Saving for the future is one of Banff town council’s key priorities this year.
Under this priority, the plan is to determine and draft specific policies, for example the amount of contribution per year to capital reserves. These policies will be subjected to public review.
Officials say this is important because capital reserves are the Town’s savings accounts to fund the maintenance and enhancement of the infrastructure to meet the future needs of residents and visitors.
In Banff, they say, there is an added challenge of providing infrastructure to the level of an international tourism destination in a sensitive mountain habitat.
“This council is concerned about our reserves and we think it’s important to have a process in place to make sure we’re well covered,” said Mayor Karen Sorensen.
“We want to save for the future and for future capital projects. Our total reserves are not particularly healthy, but by 2013 we get healthy again.
“This priority is about being clear about what we have today, and where we want to get to and how we want to get there,” said the mayor.
The 2011 capital reserves indicate a small positive of $135,640. Next year is a small negative of $38,861. The capital reserves are back up to more than $5.1 million in 2013.
This reflects borrowing to build the expanded recreation centre, which will be repaid through municipal infrastructure grants from the province over the next few years.
Mayor Sorensen said not only does Banff have to provide infrastructure for approximately 8,800 residents, but also for tourists that visit the town every year.
“When you talk about something like way-finding – street signs – most municipalities do not have to take the time, energy and money we do to make sure visitors can find their way around,” she said.
“Our residents know how to find The Banff Centre, but visitors might not and we have to take that into very careful consideration – and that takes money.”
Of note, the Town of Banff’s investment in infrastructure was up by 88 per cent in 2009 over 2008.
In 2009, the estimated total replacement cost of capital assets, not including land, was $440.9 million. Spending on infrastructure was $15.6 million, or three per cent of total replacement costs of capital assets.
The previous year, the estimated total replacement cost was $425.3 million. Infrastructure spending was $7.3 million, or 1.5 per cent of total replacement costs of capital assets.
Meanwhile, council’s other top priorities for this year include waste reduction and diversion, transportation, land use policy, municipal services and alternate revenue.
Others include land use bylaw phase three and four, economic prosperity, as well as engaging the community through a communications policy and enhancing the website.
