Financial Matters:

Funding for the granite interpretive panels will be provided by the RCNA at an estimated cost of $35,000. 

Additional funding for the monument engineering, foundation and site work is proposed under the 2019 Capital Budget line item PFO-014-12 – Partnerships capital project in the amount of $25,000.

The following chart outlines costs and funding sources for the project:

Estimated Project Costs	Total Costs	City Funding	RNCA Funding
RNCA Granite Interpretive panels (supply and installation)	$35,000		$35,000
Concrete Foundation and site work.	$21,500	$21,500
Administration and Engineering	$3,500	$3,500
TOTAL COSTS AND FUNDING	$60,000	$25,000	$35,000

The members of the RCNA are spearheading the project and have raised the funding to have the granite panels installed at the naval memorial site. Terms of the agreement will require that the RCNA must provide confirmation of all required funding in place before the project can proceed. The estimated cost of the memorial is $60,000.

The ongoing maintenance for Parks operations will not be materially impacted by the addition of the second phase of the naval memorial. Parks Development staff will be required to be available for consultation and review of the project to ensure the City's quality standards are maintained.

Any future repairs to the monument will also be the responsibility of the City once the asset is accepted as a donation. City Council previously approved a budget for the repair and maintenance of all of the City's memorial and monuments and it is anticipated that this expansion of the existing monument will have minimal impact on these funds.

Consultations:

Ron Sitarz, Royal Canadian Naval Association Mike Clement, Manager Parks Development Cathy Masterson, Manager, Cultural Affairs