Council Committee of the Whole Budget Deliberations - Invest Medicine Hat (IMH) Budget Slashed!
Council Chambers Wed Nov 16 at 4 pm
IMH Appears to Be on the Way OUT
Again, NOT set in stone. Must still be approved by council.
(Re the pics of the document - the paperwork is a little confusing because of this -
“NET EXPENSES (REVENUES)”
Normally expenses /losses are indicated by brackets, not revenues /profits.
Also, numbers are in thousands, not millions.)
Projections for IMH Land and Investment pg 76 Nov 7 City Council Meeting agenda packet 2022 - $5,103,000 profit (that remains to be seen) 2023 - $959,000 profit 2024 - ($251,000) loss 2025 - ($751,000) loss - no revenue projected 2026 - ($757,000) loss - negative revenue projected “The Land Sales and Cost of Land Sold decreases are related to updated lot sales projections. There are no projected Industrial sales, and only 1 "infill" lot sale projected, and all single family Residential lots are projected to be all sold by the (sic) of 2024 pg 75 Nov 7 City Council Meeting agenda packet
2023-24 Operating Plan Investment Division Pg 202 Nov 7 City Council Meeting agenda packet
The Investment Division has no revenue, nearly all of its expenses are “recovered” from other departments. Revenue in all three years is $0
2022 - ($8,000) loss 2023 - ($15,000) loss 2024 - ($13,000) loss
2023-24 Operating Plan Land Division Pg 202 Nov 7 City Council Meeting agenda packet
2022 - $5,003,000 profit
2023 - ($665,000) loss
2024 - ($545,000) loss
“Business Plan 2023 – 2024
...This Business Plan should be taken within a transitional context, with recognition that City leadership and City Council are actively revisiting IMH’s mandate and resourcing needs. Unless/until a change in direction is confirmed the team will continue to assist existing businesses and new investors...” pg 199 Nov 7 City Council Meeting agenda packet
“All staff currently report via delegated authority to Managing Director, Strategic Management & Analysis but the team’s budget includes a vacant Managing Director and two vacant Director positions. The department has six (6) additional full time individual contributor employees.”