Okotoks is getting more money for infrastructure from the 2011 provincial government than it originally expected.
The Town will receive $4.45 million from the provincial Municipal Sustainability Initiative (MSI) program for the 2011-12 budget year. This amount is up 7.8 per cent or $322,910, over last year.
Louise Wasylenko, Okotoks’ municipal financial services manager, said the Town was not expecting to get the additional funding. Wasylenko said the MSI program is one of the Town’s primary sources of funding for capital projects. Last year, the Town put the bulk of its MSI funding towards the 32nd Street bridge. Under MSI program rules, the Town can use $4.1 million for capital projects and $323,313 for operating projects.
Town council has made plans to use some of the MSI funds on potential projects included in its capital budget for this year, but no decision has been made about what to do with the extra money coming this year. She said the Town always has a list of things it needs to do and the extra money will help.
While $300,000 won’t be enough to pay for things like a fire hall or a field house, Wasylenko said it could still help to limit the impact major infrastructure projects have on the Town’s bottom line. It could be used to reduce the amount of money the Town would need to borrow or pull from its savings to pay for projects, she said.
This year, the Town has earmarked $2 million in MSI funds for implementing new resource recovery projects. She said the plan, which has not yet been approved by council, was to put a large share of the funds towards new vehicles.
The Town will have to wait a little longer before it can finalize its property taxes. The Province unveiled its 2011 budget on Feb. 24, but the Town is still waiting to hear what the Province is asking for the education portion of property taxes.
It’s the last piece of the puzzle the Town needs before it can finalize the final property tax bill for this year. The Town doesn’t need to do so until the end of April.
Town council approved a 3.5 per cent increase to the municipal share of the property taxes in December. The increase represents an additional $59 in taxes on a typical home in town, bringing the municipal portion of taxes up to $1,758.
