Council has approved the amendments to the 2015 Capital Budget, which include $8.7 million in carryover and in-progress projects from 2014, and $29.9 million (up from original estimate of $20.9 million in December 2014) in new capital projects for 2015.
“The primary source of information for the 2015 capital budget is the 2015-2024 10-year capital budget, which has been prepared in conjunction with the 2014 capital budget for carry over projects,” said Chief Administrative Officer Norma MacQuarrie. “Revenue sources, and in particular grant funding, has been adjusted on a number of projects to reflect updated costs and grant balances.”
The 2015 capital budget was initially approved in December of 2014. At the time, $20.974 million in new capital projects was approved. The current proposed revised capital budget for 2015 has a current balance of $38.6 million.
As part of the annual budget review, administration has reviewed the 2015 capital budget in accordance with council’s budget policy and proposed a number of changes.
In total, an additional $17,641,997 in additional capital was identified in the 2015 capital budget, as compared with the December document.
New projects already approved include the 45th Street Storm Main at $2,810,000, and the pump house reservoir replacement at $4,039,000.
“The addition of the new projects will have an impact on grant balances,” said Corporate Services Director Michael Minchin. “These changes in grant fund balances will have an impact on the 10-year capital plan going forward. Those impacts will be presented during the 10-year capital plan review later this year.”