OLDS – The Town of Olds has released its 2025 financial report.
The report says several initiatives were undertaken last year to set up the municipality for greater success and financial stability in the future.
“Over the past year, the town has made some tough but important decisions – like lowering debt, adjusting services, and selling assets we no longer need,” states a news release issued by the municipality.
The report cites the sale of O-NET, the formerly town-owned internet, phone and TV service, to Telus Communications last November as one of those tough, but necessary decisions for the future financial stability of the community.
The report says housing stats in town are “breaking records.”
“In 2024, a record number of new housing approvals were issued, with building permits for 130 units,” it says.
“While one apartment building accounts for 70 of these units, the remaining 60 still surpass any annual total since 2007.
“This growth is the result of several years of effort to reduce red tape, engage with developers, and prioritize housing expansion.
“As we move into 2025, we remain committed to further expanding the housing market and developing a housing strategy.”
The report says last year, “significant progress was made in improving water and sanitary infrastructure.”
“Through investigative efforts like leak detection and CCTV sanitary inspections, we identified and repaired 26 water leaks, relined 22 manholes and 2.8 kms of sanitary main, replaced 66 metres of sanitary main, and repaired two sanitary main line breaks,” it says.
“These efforts have resulted in measurable improvements, including reduced water loss and lower inflow and infiltration volumes. While more work remains, we are making steady progress in strengthening our infrastructure.”
The report also says the municipality’s decision to retain ownership of Mountain View Power, which sells electricity, natural gas, and solar power programs to customers in the region and across Alberta, has provided dividends to the community in the form of grants to community groups and projects since 2023.
The report also cites several ways in which the town has endeavoured to dialogue with residents and obtain feedback from them on problems and initiatives undertaken in town.
“Looking ahead, we will keep focusing on what matters most: maintaining infrastructure, managing spending carefully, and supporting new housing and business growth,” the news release says.
“The road to recovery takes time, but progress is already being made. This report is part of our commitment to transparency and building a strong, sustainable future for the people of Olds.”
The full report is available at www.olds.ca/news.
