According to a semi-annual financial summary report presented to council on Sept. 10, roughly 37 per cent of the amount slated to be put towards paying down Rocky View County’s long-term debt has been collected to-date.
According to the 2013 budget, Rocky View County council has slated $7.6 million to go against the County’s debt this year.
As of June 30, the revenue report showed, that the County has collected and set aside $2.8 million for repayment on its debt - about $66.7 million. That total encompasses user fees generated through the newly established water and wastewater levy.
This is a marked increase compared to June 2012 figures compiled by the County, just $93,751 was collected at that time.
Current focus on debt repayment shows the County has generated 29 times the revenue this year as compared to last year.
Long-term debt totals are down from $74.4 million at this time last year.
Manager of Business Services for the County Barry Woods told council principal payments are made on the debt annually, whereas interest payments are made monthly.
To date, the County has paid $118,000 in principal and $912,000 in interest.
Councillor Lois Habberfield asked administration if there is any advantage to the County to make early principal payments, but Woods said current agreements with the banks require payments to be made on Dec. 31 of each year.
“During renegotiation of our contract with the bank, there’s a possibility to renegotiate payments,” said Woods.
Property taxes are projected to generate about $78 million this year, with an additional (roughly) $10 million from an emergency services levy and $2 million from a recreational levy.
Property tax revenue is up from $72 million last year due to a three per cent increase in residential taxes and a three per cent education tax increase by the Provincial government.
Woods told council, financial statements are subject to year-end adjustments.
“So what this report shows us is that we have $141 million in total revenues coming into Rocky View this year and we’re going to be putting out about $38 million to the Provincial government for education,” said Reeve Rolly Ashdown to council.
Capital costs budgeted for this year total about $51 million, and include providing fire services, road maintenance and operating County facilities such as fire and lift stations and water systems.
Council also approved a budget adjustment request to reallocate the County’s remaining $571,000 in Municipal Sustainability Initiative (MSI) funding for three projects.
Those projects are to continue decommissioning and reclaiming sewage lagoons in Langdon, and to provide emergency pumping and flood remediation to two locations in the County that occurred before the June floods.
