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Special Council meeting Monday

Fort McMurray, AB, Canada / MIX 103.7
Special Council meeting Monday

Council will discuss property taxes, increasing fees for non-local contractors on Tuesday night // Chris Vandenbreekel - Harvard Broadcasting

No projects are recommended for cancellation.

That’s according to city administration which adds a number of projects do need to be reviewed to confirm whether the approved scope and timing are appropriate under current circumstances.

As well, as administration is able to enter areas of the region that were impacted by the wildfire, municipal assets are being reviewed and assessed to identify repairs or reconstruction.

Council is scheduled to sit for a special meeting Monday to review the Approved Capital Budget to determine which projects should be continued, cancelled or deferred.

The current capital portfolio consists of 204 active projects and the city can’t continue those projects as originally approved because of the current cash flow situation, almost two months of lost activity due to the evacuation, and the ability of all contractors to continue to re-mobilize and remain on a pre-wildfire schedule.

Any new capital projects as a result of wildfire damage will be brought forward for Council approval.

Administration is also working on solutions to mitigate cash flow, which has been significantly impacted by the delay in the collection of property tax revenue and the cost of the disaster response. The city is also waiting for disaster response funds to be delivered by the province.

While waiting for funds to begin flowing again, the city is looking at ways to minimize cash flow impacts including reviewing the existing investment portfolio to request funds from brokers and requesting deferring debenture payments to the Alberta Capital Finance Authority.

Council meets at six Monday night.

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