One-Community Approach Remains Financially Viable & Sustainable: Updated Financial Analysis
Town awaiting acceptance of Boundary Alteration Application from Saskatchewan Municipal Board
On May 8th, the Town of White City submitted an amended Boundary Alteration Application to the Saskatchewan Municipal Board (SMB) to provide additional information to the board. As part of the application, White City submitted an updated Financial Impact Assessment prepared by CORVUS Business Advisors in support of its application to become one community with Emerald Park, together with surrounding subdivisons and with enough land to support the anticipated long term growth of the community.
If the annexation application is approved by the SMB, municipal status would bring White City, the rural subdivision of Emerald Park, adjacent commercial and industrial lands and the country residential subdivisions of Escott/Deneve, Park Meadows Estates, and Meadow Ridge Estates into one urban municipality.
The FIA was first completed in 2018 by CORVUS, an Edmonton-based firm that has advised dozens of Canadian municipalities on the financial implications of community growth and annexation proposals. Earlier this year, CORVUS was tasked with updating the report and refreshing the previous data to provide the SMB with the most current analysis.
The overall conclusion of the updated report remains the same – the annexation of the proposed lands is financially viable and sustainable. The updates to the report include the most recent data from 2018 and 2019 such as White City’s capital plan, debt payment schedules, mill rates and assessment values.
CORVUS utilized the Principles for Financial Settlements Between Municipalities for Boundary Alterations developed in collaboration with the Municipalities of Saskatchewan (formerly SUMA) and the Saskatchewan Association of Rural Municipalities (SARM) in 2015. They are overarching principles intended for use by municipalities when determining annexation compensation.
CORVUS has concluded the proposed annexation should be accompanied by a net transfer of $1,015,090 from the RM of Edenwold to the Town of White City. This transfer represents funds collected by the RM from, and for the benefit of, annexation area land owners and businesses and currently being held by the RM to fund future infrastructure in the annexation area.
The updated financial analysis to the SMB is available at: Financial Impact Assessment.
The Town is currently awaiting final acceptance of its Boundary Alteration Application from the SMB and is looking forward to resolution before the end of the year.