MAPLETON – A $10,000 increase to the township’s 2023 Community Improvement Plan (CIP) budget has been approved by council.
Mapleton economic development manager Aly Hill said the CIP has been very successful so far in 2023.
“We have a $20,000 budget every year for this” Hill told council at the May 9 meeting. “At the time that I made this report, we had $16,835 approved. And we still only have that much approved, but we have gotten another application in that would be eligible for another $3,413, which goes over our $20,000 maximum.”
Hill noted the additional funding request is one of three outstanding inquiries about this year’s program.
The three applications already approved for 2023 have “resulted in approximately $70,000 invested in our community,” she pointed out.
Under the township CIP, businesses can apply for up to $10,000 in funding, which can quickly leave the fund short when larger applications come in, Hill explained.
“We do just want to support as many businesses as we can in the community and, as of now, we will be hitting our maximum of $20,000. So, if council is all in support, we would like to increase it another $10,000,” she added.
“My first question is, is $10,000 enough?” asked Mayor Gregg Davidson. “We’re in May, and we’ve already spent twenty.”
Hill explained the one application that’s been submitted and not yet approved would only put the program about $250 over budget. However, she said there have been two other “hard inquiries” about the funding.
“They have not applied yet, but they are interested at this point. I haven’t heard from many others, so I do think that $10,000 would be enough,” she said.
“As far as transfer of funds, how does that work in the larger scheme of budgets and what’s available?” asked councillor Martin Tamlyn.
Director of finance John Morrison said the funding is available in the 2023 capital budget for infrastructure projects and could be re-directed.
Council approved a motion authorizing the increase to the CIP budget and a corresponding transfer of funds from capital reserves.