But it’s trying to do a lot at the same time, with eight criteria to align with: economic impact, job creation, connection to key industries, benefits to the innovation sector, connection to existing initiatives, social benefits, inclusive growth, and environmental goals. The funding is available to private-sector companies, not-for-profit organizations, and public institutions proposing local investments. Broadness may not serve it well, Tse said.
“Big-tent approaches get too diffuse, and we often never see the real results or the impact of it,” he said.
Phase 1, drawing $5 million from reserve funds set aside for COVID-19 recovery, would be run at the outset by city administration, working with organizations such as Edmonton Unlimited and Edmonton Global to refine the program. This will give administration “the opportunity to establish a viable internal governance structure, to assess program uptake and the success of funded projects or initiatives, as well as provide insights into how to establish a sustainable, permanent version of the program,” says the proposal.
It’s important to learn those lessons well, Tse said. “At the end of the day, what matters is, ‘Can we figure this process out that’s going to warrant more?'”
That said, Tse has concerns about the amount of money that will go to overhead. The current proposal expects a full-time equivalent salary, legal support, communications, website development, advertising, and other expenses to come out of the initial $5 million. “That’s a not insignificant amount of money that’s going to evaporate in operating costs.”
The Edge Fund is one of many budget requests that city council is considering as it prepares to set its operating, capital, and utility budgets for 2023-26. Two days of public hearings began on Nov. 28, and the first budget meeting is scheduled for Nov. 30.
