A transfer of $3 million from the Tax Stabilization Reserve to assist with the repayment of water and wastewater debt was unanimously approved by Rocky View County (RVC) council, during a regular meeting Dec. 10
According to Barry Woods, Financial Services manager, RVC is required to make annual interest and principal payments on debt for water and wastewater systems.
“Payments are based on developer levies collected for the year with an additional $1 million in tax support,” he said.
Since the construction of systems in East Balzac and Cochrane Lakes between 2003 and 2009, Woods said, periods of slower development have resulted in less-than-anticipated levies required to service the debt.
“I did ask, through the budget, that this be brought to council,” Reeve Greg Boehlke said. “Over the years, we’ve asked for forgiveness for the principal payments.”
Coun. Crystal Kissel concurred with the Reeve, saying, “it’s time we put some money into this.”
Coun. Kevin Hanson was absent from the meeting.
