Lethbridge City Council met this week as Economic and Finance Standing Policy Committee, from November 14 to 16, 2023 to receive an overview of the current economic conditions. (Photo: LNN)
City of Lethbridge receives overview of current economic conditions
Nov 17, 2023 | 1:35 PM
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LETHBRIDGE, AB – Lethbridge City Council met this week as Economic and Finance Standing Policy Committee (SPC). For three days, from November 14 to 16, 2023, they received an overview of the current economic conditions and the impact they have on the City’s financial position and resources.
READ MORE: City of Lethbridge to receive economic update
All of the recommendations from the SPC will be forward to city council for potential approval at a regular council meeting. A recap of this week’s proceedings is as follows:
- Chief Financial Officer and Treasurer Darrell Mathews started the proceedings on Tuesday, November 14 with an economic update presentation. Mathews’ presentation highlighted different topics, including economic conditions, taxation pressures, utility pressure, Operating and Capital pressures, and impact on reserves.
- The 2023 September Operating Forecast was presented by Mathews on Wednesday, November 15. It shines a light on operating budget variance for 2023 based on operations to September 30, 2023, while indicating preliminary year-end projections to December 31, 2023.
- Mathews provided a summary report of the 2023-2026 Operating Budget Initiatives. It includes the initiatives’ budgets, actuals, performance measurements and the results achieved as of August 31, 2023. Mathews also provided a summary report of the 2022-2031 Capital Improvement Program (CIP). The report includes the projects’ budget, actuals and status as of August 31, 2023. The City of Lethbridge said the funding source for the Fritz Sick Pool Renovation will be changed from the CIP to existing lifecycle budget. The $530,000 approved can now be re-allocated to other CIP projects.
- Four recommendations were made for the redevelopment of the travel budget for city council to align with advocacy framework.
- City of Lethbridge Administration is directed to draft Financial Policies and Procedures and the Budget Appropriations Unexpended (BAU) Processes and Procedures report to the Audit Committee in quarter three of 2024 for review.
- Administration is recommended to register the City for the Extended Producer Responsibility through the Alberta Recycling Management Association before December 31, 2023.
- Four recommendations were made for the Housing Accelerator Fund Action Plan. A breakdown of those recommendations is available from the City of Lethbridge here.
- Recommendation made for the funding renewal for the Lethbridge Police Service (LPS) Technology Line of Credit for another 10-year term to maintain the annual $430,200.
- First readings carried for Bylaw 6410, Bylaw 6412, Bylaw 6414, Bylaw 6415, and Bylaw 6416. Officials said second and third readings for each item will take place at the November 28, 2023 regular council meeting.
- One-time funding of $180,000 from the Corporate Budget Contingency, for operating funding for the Lethbridge & Region Community Housing Corporation and Lethbridge Housing Authority affordable housing properties. Additionally, Administration is asked to develop a Non-Profit Affordable Housing Tax Grant Program with funding options and return to Economic and Finance SPC by the end of the second quarter of 2024.
- An inquiry on the Affordable and Social Housing Operating Grant.
- A funding increase was proposed, from the Municipal Revenue Stabilization Reserve (MRSR), of $37,500 per year (from 2024 to 2026, then possibly added to the Operating Budget for 2027-2023) per organization for the Interfaith and Lethbridge food banks, Lethbridge Soup Kitchen, and Habitat for Humanity.
- Referral of the Funicular/River Valley Accessibility and CultureLink final report to City Administration to integrate with the Culture Master Plan and Transit Master Plan in 2024.
- Referral of the Galbraith Gym Update to the 2027-2036 CIP.
- A request for the Chinook Arch Regional Library System (CARLS) to reply to the request from City Administration, for in formation regarding the Cost-Benefit Analysis, by the end of the first quarter of 2024.
- Administration recommended to draft a bylaw to move forward with creating a Transit Citizen and Customer Advisory Committee, for review at a Governance SPC meeting by the fourth quarter of 2024.
- Additionally, a referral of budget initiative C-7.2 (Lethbridge Transit Fare Decrease) and N-25 (Addressing Increased Access-A-Ride Demand) to Administration to bring forward to the 2027-2030 Operating Budget deliberations. Administration is to review possible changes to the fare structure, bringing those forward to the 2027-2030 Operating Budget deliberations.
- Several amendments to the traffic bylaw for parking fines and incentives.
