Yorkton Council had another look at its 2016 Capital Budget at its regular meeting Monday.聽聽聽聽聽聽聽聽 聽
鈥淭he 2016 Capital Budget was presented to the Committee of the Whole Council at their June 22, 2015 meeting.聽 At that time Management was directed to refine the costs of the proposed capital projects and to bring the 2016 Capital Budget back to a future Committee of the Whole Council Meeting.聽 Since its鈥� original submission, the 2016 Capital Budget has been revised to better represent the work that will be able to be completed in 2016,鈥� Shannon Bell, Director of Finance, told Council.
Bell said the new document reflects changes undertaken over the past few months.
As an example; 鈥淭he multi-year projects, such as the Main Sanitary Sewer Truck Main Outfall, the Rehabilitation of the Existing Sanitary Sewer, the Drainage Channel Improvements and the Culverts under Highway #9, have been adjusted to only include the preliminary work of the project in 2016.The actual construction of the projects will not be completed until 2017 at the earliest.聽 If it is determined that these projects are to proceed then they will require long term financing in 2017,鈥� she said.
In addition, after discussions with Council Bell said the document includes projects which may not proceed in 2016 until after the review of operations has been complete.
鈥淭hese include the City Transit Bus, Drake Field Spray Pad, Gloria Hayden Court Walls and the Farrell Agencies Arena Expansion. The estimated costs of these projects have been removed, however if Council wishes to add any of them back to budget we would just need to update the long term financing that is required to fund the 2016 Capital Budget,鈥� she explained.
With Council鈥檚 approval the 2016 Capital Budget would be $19,786,355, which would require long term financing to carry out, said Bell. The amount to be borrowed would be approximately $6,200,000.
鈥淭his loan would be repaid over 10 years beginning in 2017,鈥� said Bell.
The Capital Budget was then tabled until the Jan.11, 2016 meeting of Council.
