The Town of Cochrane received confirmation of 2019/2020 provincial and federal funding totaling $7.1 million.
Mayor Jeff Genung is pleased that the Provincial Government has recognized the Town’s request for continued infrastructure funding support for municipalities.
“As one of the fastest growing communities in Canada, support for infrastructure investments are crucial,” said Mayor Jeff Genung. “This necessary provincial and federal investment in our community is appreciated and we look forward to working with the Alberta government to develop a framework that ensures the legislated, predictable and stable funding for the municipal infrastructure required to support local and regional growth.”
The Town will receive $4 million in provincial funding from the Municipality Sustainability Initiative (MSI), which helps support local infrastructure priorities. The Town will receive an additional $1.6 million from the federal Gas Tax Fund (GTF), which is provided to provinces and territories to flow to municipalities, who can choose to pool, bank and borrow against this funding, providing financial flexibility. In addition, the Town will receive a $1.5 million one-time top up from the GTF.
In 2018, the Town received $4.2 million in MSI funding and $1.45 million in GTF. These funds were used to support the Jack Tennant Memorial Bridge and the new pool and curling rink at the Spray Lake Sawmills Family Sports Centre. The 2019/2020 MSI and GTF funds will be used to support Council’s Community Connectivity strategic priority.
Project: Amount allocatedFinal debt payment on the pool and curling rink: $1.626MGeorge Fox Trail upgrades and road rehabilitation: $1.579MTransit buses: $660,000Bus stops and transit software: $495,000Design for Centre Ave / Highway 1A widening: $300,000Smart city business plan and fibre implementation: $200,000
Unallocated funds will be considered in the 2020 budget planning process.