include:
1. 2023 Capital Works Program – $5.7 million
2. Fire station building (2023 - $0.5 million, 2025 - $4.5 million) – $5.0 million
3. Fire ladder truck replacement – (2023 $0.5 million, 2025 $0.7 million, 2026 $1.1
million) - $2 million
4. Roads Renewal Program - Capital Works – (2024 - 2032) - total cost $16.2 million
5. New water reservoir and decommissioning of Pumphouse B - (2025 - $0.2 million, 2026 -
$1.0 million, 2027 $9.8 million) – total cost $11.0 million
The 10-year Capital Plan is updated every year during the annual budget process. Council will deliberate the proposed plan at upcoming regular council meetings.
Meanwhile, council has also been presented with the 2023 Capital Budget
Council received a draft of the 2023 Capital Budget, which includes 32 projects at the anticipated cost of $10.35 million.
If approved, the budget funding sources include $2.87 million from grant funding, $6.04 million from reserve fund withdrawals, $690,000 from other sources, and $750,000 from debentures.
“Council is excited to get the 2023 Capital Budget off the ground,” Mayor Grant Creasey said.
“This draft will help council at our upcoming budget deliberations ensure that our residents are getting the maximum return on their investment into our community.”
The proposed funding will be distributed amongst four divisions, including $74,410 towards the Lacombe Police Service, $1,697,500 towards Corporate Services, $7,392,060 towards Operations and Planning Services, and $1,189,000 towards Community Services.
Council will deliberate the proposed 2023 Capital Budget and any proposed amendments at a future meeting.