A draft budget released at the Oct. 24 council meeting is forecasting a minimal tax increase of 0.88 per cent (or $18.36 per household per year); this is based on revenues of $48.9 million and matching expenditures in a balanced budget.
In addition to the $48.9 million there is a $6.2 million principal payment on the aquatic/curling multi-sport facility, to be covered by capital funding sources.
Administration is also requesting to hire the equivalent of five full time employees, citing the 32 per cent growth since 2013 as exhausting on current staffing. The town’s workforce is comprised of 320 individuals – 246 permanent, full time, part time and casual; 74 non-permanent positions.
This includes the request to hire a deputy fire chief.
Capital projects are anticipated to cost $18.3 million next year and include: Bow River Bridge and connections next steps ($5.6 million); wastewater capacity increase: phase one transfer station wet well ($4.9 million); community revitalization levy downtown rail crossing next steps ($3 million); roads renewal surface improvements to collector roads ($1.5 million); water plant improvements ($700,000); facilities growth ($500,000); Griffin Road and River Avenue traffic signals ($400,000); fleet and equipment ($400,000); new dog park by Highway 22, north of Quigley ($300,000); facilities life cycling ($300,000); Horse Creek rail crossing detailed design ($100,000); Spray Lake Sawmills Family Sports Centre: elevator, martial arts and climbing wall ($100,000); and $500,000 marked as “other.”
The town is currently at 55 per cent of its debt limit, as approved by council. The draft budget estimates Cochrane would reach 61 per cent by the end of 2025, largely due to the next phase of twinning the wastewater pipeline.
The draft calculated an estimated $10,000 increase in fuel costs and $30,000 in power.
The town is encouraging feedback from the public up until budget deliberations, which begin Nov. 24.
Residents can provide feedback by completing a form at cochrane.ca/Budget or by stopping by the open house at the Visitor’s Info Centre Nov. 19 from 11 a.m.-2 p.m.
