The City of Cold Lake says Christmas has come early as they hashed out their 2020 budgets. On Monday the city announced a balanced interim operating and capital plan.
“We are still working with the government on the future of ID 349,” Mayor Craig Copeland said. “This agreement may have substantial impacts on our community’s future for years to come, and so we can’t hastily arrive at a 2020 budget and future financial forecasting until ID 349 is settled.”
The plan calls for $12 million to maintain operating expenses until the middle of March. A capital budget of just under $3 million was also given the thumb up. Copeland says that number is an indicator of just how temporary this budget has to be.
“The City of Cold Lake requires a capital spend of approximately $10 million simply to maintain our infrastructure in its current state. In order to make headway in this community, to prepare for growth, and to take on large-scale projects such as the new wastewater treatment facility we know we will need, that number needs to be higher. We are holding the line for now and will work on an equitable, permanent solution for ID 349 – a solution that will bring greater certainty to our region and will respect all taxpayers.”
The 2020 Operating Budget will be revisited and passed prior to setting the tax rate in May of 2020. Cold Lake had previously held an open house detailing finances a few weeks back.