One-time funding to complete the City of Lethbridge’s Economic Redevelopment Strategy.
At Tuesday’s City Council Meeting, one-time funding of $475,000 was approved to help pay for temporary resources needed to complete and implement the strategy. The funding will be paid from the Municipal Revenue Stabilization Reserve.
Chief Financial Officer and City Treasurer, Darrell Mathews, says that by funding, the strategy council has made it so that the administration can finish the work faster and be less reliant on outside funding sources.
“Higher levels of resourcing also allow for greater consideration between economic, social, cultural and environmental benefits,” Matthews says.
Earlier in July, the city council supported two official business motions, both focused on economic development. The two motions sponsored by Councillor Jenn Schmidt-Rempel and Councillor Belinda Crowson focused on the Long-Term Financial Sustainability Framework and Economic Development Research and Support.
According to Councillor Crowson, it is important to have an up-to-date Economic Development Strategy that supports a council-developed vision, along with appropriate policies. She adds that this will help provide administration and service providers with a clear path forward.
Councillor Schmidt-Rempel echoes Crowson’s statements, adding that for a municipality to function at its fiscal best, it needs to operate within a “framework of well-planned and implemented financial policies and strategies.”
“These two motions secure our economic future by ensuring smart growth, wise investment, and position Lethbridge as a fiscally responsible, future-focused city,” Schmidt-Rempel says.
Part of this work includes the Community Satisfaction Survey, which is open until August 15th. The answers from the survey will help officials when it comes to planning future programs and services in the city. The city has also conducted a business survey that will help officials understand the challenges and needs of local businesses.
RELATED STORY: Council to see presentation on Economic Development Research resources July 10th
