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By Ashley Lavallee-Koenig

NO IMPACT TO RESERVES

City council approves project-to-project fund transfer

Jul 23, 2024 | 9:47 AM

City council unanimously approved a motion Monday to transfer $800,000 from the Civic Yards Flood Berm project to the Storm Pond Reconstruction project at Piper Creek and 19 Street (adjacent to Westerner Park).

Transfers exceeding a certain amount, as outlined in Council Policy 5320.03C – Capital Budget Funding Policy, require council approval.

Both projects involved in this transfer are grant funded through the Investing in Canada Infrastructure Program, which means there will be no impact to the City’s reserves, officials say.

The Storm Pond Reconstruction project is intended to have a positive impact on the water quality in Piper Creek, which in turn should have a positive impact on the water quality in the Red Deer River.

The project supports the City’s Environmental Master Plan with points related to improving water quality in water bodies within Red Deer.

PROJECT COMPLETION EXPECTED FALL 2026

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In the July 22, 2024 meeting, council also approved the renewal of its operating line of credit.

Officials say this line of credit gives the City the flexibility to manage cash effectively, use investments to the greatest extent, fill the gaps in any short-term needs, and provide sufficient security of any letters of credit issued.

The City says it does not regularly use its line of credit but maintains it as a precautionary measure. There is no cost to maintaining it except for the interest accrued when funds are used. Interest is at prime minus 0.75 per cent.

The credit facilities specifically with the bank are:

• $22 million for a general line of credit
• $8 million for a letter of credit issued to the Alberta Electric System Operator
• $0.4 million for a letter of credit issued to Canada Fisheries and Oceans

Council also passed a minor amendment to the Zoning Bylaw Monday to increase clarity and reduce red tape.The intention is to improve efficiency in the application of the Zoning Bylaw by clarifying definitions and regulations to reduce interpretation errors, and clearly outline application requirements to avoid confusion regarding submission expectations.

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