Cobourg’s Capital budget is used to pay for items that produce or repair assets. The source of the money is indicated in the budget and is mostly not a direct charge to the taxpayer – instead, money comes from reserves (money put aside for the purpose), grants from the Provincial and Federal Governments, bank loans and other miscellaneous sources. The totals of these sources is not provided in the budget but can be determined by adding all the numbers – so I did that. See table below. The other interesting thing to know about the Capital budget is what it will be spent on. Many items are routine like vehicle replacements but others are Town improvements. Major and significant projects are listed below but if you want a full list, see the full budget in the Links below.
Capital Budget highlights
|Source||2021 – Draft||2020||2019|
|Reserves (e.g. Vehicle reserves)||$3,116,600||$3,825,081||$3,485,250|
|Grants/ Subsidies (e.g. Gas Tax)||$2,850,000||$2,361,608||$1,368,500|
|Debenture (that is, a loan)||$2,115,000||$2,045,000||$1,705,000|
|Other revenue (E.g. Dredger)||$25,000||$191,600||$72,000|
|Levy – (direct payment by Tax)||$209,000||$326,984||$154,000|
- Northam Park and Holdco sourced funds are also used for the Operating budget but no total contribution from Northam or Holdco is provided for 2021. However, Treasurer Ian Davey reported in a memo dated 5 October 2020 that: “The 2020 Town of Cobourg Operating and Capital budgets included the amounts of $428,200 and $232,455 respectively to be funded from Northam Industrial Park operations.” That’s a total of $661K. The total for 2021 is likely similar.
- Debentures are of course paid back although current low interest rates minimize the amount. For 2021, the amount paid back from taxes will be $650K. Northam and Holdco also contribute $150K each – that is, total loan repayments will be $950K. For details of outstanding and new debt, see the Draft Operations budget starting on page 309. I’m not sure I added it up right but I think total debt is around $20M.
Major and significant projects
|Market Building roof||$150K|
|New server & software||$90K|
|Fire Station Renovations to accommodate female firefighter||$230K|
|Traffic Signal upgrade||$75K|
|Streetlight replacement program||$365K|
|Downtown Streetlights (see article)||$500K|
|Paver Stones Downtown||$300K|
|Replace Snow Plow /Dump truck||$315K|
|Replace Sidewalk Machine||$185K|
|Pay & Display||$21.6K|
|Terry Fox Stormwater Management Pond Rehabilitation||$525K|
|Bridge and Culvert Improvements||$860K|
|Design new boardwalk at West Beach||$30K|
|Sanitary Sewer Rehabilitation||$1M|
|Albert Street Reconstruction||$705K|
|Harden Street, Harden Cresc., Sinclair St Sanitary Sewer Rehabilitation||$750K|
|Burke, Blake, Victoria St Reconstruction||$100K|
|King Street West Reconstruction||$150K|
|Adult Playground – amount paid by Town||$10K|
|Refurbish Waterfront Spray Pad||$25K|
|Waterfront Plan East Pier||$250K|
|Harbour Seawalls and Breakwaters||$510K|
|Marina repairs and upgrades||$137K|
The projects and numbers above are for the Draft budget – that is, Council has not yet approved them. They may even reduce the tax increase! As mentioned in the Operating Budget Post, Council is now looking for feedback. You can provide feedback at Engage Cobourg or you can email Councillors. Contact information is provided in the Links below.
- Engage Cobourg – provide feedback on budget. Includes links to draft budgets. Note – the survey has been open for a while – well before this draft budget was released.
- Council Information page including email addresses and cell-phone numbers for Councillors.