Committee discussed the 2021 Financial Indicator Review (FIR) and noted that the annual capital spend should be 1.5 times asset depreciation. Discussion was held regarding the Township's net debt, reserve balances, 2023 Capital projects, Township renovations proposed funding sources, new transfer station site clearing and reviewed the 2023 capital budget funding analysis, providing background on each project as well as potential funding sources.
It was noted that early in the budget process is the ideal time should members wish to suggest additional capital projects for consideration.
There was discussion regarding adding the Cardinal tennis courts to the capital budget for consideration, increased project cost estimates, and the requirement of a parking lot should a dog park be constructed in the area due to already limited parking at the Cardinal Ingredion Arena and surrounding area. It was noted that fencing and paving would be tendered with the remaining portion of the project to be completed by the Township in an attempt to reduce costs.
Committee discussed the timing for payment and delivery of the T5 tandem truck, long-term budget planning for assets, the combined Totem Ranch Road project with North Grenville, proposed 5-year capital and operational budgets and the addition of road resurfacing projects to the capital budget for consideration based on the roads management plan.
Continued service of the River Route public transit and the Tri-Council physician recruitment initiative were highlighted as future items for discussion.