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City Council Highlights-Jan. 30 2017

Lethbridge Police Service mid-cycle budget request approved

City Council approved a request to provide additional funding for the Lethbridge Police Service for the remaining two years of the current operating budget. Council members voted 8-1 in favour of allocating $700,000 in 2017, increasing to $830,000 in 2018 to the police service's annual operating budget to address overtime costs associated with major crimes, a lower-than-expected rate of officer retirements, the loss of provincial funding and increasing legal costs. Police Chief Rob Davis told Council that the police service has worked hard to find efficiencies but would face an $830,000 annual deficit by 2018 without the additional funding.

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How Council Voted

Resolution In Favour Opposed
To approve the request from the Lethbridge Police Commission for additional funding to the Lethbridge Police Service for the final two years of the current operating budget in the amounts of $700,000 in 2017 and $830,000 in 2018, funded from Corporate Contingencies
APPROVED
J. Carlson
B. Hyggen
L. Iwaskiw
J. Mauro
B. Mearns
R. Miyashiro
R. Parker
C. Spearman
J. Coffman
Absent: None
 

City receives full value on remaining $22.3 million in ABCP replacement notes

City Council received an update that the City has received payment of $22.3 million as full-value redemption on all remaining MAV 2 (Asset-Backed Commercial Paper replacement) notes. In 2009, the City of Lethbridge received a total of $30.3 million in MAV 2 replacement notes through the Asset Backed Commercial Paper restructuring. An $8-million portion of these original MAV 2 notes was considered poor quality, and under
an agreement approved by City Council in 2010, the City redeemed those $8 million of notes for $5.9 million, which left $22.3 million of MAV 2 notes remaining. The actual loss on the entire investment is $2.1 million, which is $3.6 million less than originally projected. 

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Historic Resource designations approved for two downtown buildings

Municipal Historic Resource designations were approved for two downtown buildings: the Knights of Pythias Block at 427-5 Street South and the Kresge Building at 319-5 Street South.

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