Rocky View County’s (RVC) third quarter financial summary report was presented to council on Nov. 26 and shows the County paid 20 per cent towards its long-term debt in the third quarter.
According to the 2013 budget, about $7.6 million is allocated for repayment this year on the County’s current $66.6 million long-term debt. About $63.8 million of the total debt was incurred from water and wastewater projects and $1.7 million from purchasing fire trucks. The remaining debt was incurred from operating costs. The County’s long-term debt is down from about $74 million as of Sept. 30 last year.
The County has collected $4.1 million for this year’s debt repayment as of Sept. 30 through water and wastewater levies. The new bylaw was adopted by council on July 23. By year-end, the new levy is projected to bring in about $1.8 million more than last year.
According to the third quarter financial summary report, the County has paid $175,000 in principal payments on the debt and about $1.4 million in interest.
Barry Woods, manager of business services, said bank agreements allow principal payments to be made on Dec. 31 each year, and interest payments are made monthly.
Property taxes are projected to generate about $78 million this year, with $38.8 million allocated to the Provincial Government for education funding. Emergency services levies are expected to generate $10 million this year and an additional $2 million through recreation levies.
The County’s total operating revenue this year is $142.8 million, of which $114 million has been collected as of Sept. 30.
The County’s total operating revenue is up from the roughly $136 million total operating budget in 2012. The difference includes an increase in property taxes this year and the higher levies collected through development with the new water and wastewater levy.
RVC 2013 residential tax rates are $2.41 of a mil. Business and non-residential property tax is $7.24 of a mil and farm property tax is $5.43 of a mil.
According to the third quarter financial summary report, capital costs incurred as of Sept. 30 amount to $18 million, whereas this year’s budget allocates for $51 million in capital spending. Some highlights of the capital projects in the third quarter are: the Bearspaw Fire Station at $3.2 million, the County has spent $2.4 million on a new County office in Balzac and the Bragg Creek Water Treatment Plant has cost $1.4 million, both projects are ongoing.
The capital costs budget allocated dollars for items such as road maintenance and upgrades, and the construction and rehabilitation of fire and lift stations.
Council unanimously agreed to receive the report for information.
