Stable and predictable funding will help build and repair local roads, bridges, water and wastewater infrastructure
PARRY SOUND — Today, Premier Doug Ford and Laurie Scott, Minister of Infrastructure, announced a $200 million investment this year through the Ontario Community Infrastructure Fund (OCIF) to help 424 small, rural and northern communities build and repair critical local infrastructure, including roads, bridges, water and wastewater infrastructure.
“Ontario’s economy is thriving, but we must ensure every person and every region across the province can share in this prosperity,” Premier Doug Ford said. “Investing in infrastructure is critical to helping rural communities attract, support and sustain economic growth and job creation.”
“Our government is investing in community-based infrastructure projects that will build healthier and safer communities,” said Laurie Scott, Minister of Infrastructure. “This funding builds on our ongoing commitment to support small, rural and northern municipalities across Ontario.”
As part of the government’s Plan to Build Ontario Together, OCIF helps eligible communities invest in local infrastructure and asset management planning to address their priority needs.
“Today’s announcement provides the predictable and stable infrastructure funding small, rural and northern municipalities have requested,” added Minister Scott. “With this OCIF funding, we are working directly with our municipal partners to help them build much-needed community infrastructure.”
The province uses a fair and transparent formula to distribute funding, recognizing that municipalities have different infrastructure needs. These investments will help eligible communities attract jobs and investment, as well as build local capacity to grow and thrive.
“OCIF is an excellent example of the stable, predictable infrastructure funding small and rural communities need to help sustain and develop local communities and economies. OCIF’s formula-based funding helps build and maintain Ontario’s network of local roads and bridges and critical water, wastewater and stormwater systems,” said AMO President Jamie McGarvey. “The announcement of 2020 OCIF allocations is timely and much appreciated.”
Quick Facts
The Ontario Community Infrastructure Fund provides stable and predictable funding for communities with populations under 100,000, along with all rural and northern communities.
Approximately $200 million in formula-based funding was allocated to small, rural and northern communities for 2019. Municipalities may accumulate their formula funding for up to five years to address larger infrastructure projects.
Ontario also provides funding to communities through the Investing in Canada Infrastructure Program (ICIP), a $30-billion, 10-year infrastructure program cost-shared between federal, provincial and municipal governments. Ontario’s share per project will be up to 33.33 per cent, or $10.2 billion spread across four streams: Rural and Northern, Transit Infrastructure, and Community, Culture and Recreation and Green.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
