Preliminary figures indicate the Town of Minto will need to raise about three per cent more in local tax dollars to fund capital projects in 2014.
Capital works were discussed at a Jan. 23 budget session and treasurer Gordon Duff said council and staff have already pared down the wish list from preliminary figures that would have seen the municipality spend about $7 million on projects.
“We’re coming in slightly over $5 million now,” said Duff, noting that amount would require the municipality to raise about $350,000 through local taxation for capital projects, less than 3% more than in 2013.
In 2013, Minto spent $6,100,500 on capital projects, primarily funded by reserve transfers, grant funding, plus $1 million in debentures, leaving $328,505 in capital projects to be funded by taxes.
Duff said most of the 2014 capital projects will again be funded through a combination of reserves, grants and financing.
“There’s the last part of the water meter project, so we’ll be borrowing for that,” said Duff.
Work on the 16th Line bridge will be covered by a $590,000 Municipal Infrastructure Investment Incentive program grant and the town is still awaiting word on funding of about $100,000 for another proposed bridge project.
The bulk of the rest of the capital projects are designated to be funded through reserves, Duff said.
He explained the town has spent considerable money on its three arenas in recent years and, with reserves now in place to cover replacement of fire trucks and other equipment, funding road work is the biggest challenge in this year’s budget.
“There is so much road work today and just not enough money to pay for it all. I think that’s the biggest challenge by far,” Duff stated.
Construction of a new roadway in the Palmerston Industrial Park to facilitate development there will be among the major capital projects for 2014, said Duff, with more to be identified and prioritized through a recently-completed roads needs study.
“We’re trying to address some of that backlog, but there just isn’t enough money to do more than a bit of it,” he said.
Council is aiming to pass the 2014 budget sometime in March. Duff said a public open house process is planned prior to passage.
