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Regina’s executive committee approved moving $850,000 of the Regina Exhibition Association Limited’s (REAL) debt funding to its operating allocation.
The recommendation also approved REAL carrying forward $199,000 in unspent 2024 capital funding into 2025.
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Council will need to give final approval for the recommendation at next week’s city council meeting.
The decision was unanimous, with only Mayor Chad Bachynski absent.
“Definitely, we see it as a positive financial improvement,” said REAL’s CEO Rick Bennett.
“I think any time that we are not incurring additional interest expense, in particular, that’s a financial gain, and the request to council to be able to reallocate that interest savings to pay down further debt – just enhances the overall financial performance of REAL.”
Bennett said financial sustainability was REAL’s top priority. He added that this request was indicative of further progress made by REAL in the municipal corporation’s quest to stabilize its finances.
“This is trending in a positive direction in one step of many that we believe are yet to come,” Bennett said.
Bennett said further improvements are expected in the near future and that Wednesday’s decision will help give REAL more flexibility.
Councillors Sarah Turnbull (Ward 5), Shobna Radons (Ward 7) and Shanon Zachidniak (Ward 8) all thanked and appreciated the REAL representatives who spoke at council for REAL’s efforts in achieving financial sustainability.
“The story today is that they are just here for housekeeping and they are not here to ask for money, because this is a step in the right direction,” Turnbull said.
“Maybe the unsexy work of doing the finance and looking deep and figuring out where efficiencies are is making the difference. It is seen and it is appreciated.”
Taylor Field redevelopment project
Regina’s executive committee took more steps to advance the land development project at the old Taylor Field site on Wednesday.
The executive committee passed a recommendation (9-1) to start the public procurement process for consulting and professional services over $750,000 for the project’s construction, preliminary and detailed design. Ward 10 Coun. Clark Bezo was the only one to vote against it.
Daren Anderson, Regina’s chief financial officer, said approval for the report is required because the value of the consulting contract is expected to exceed $750,000.
Council has already previously approved $1 million from the land development reserve for this portion of the project.
Since this is a capital project, Anderson told the executive committee that this decision will have no impact on the taxpayer.
The City of Regina has applied for federal funding for the project through the Canada Housing Infrastructure Fund — Provincial Territorial Stream.
If approved, the city would only be on the hook for 26.67 per cent of the cost.
