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Town looking for $99.8M for 2016 capital budget by David Lea Oakville Beaver Staff 3 | Thursday, October 8, 2015 | OAKVILLE BEAVER | www.insideHALTON.com Residents could glimpse into the next year -- and more so the next decade -- as Town of Oakville staff unveiled the 2016-2025 capital budget and forecast Monday. The first order of business for the 2016 budget committee was to elect a chair, and Ward 6 Town and Regional Councillor Tom Adams came out on top. This will be the eighth consecutive year Adams has had the role. With a master's in business administration from McMaster University to his credit, Adams, who was a senior risk manager to one of Canada's major financial institutions, will lead the committee that has a directive to keep overall tax increases in line with inflation. With discussion of the 2016 operating budget set for November, with a view to approving the budget on Dec. 14, the committee was tasked Monday with examining a substantial wish list for the upcoming decade. Town staff is recommending a $99.8 million capital budget in 2016 and just over $1 billion for capital requirements over the next 10 years. These figures do not include funds for any Downtown Cultural Hub projects. The draft 10-year capital forecast is divided into five components, including: infrastructure renewal, growth, strategic priorities, community Councillor Tom Adams enhancements and enterprise initiatives. "The capital program presented today is fiscally sustainable in accordance with council's strategic goals," said Nancy Sully, deputy treasurer and director of financial planning for Oakville. "A sustainable, long-term plan ensures flexibility is maintained over the long-term and financial risk exposure is minimized. It also ensures the long-term cost of financing is minimized, statutory requirements are met and credit rating criteria is considered." Sully noted the infrastructure renewal category is the largest for the 10-year capital plan with highlights including $96.5 million earmarked for road preservation; $100.2 million set aside for vehicle and equipment replacements; $72.2 million for facility renewal; $44.2 million for park and trail rehabilitation; and $42.7 million for road and bridge improvements. This category includes the Lakeshore Road and bridge reconstruction in the downtown area, which Town staff is recommending begin in 2019. In total, the Town plans to invest $600 million over 10 years in roads and transit to maintain its current infrastructure and to keep up with community growth. Spending in the growth category would include $42 million on a Kerr Street widening and grade separation project; $43.1 million for new vehicles and equipment; $17.6 million on the second phase of the North Operations Depot; $12.6 million to design the Sixteen Mile Community Centre and Library; and $25.9 million to create new parks and parkettes. Highlights for the strategic priorities category includes $28.8 million for the emerald ash borer (EAB) management program; $12 million for an LED street lighting conversion; $11.7 million for the demolition of the old Oakville Trafalgar Memorial Hospital (OTMH); and $7.3 million for replacement of the downtown fire station, which will be closed and relocated to the Oakville Arena area. Community enhancements will include $29.4 million spent on the rehabilitation of the Oakville Arena and seniors' centre set for completion in 2018; $25.6 million for the building of a south central community centre and neighbourhood park scheduled for completion in 2020; and $7.1 million for park and trail improvements. The enterprise initiatives would see $4.9 million spent on seawall installation and rehabilitation projects; and $1.4 million for parking garage rehabilitation and lot maintenance, among other things. For the 2016 portion of the Capital Budget, Town staff is recommending $7.8 million be spent on the Road Resurfacing and Preservation Program; $7.3 million be spent on widening Cornwall Road from Chartwell to Morrison; $6 million be spent on LED Streetlight Conversion; $4.2 million be spent on the hospital demolition; $3.8 million be spent on replacement buses; 3.7 million be spent on the EAB management program; $3.7 million be spent replacing the downtown fire station; $3 million be spent on bridge road improvements from Warminster to Fourth Line; $2 million be spent on Sixteen Mile Creek West Shore Landscape Rehabilitation; and $2 million be spent on Speers Road widening from the Bronte GO station, west of Third Line to Fourth Line. Town staff said debt levels would be carefully managed and noted the $90 million debt issued see Public on p.4 Claude's vaCuum shop Includes Deluxe Air Package Sales · Service · Parts Free Estimates on Repairs Hours: Monday, Tuesday, Thursday, Friday · 9am - 6pm Wednesday · 9am - 5pm Saturday · 9am - 4pm sale $399 99 Lunch: 11:30 am - 3:00 pm Buffet Hour All You Can Eat Monday - Friday ................................................ $11.95 Saturday - Sunday ............................................. $13.95 For All... 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