City Council approves funding to complete its Economic Development Strategy

Economic development is a core part of being a municipality, with Lethbridge City Council having an essential role in providing good governance and ample opportunities for businesses to succeed.

At its regular meeting on Tuesday, Council approved the allocation of one-time funding of $475,000 from the Municipal Revenue Stabilization Reserve (MRSR) to provide temporary resources to complete and implement its Economic Development Strategy as well as potential future development-based incentives.

The approval was based on recommendations from the July 10 Economic & Finance Standing Policy Committee meeting, which included an open discussion with the City’s fee-for-service funded partners, Economic Development Lethbridge and Tourism Lethbridge

“Funding this strategy will allow Administration to move faster through the work and to be less reliant on outside funding sources,” says Darrell Mathews, Chief Financial Officer and City Treasurer. “Higher levels of resourcing also allow for greater consideration between economic, social, cultural and environmental benefits.”

At the June 10 meeting, Council supported two Official Business Motions: one regarding Long-Term Financial Sustainability Framework and the other focused on Economic Development Research and Support. Both items were co-sponsored by Councillor Jenn Schmidt-Rempel and Councillor Belinda Crowson.

“Having a powerful Council-developed vision, an up-to-date Economic Development Strategy and appropriate policies is essential to provide clear direction to Administration and our service providers,” states Councillor Crowson. 

“A municipality functions at its fiscal best when it operates within a framework of well-planned and implemented financial policies and strategies,” says Councillor Schmidt-Rempel. “These two motions secure our economic future by ensuring smart growth, wise investment, and position Lethbridge as a fiscally responsible, future-focused city.” 

Development-Based Incentives

On May 27, Council approved the creation of the Business Development, Expansion and Retention program. As part of the Development Based Initiatives project, developed with the input of local industry, sectors were strategically chosen to align with the long-term economic development goals of the City of Lethbridge. This offers the opportunity for innovation, sustainability and global competitiveness.

“Having Council’s support on this project is a major step toward attracting investment, boosting business growth and creating more local jobs,” says Perry Stein, Manager of Strategic Initiatives and Partnerships. More information can be found at lethbridge.ca/dbi.

Cost of living in Lethbridge

Today, based on data sourced from each municipality directly, the City released an updated one-page graphic that shows how Lethbridge ranks within the 23 largest municipalities in Alberta for:

• Average cost of a single-family home (10 out of 23)
• Annual property tax on median value single-family home (14 out of 23)
• Annual residential combined utility charges (lowest in Alberta)

The combination of these factors makes the cost of living in Lethbridge very attractive.

Community Satisfaction Survey

The City’s latest Community Satisfaction Survey is open until August 15 to gather valuable feedback from residents and help guide ongoing efforts to improve programs and services. Forum Research Inc. will conduct the 10-minute phone survey on behalf of the City of Lethbridge. To ensure the survey reflects the diverse voices of Lethbridge, it will be conducted in two formats: a statistically valid telephone survey and an open-link survey available online.

This dual approach ensures all residents have the opportunity to participate, while maintaining the integrity of the data. Your feedback plays a vital role in shaping how the City plans, delivers and improves the services that matter most to you. Don’t miss this chance to have your say!  

Business Survey

The City also recently conducted a survey aimed at better understanding the goals, challenges and needs of local businesses. This initiative is part of the City’s ongoing commitment to support business growth, retention and expansion in the region. 

The information from the survey, which closed July 18, will help the City better understand the types of supports and assistance needed by business owners. Stay tuned for results later this year.