Capital Budget Overview Nov. 9: Increase of 1.25% for infrastructure, more transit funding, 12 new initiatives

The Nov. 9 Committee of the Whole - Budget meeting will provide an overview of the 2018 Capital Budget. Discussion of the Capital Budget will continue with a review at the Dec. 1 COW - Budget meeting. Recommendations will go to City Council Dec. 11 for final approval.I serve as Chair of COW-Budget. Watch for more details on these items, and My Take.

Overview:

• The budget reflects incremental tax supported funding of 1.25% ($1.9 million) from the operating budget to support infrastructure requirements of the city.
• There are 12 new capital initiatives in 2018 totalling $4.1 million (net city $1.5 million).
• Transit is underfunded. As part of the 2018 proposed capital budget, $787,000 of tax supported capital funding has been included to support transit facility and IT requirements in advance of the longer-term funding strategy.
• The capital budget uses a variety of sources for funding the program. Tax supportedfunding (cash and debt funding from the operating budget) continues to be the largestcomponent accounting for roughly half (57%) of the overall funding envelope. Thebudget continues to rely on the cash flow from development charge revenue to fundgrowth projects (8%) and park dedication reserve fund (4%) and other recreation facilityrenewal reserve funds for parks & recreation assets.
• The city’s debt policy limits the total debt charges and liabilities as a percentage of revenues to 12.5% (provincial legislated limit is 25%). The city is at the debt limit over the next two years as the city is still required to make the last hospital cash commitment of approximately $15.5 million, after which debt capacity will become available.

Read the full agenda and related reports here: COW Budget Nov. 9Residents can register to delegate (speak to committee) on any item on the agenda for up to 10 minutes. Advance registration is required: Register as a DelegationAny motions or recommendations arising from this meeting will go to City Council for final approval Dec. 11, 6:30 pm, in Council Chambers. Residents can delegate at council for up to five minutes. Advance registration is required: Register as a DelegationIf you already spoke on an item at Committee, you can speak to Council, but must bring new information on that item.