Municipalities across the province will be forced to shoulder a greater share of capital costs following significant reductions in the Municipal Sustainability Initiative (MSI) grants.
MSI/Capital funding will decrease by $162 Million to municipalities over the next two years from 2018 levels.
Currently, the Town of Olds receives grants in place of taxes on provincial properties at approximately $30,000. These funds will be decreased however specific details are not available at this time.
The Province will be increasing the Education Property Tax requisitions. Increases to education taxes are provincial jurisdiction.
“This is a significant hit, and the Town is working to assess the full impact,” says Mayor Michael Muzychka. Year over year it is always a challenge to estimate MSI allocations during the annual budget cycle. The Town of Olds expects to receive the exact amounts of funding for 2020 from Alberta Municipal Affairs within 7-10 days.
The Town of Olds is in the middle of budget preparations and will present the 2020 budget to Council at the December Policies and Priorities Meeting.
For more information:
Michael Merritt Chief Administrative Officer
Town of Olds