REGINA, Sask. — The RCMP Heritage Centre could soon receive a $250,000 grant from the City of Regina’s general fund reserve (GFR) toward its renewal.
Regina’s executive committee unanimously approved the grant on Wednesday.
Sam Karikas, CEO of the RCMP Heritage Centre, said the funding will help replace aging, 19-year-old infrastructure.
“Many of our building systems are coming to the end of their life,” she said. “The project will replace crucial mechanical systems, renew and enhance accessibility, partially replace the roof, add bilingual signage, introduce environmental enhancements to the galleries and include model exhibit renewals.”
Recently, the centre received $7.7 million from the federal government’s Build Canada Strong Fund for the $9.6-million renewal.
With the city’s funding, Karikas said it will help lower the financial risks associated with the project.
“It will assist in cash-flowing the project, which is essential for non-profit financial management, and it will reduce the risk for us.”
“As a non-profit, the money generated for the centre comes from admissions, programming, grants and funding,” Karikas explained.
Part of those grants and funding comes from the city, but this could change in the near future.
The RCMP Heritage Centre is working toward becoming a national museum, a process that requires action from the prime minister and the Department of Canadian Heritage.
With that change, the City of Regina could receive an estimated $500,000 per year in additional revenue, as the centre would no longer require municipal funding or tax exemptions.
This is why city administration believes the investment is worth it.
“From that perspective, it carries a high rate of return,” said City of Regina acting chief financial officer Jeff May.
If approved by city council next week, the GFR would sit at $20.55 million, well below its minimum threshold of $35.8 million.
May said the city has a current method to replenish the reserve.
“There are two mechanisms. One is a current council policy that says if the city earns more interest income or investment income than it budgeted for, then 50 per cent of that surplus goes to the asset revitalization reserve and the other 50 per cent goes to the GFR.”
Council also passed a dedicated mill rate in the winter to provide new funding for the GFR.
