DIDSBURY - Council has approved an updated funding model for the east reservoir project following news that the Town of Didsbury will receive $2.54 million under the Alberta Municipal Water/Wastewater Partnership grant program.
The move came by way of motion at the recent regularly-scheduled council meeting, held in person and online.
Previously council had approved a funding formula that called for long-term debt of $1.89 million, Municipal Sustainability Initiative/Local Government Fiscal Framework (provincial) funding for $788,703, and water reserves of $3 million.
The updated funding model calls for Alberta Municipal Water/Wastewater Partnership funding for $2,541,461, water offsite levies of $115,000, long-term debt of $2,841,527, and water reserves of $185,066.
The total costs of the east reservoir project has been set at $5,683,054.
“Financing this project with debt ensures that the current users of the system cover the cost of the project,” the town's chief administrative officer Ethan Gorner said in a a briefing note to council.
“Additionally, with many upcoming deep utility water projects across 2025-2030, and future maintenance projects related to the current reservoir, administration is proposing the east reservoir be funded with this (updated) funding model as it will leave more water reserves available for future projects.
“This would leave a balance of approximately $2,575,016 in water reserves at the end of 2024, assuming no other spending is approved.”
A borrowing bylaw would still have to come before council.
Council carried a motion approving the new funding model. The mayor and councillors Curt Engel and Dorothy Moore voted for the motion, councillors Ethan Williams and John Baswick voted against. Coun. Bill Windsor did not attend the Oct. 22 council meeting.