At their most recent council meeting, the City of Lacombe approved their 10-year Capital Plan, which helps to outline the City's capital priorities for the next decade.
It also details potential sources of funding, including third-party contributions, debenture borrowing, grants, and reserve contributions. A debenture is a type of bond or other debt instrument that is unsecured by collateral.
“Council is pleased to approve the 10-year Capital Plan. This document provides the City and Council a useful tool to help manage municipal assets. Council can continue to act prudently to provide the necessary services and infrastructure in a growing community,” Mayor Grant Creasey said.
The document does not authorize capital spending – only the Capital Budget may do so. However, the plan does meet provincial and federal requirements for multi-year capital planning.
Significant projects in the 10-year Capital plan include:
- Public Works Building – Total cost $5.0 million
- C&E Trail Upgrades - 63rd St north to City Boundary –Total cost $7.2M
- Fire Hall – Total Cost $5.0 million
- Tower 1 Aerial Fire Response Truck – Total Cost $1.6 million
- Pumphouse B – Upgrade Reservoir -– Total Cost $3.5 million
The plan is fully funded and relies on increased debt servicing. Estimated costs are based on 2021 prices.
The plan is contingent upon a 2% municipal growth rate – which was reflected in the 2019 Municipal Census.
The 10-year Capital Plan is updated every year during the annual Budget process.