(File photo)

(File photo)

Town of Stettler changing banks after financial review

Town of Stettler ending 25-year relationship with TD Canada Trust

After 25 years, the Town of Stettler is going to be changing banks.

Banking services are reviewed every five years by the Town of Stettler administration, and until the most recent review the clear winner had been TD Canada Trust.

However, that changed in September when TD used the contract to make changes.

“In September, TD activated a clause (in the contract) to change their rate,” said assistant chief executive officer Steve Gerlitz.

According to Gerlitz, the new rate was much less competitive.

In December, by coincidence, it was time to review the town’s banking services and all the banks in town were approached to submit a tender for services.

Five of the six financial institutions in town submitted sealed bids.

“Based on what came in, we recomend Stettler Vision Credit Union,” said Gerlitz.

Based on estimates on the town accounts, the town will earn around $85,000 per year in interest less account costs by switching to Vision Credit Union.

Gerlitz noted that the reccomendation came down to numbers.

“I have nothing bad to say about TD at all,” said Gerlitz.

The new agreement will start Mar. 1, 2022, and run to Feb. 28, 2025, with the option of a two-year extension.

According to Gerlitz, the tender is good for the full five-year term, should the extension happen.

Capital Budget

Stettler council has approved a five-year capital budget plan.

The capital budget for 2022 will see around $5.7 million in spending with funding coming from a variety of sources.

An estimated $3.5 million will come from various government grants, $1.3 million will be made available from the 2022 interim budget, $125,000 will be transferred to capital from operating, around $500,000 will be transferred from reserves and another $500,000 will be carried forward from 2021.

Capital items included on the funding list include the town’s ongoing computer replacement program, funding for the community builder plaques, pavement patching, replacement of fire department equipmen and other expenses.

“My first budget in 2018 hurt my brain,” said Coun. Gord Lawlor.

“This is so beautifully readable by a layman, I’m very comfortable with this.”

Mayor Sean Nolls agreed with his fellow councillor.

“The way the administration handles the budget from the top down puts me at ease,” said Nolls.

The budget was approved in a motion by Coun. Gord Lawlor.

Emergency Management

Due to staffing changes, Stettler council has been asked to reappoint directors of emergency management.

The positions are mutually shared between the County of Stettler and all of the municipalities within it.

Stettler council has reappointed Clinton Sime as the director of Emergency Management.

Further, Aislinn Reule has been reappointed and Kyle Benna has been appointed deputy director of Emergency Management for the Town of Stettler.

Stettler Regional Waste Management Authority

The Stettler Regional Waste Management Authority (SRWMA) has approved a $3 per capita increase to their operating requisition effective Jan. 1, 2022.

This makes the overall requistion paid by member municipalities to SRWMA $68 per capita.

The increase will result in around an $18,000 cost to the Town of Stettler.