Recap of Economic and Finance SPC meeting November 14-16

Lethbridge City Council met as Economic and Finance Standing Policy Committee for three days from November 14 to 16 for an overview of the current economic conditions and the impact they have on the City’s financial position and resources.

All recommendations from the Committee will be forwarded to City Council for potential approval at a regular meeting. Here is a recap of the proceedings:

• Darrell Mathews, Chief Financial Officer and Treasurer, began Tuesday with an Economic Update presentation. He highlighted the following topics: economic conditions; taxation pressures; utility pressure; Operating and Capital pressures; and impact on reserves
• On Wednesday, Mathews presented the 2023 September Operating Forecast, which showcases operating budget variance for 2023 based on operations to September 30, 2023, and indicates the preliminary year-end projections to December 31, 2023
• Mathews provided a summary report of the 2023-2026 Operating Budget Initiatives. This summary report includes the initiatives’ budget, actuals, performance measurements and the results achieved as of August 31, 2023
• Mathews provided a summary report of the 2022-2031 Capital Improvement Program (CIP). This CIP summary report includes the projects’ budget, actuals and status as of August 31, 2023. The funding source for the Fritz Sick Pool Renovation will be changed from the CIP to existing lifecycle budget. The $530,000 approved can now be re-allocated to other CIP projects
• Four recommendations for the redevelopment of City Council’s Travel Budget to Align with Advocacy Framework
• Administration is to draft Financial Policies and Procedures and the Budget Appropriations Unexpended (BAU) Processes and Procedures report to Audit Committee in Q3 2024 for review
• Administration is to register the City of Lethbridge for the Extended Producer Responsibility through the Alberta Recycling Management Association before December 31, 2023
• Four recommendations for the Housing Accelerator Fund Action Plan
• Funding renewal for the Lethbridge Police Service Technology Line of Credit for another 10-year term to maintain the annual $430,200
• Several amendments to the traffic bylaw for parking fines and incentives. Read the full news release here
• First readings carried for Bylaw 6410 (Electric Utility Regulated Rate Option Bylaw), Bylaw 6412 (Electric Distribution Tariff), Bylaw 6414 (Amendment to Waste Bylaw), Bylaw 6415 (2024 Water Rates), and Bylaw 6416 (2024 Wastewater Rates). Second and third readings for each item will take place at the November 28 City Council meeting
• One-time funding of $180,000, from the Corporate Budget Contingency, for operating funding for the Lethbridge & Region Community Housing Corporation and Lethbridge Housing Authority affordable housing properties. Also, Administration is to develop a Non-Profit Affordable Housing Tax Grant Program with funding options and return to Economic and Finance SPC by the end of Q2 2024
• An inquiry on the Affordable and Social Housing Operating Grant
• Proposed increased funding, from the Municipal Revenue Stabilization Reserve (MRSR), of $37,500 per year (from 2024 to 2026, then possibly add to Operating Budget for 2027-2030) per organization for the Interfaith Food Bank, Lethbridge Food Bank, Lethbridge Soup Kitchen and Habitat for Humanity
• Referral of the Funicular/River Valley Accessibility and CultureLink final report to Administration to integrate with the Culture Master Plan and Transit Master Plan in 2024
• Referral of the Galbraith Gym Update to the 2027-2036 CIP
• A request for the Chinook Arch Regional Library System (CARLS) to reply to the request from City Administration, for information regarding the Cost-Benefit Analysis, by the end of Q1 2024
• Administration is to draft a Bylaw to move forward with creating a Transit Citizen and Customer Advisory Committee, for review at a Governance Standing Policy Committee by Q4 2024. Also, referral of budget initiative C-7.2 (Lethbridge Transit Fare Decrease) and N-25 (Addressing Increased Access-A-Ride Demand) to Administration to bring forward to the 2027-2030 Operating Budget deliberations. Administration is to review possible fare structure changes to bring forward for the 2027-2030 Operating Budget deliberations

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