The city’s hospital redevelopment reserve fund could soon be getting a boost.
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The finance committee on Wednesday recommended for approval the transfer of $2,662,227 to the reserve. The money comes from the city’s 2023 year end operating surplus of $3,420,134.
“I want to applaud staff for knowing what council wanted to see done with this surplus,” Coun. Mike Sullivan said at Wednesday’s finance committee meeting. “We’re going to be able to put $2.6 million into the hospital reserve.
“I think that’s a good chunk of money.”
The finance committee’s decision will come before city council for approval at its June 25 meeting.
Earlier this year, the city reported that it has already put $8.5 million into the hospital redevelopment reserve.
Hospital construction is a provincial responsibility. However, communities and the municipalities where they are being built are required to contribute 10 per cent of the overall cost.
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The Brant Community Healthcare System, which operates Brantford General and the Willett Urgent Care, is working with the provincial government on its plans to redevelop the hospital. The projected cost of a new hospital is about $2 billion and it is estimated to be about eight to 10 years away from being built.
Based on the projected cost, the community has to come up with $200 million.
The local contribution is broken down into donations from the broader community and the two municipalities – Brantford and Brant County.
Brantford’s portion is estimated to be about $100 million. The city has been putting money into a reserve account for its share for the past two years.
City officials anticipate saving upwards of $40 million over the next eight years to contribute to the project. The balance would be financed by debenture.
Meanwhile, the rest of the 2023 surplus will also be put into various city reserves.
Figures provided at the finance committee meeting show that city services finished 2023 with a $5,066,392 surplus. That surplus however was offset by police services deficit of $959,560, a paramedic services deficit of $429,265 and a deficit at the John Noble Home of $126,936. The 911 service had a deficit of $50.
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