High River Council passed the 2018 to 2022 capital budget of $4.95 million at the Monday, February 12 regular meeting. The five-year capital budget maintains fiscal responsibility by only approving the highest priority projects that the Town has the financial resources and capacity to undertake.
The Town will be faced with several large critical infrastructure projects in the next five to ten years. The focus of the 2018 to 2022 capital budget is on retaining reserves, maximizing available grants and debenture borrowing to be able to fund these projects in the coming years, while continuing to invest in needed infrastructure.
For 2018, the Town has allocated $4.2 million to the capital budget to be funded from reserves and regular grants.
The assistance of the Government of Alberta through long term recovery support and flood mitigation grants in the last four years has greatly improved the Town’s infrastructure and there is no new funds allocated for 2018 as the projects are coming to an end.
Approved capital projects fall under the following categories:
• Reinvestment in existing infrastructure – Repairing, replacing and maintaining existing infrastructure.
• Priority infrastructure – Equipment and facilities for core municipal services are replaced and refurbished.
• Planning for the future – Proactively addressing future service demands and environmental requirements.
• Implementation of broadband project
Each year, Council approves the current year’s capital budget along with those projects with multi- year funding for five years.
As part of the Town’s strategic financial plan, a ten year capital plan is also presented in order to provide Council and Senior Leadership with the tools to responsibly plan for future capital expenditures. This enables Council to review and prioritize the long range capital plan in line with the Council Strategic Plan and determine appropriate funding mechanism available to the Town to fund the priority projects.