Fort Erie’s 2025 capital budget to fund 66 projects totaling $26M
November 26, 2024 at 4:40 AM
Councillors have approved staff’s capital plan for 2025.
After a presentation from director of corporate services Jonathan Janzen followed by about two hours of discussion, Fort Erie councillors ultimately approved the 2025 capital budget, which includes 66 new projects totaling just over $26 million.
The plan calls for no new debentures next year, with two thirds of the money coming from reserves and the bulk of the remaining being paid for with development charges. Grants and other external funding make up the rest.
Janzen’s report showed roads, bridges and sidewalks leading the way at $8.3 million, followed by wastewater at $5.7 million, storms and drains at $4 million, and water at $3.2 million.
About three quarters is for what’s considered replacement or rehabilitation of existing assets and the remaining falling under growth assets. Some of the projects have both rehabilitation and growth aspects to them, such as work planned for Thunder Bay Road.
Being able to fund so much of the capital budget from reserves and development charges is keeping the town in a good financial position, especially from a debenture standpoint, Janzen said.
“We do have good debt capacity,” he said.
The annual repayment limit, which considers debt load relative to revenue, will hit 2.3 per cent in 2025, though that remains far below the provincially set maximum of 25 per cent.
“That does position us well to use debt where needed,” Janzen said.
The capital budget will include an overall impact of roughly $117,000 on the 2025 operating side, “which includes wages, materials, contracts, and new amortization costs,” the report said.
Though not a formally approved budget, Janzen’s report included a 10-year forecast going out to 2035. In it there are a couple of years where staff expect significant capital expenditures, namely 2030 and 2033.
All told the current total 11-year horizon forecasts $373 million.
The bylaws for the capital budget will be split into two parts, with the “preliminary capital” budget set to be approved at a meeting on December 16. The balance would be deferred to February to be included with consideration of the general levy budget bylaw.
Early approval allows staff to start tender processes earlier, which could help get better bids and provide some added lead-in time.
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About The Author
Luke Edwards
Luke Edwards is a longtime Niagara community journalist who has covered a variety of beats, including business, agriculture, the wine industry and politics. When not writing, there's a good chance he can be found at a baseball diamond or curling rink.
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