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Posted on: October 27, 2020

2021-2023 DRAFT BUDGET FOCUSES ON CORE SERVICES

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Town Council got their first look at the proposed budget at their October 26 Council meeting.

The proposed 2021-2023 budget includes a significant emphasis on addressing transportation-related issues, creating a proactive infrastructure renewal plan, delivering core services and managing slowed growth and the economy with a 1.27% property tax increase.

Interim CAO Drew Hyndman says this was a challenging budget to develop. “We developed this budget with a number of factors in mind: our slowed growth, the changed economy and the impacts of COVID-19,” he says. “But we also ensured it aligns with and supports Council's strategic priorities, policies and directions; outlines a robust and sustainable infrastructure renewal plan and delivers the Town’s core services.”

The draft budget includes a proposed expenditure of $49.4 million in capital projects for 2021, including:

  • $12.9M Centre Ave and Highway 1A improvements
  • $23M New Protective Services Building
  • $4.3M Transit Hub and Innovation Centre
  • $3.2M Highway 1A and 22 utility relocate

To deliver this, Town administration is projecting property tax increases of 1.27% in 2021, 4.29% in 2022 and 5.71% in 2023.

The estimated impact in 2021 on the average home, assessed at $470,100 is an increase of $2.42 per month. Including utility costs, the estimated total monthly increase for the average home in 2021 is $5.42.

Town administration presented the draft budget October 26. The community is invited to give feedback until November 12 online at LetsTalkCochrane.ca/Budget.

All feedback is provided to Council before their deliberations, scheduled for November 16, 17 and 18 (if required). Budget deliberations are available via live stream from cochrane.ca/Council.

Draft budget and feedback opportunities
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