CENTRE WELLINGTON – The Township of Centre Wellington’s 2021 capital budget will be significantly lower than 2020’s based on a preliminary draft report.
The proposed total 2021 capital budget will be a little over $13 million. This is $5 million less than 2020’s capital budget.
Development charges have a greater weight as a source of financing nearly doubling to 11 per cent. Township reserves portion as a source remains similar to last year while debt financing is decreasing.
OLG’s quarterly payments to the town for hosting a casino have taken a severe hit due to COVID. 2020’s payments are used as part of the 2021 capital budget to ensure the town doesn’t overcommit to projects.
The 2021 capital budget report assumes a projected total of $1.45 million available from the slot revenue. However, this estimation was made in June which assumed a 50 per cent payment during the July to September period.
Elements Casino Grand River in Elora has been closed since March and there has been no announced reopening date for Ontario casinos. Therefore the town’s 2020 slots revenue total will be less than anticipated.
The report says the OLG funding will continue to be assessed and some projects may be deferred to later years.
2021 capital projects highlighted in the report include:
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Replacement of the Fifth Line culvert, $1.35 million
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Reconstruction of St. George Street from Herrick to Gartshore, $2.11 million
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Elora Community Centre ice pad replacement, $1.3 million
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Servicing employment lands on Dickson Drive in Fergus, $1.34 million
