Lacombe passes 2018 Capital and Operating budgets

By rdnewsNOW
December 19, 2017 - 8:58am

LACOMBE- City Council has approved the 2018 capital and operating budgets.

The 2018 Operating Budget reflects a 1.3 per cent tax rate increase.

 An average house valued at $373,033 will see an increase of $30.28 for the year. 

The 2018 Operating Budget has combined total revenues and expenses of $35,669,789, resulting in a balanced budget.

Budget highlights include:

- Additional Property Tax Revenues resulting from a 1.3 per cent tax increase generates $176,800
- One per cent Increase for Lacombe Police Service Members
- 0.4 per cent Cost of Living adjustment for all other City Employees
- Debt repayment amounts to a total of $2,445,239 ($845,163 interest and $1,600,075 principal)
- Transfer payments to reserves amount to a total of $2,173,415

There will be slight increases in the wastewater consumption rate and the solid waste rate for apartments will increase by $1.03 to $17.27 per month, and commercial rates will increase by $9.91 to $109.89 per month.

The 2018 Capital Budget will see a total of $2.838 million dollars in 38 new capital projects, and $15.175 million in carryover costs from 2017 projects, for a total of $18.013 million.

The majority of costs are related to the following:
- West Area Servicing (water and sewer trunk main/76 St and Highway 12 intersection upgrade) - $15,175,608
- Henner’s Storm Outlet (design and land only) - $310,000
- Eastbound left turn lane at 50 Ave and 58 St - $306,075 
- North Taxiway at the Lacombe Airport - $128,000
- Public Works Building roof replacement/washroom renovations - $287,810
- Trail system improvements - $608,475

The balance of expenditures is spread through a variety of infrastructure projects, equipment and vehicle acquisitions.

"Council believes this is a prudent and realistic budget, responsive to the needs and preferences of our citizens," said Mayor Grant Creasey. "It allows us to develop new infrastructure to encourage economic growth, which will help ease the burden on residential ratepayers. The budget process has been open and transparent, and we are committed to delivering value to taxpayers."

Council will formally set the property tax rate in April, after the provincial budget is announced.

(Gary McKinnon - The City of Lacombe)

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