Lacombe city council to have 2024 budget deliberations next week

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• Reserve Withdrawal: $5.07 million

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• Outside Sources: $1.15 million

• Debentures: $0.45 million

• Total Funding Sources: $10.02 million

The City says there are 24 projects proposed for the 2024 Capital Budget.

The 2024 – 2033 Capital Plan, meanwhile, aims to outline the City of Lacombe’s future capital requirements based on council priorities and existing infrastructure maintenance requirements, note City officials.

The expenditures are said to be grouped based on Division. The estimated capital expenditures represented in the 2024-2033 Capital plan are $80.8 M (before inflation).

City officials say the plan also identifies potential funding sources to fund these capital expenditures within the 10-year horizon. According to the City, the proposed funding combines third-party contributions, debenture borrowing, grants, and reserve withdrawals.

Major Capital Projects in the 10-year plan include:

• Fire Station Building (2023 – $0.5M, 2024 – $2.25M, 2025 – $2.25M) – Total Cost $5M

• Fire Ladder Truck Replacement – (2023 – $0.2M, 2024 – $0.5M, 2025 – $1.3M) – Total Cost $2M

• Roads Renewal Program – Capital Works – (2025 – 2033) – Total Cost $16.2M

• Pumphouse D – (2025 – $0.05M, 2026 – $1.0M, 2028 $5M, 2029 $5.628M) – Total Cost $11.678M

Elsewhere, officials note, City administration prepared the 2024 draft budget based on council’s direction at their Committee of the Whole meeting on Aug. 14, 2023.

The Annual Budget and Taxation Preparation Policy and Compensation Policy target the tax rate increase and staff Cost of Living Adjustment (COLA) to the Alberta Consumer Price Index (CPI). The average of the Alberta CPI increases for the 12 months from July 1 to June 30 equals 5 per cent, say City officials.

On Aug. 14, 2023, council directed administration to prepare the 2024 Operating Budget with a 4 per cent tax rate increase, a 1 per cent Special Paving Tax and a Cost-of Living allowance of 3 per cent.

Council accepted the proposed 2024 Operating Budget and all the above-mentioned reports for discussion at the Council Budget Deliberation Workshop on Oct. 30 and Oct. 31, 2023.