Clearwater County Broadband Project
Financial Research Report
April 24, 2026
This report compiles publicly available financial information on the Clearwater County Open Access Network (CAN) broadband project, drawing from federal grant records, county budget documents, audited financial statements, council meeting agendas, and procurement records.
Section 1: Project Overview
The project is a county-owned open-access fibre-to-the-home (FTTH) network serving rural Clearwater County, Alberta. Originally scoped at approximately $20 million in 2020, it has grown to a total gross program cost of approximately $140 million, with roughly $88 million covered by federal and provincial grants, leaving a net county cost of approximately $52 million. Construction is targeted for completion by March 31, 2027. The network covers 4,399 homes across 7,227 total county residences — representing 61% of all residences in the county.
Section 2: Total Program Cost Summary
The following tables summarize the total program cost broken down by component and by spending period.
Note: The widely reported $85.1M figure refers only to the remaining FTTH costs to complete, not the total program cost.
Spending Timeline
Section 3: Federal & Provincial Grant Funding
Clearwater County secured seven grants through the federal Universal Broadband Fund (UBF), administered by Innovation, Science and Economic Development (ISED) Canada, with matching support from the Government of Alberta. Grants cover up to 75% of eligible project costs. Source: ISED Selected UBF Projects page.
Note: Grant amounts shown are combined federal + provincial totals as listed on the ISED website. The confirmed federal-only agreement value for UBF-07119 (via the Open Government portal) is $16,166,414, indicating approximately a 50/50 federal/provincial split. The 2024 audited financial statements confirm the broadband restricted fund grew from $240,822 (2023) to $20,727,140 (2024), confirming grant tranches are actively flowing.
Section 4: Committed Construction Contracts
Source: February 13, 2026 Broadband Committee Strategic Options Review (Arcadis/Pardal Ventures).
Note: $71,835,802 total committed (84% of FTTH completion cost) as of end of 2025.
County Net Cost per Home by Area
Section 5: Revenue Projections & Break-Even Analysis
Revenue is generated through ISP access fees paid by retail providers using the open-access network infrastructure.
Key Metrics
• Operating break-even: 2,562 homes (58% take-up rate), targeted 2029–2030 • Current sales close ratio: 73%
• Homes signed up as of Feb 13, 2026: 572 (exceeding 2.5-month forecast by 500+)
• Fibre Connect installation fee: $399 for first 100m + $14/additional metre (introductory); $1,500 after construction
• Operating deficit 2026: $1,690,308 (~$37.62/property/year)
• Forecast operating surplus 2030: $122,200 (~$2.05/property/year)
• Estimated property value uplift from fibre: ~$11,748/home (~3%)Section 6: Strategic Options Review (Feb 13, 2026)
Section 6: Strategic Options Review (Feb 13, 2026)
The Arcadis/Pardal Ventures review presented five options plus a baseline. Council voted 6-1 to continue (Option Base) on February 24, 2026, approving a $72 million budget adjustment funded by grant revenue and restricted surplus transfers.
Termination Cost Breakdown (if stopped entirely)
Section 7: Budget History
2026 Overall County Budget Context
Section 8: Audited Financial Statements — Broadband Figures
Source: 2024 Clearwater County Audited Financial Statements (Metrix Group LLP, opinion date April 22, 2025).
Broadband Restricted Fund
This ~$20.5M increase in one year reflects federal/provincial grant tranches received and ring-fenced. Broadband is the single largest restricted surplus fund in the county as of year-end 2024.
Overall County Financial Health (2024 Audited)
Section 9: Procurement Records
Source: Clearwater County Tenders & Contracts page.
Notable: BB11-2025 returned no award. Under the UBF grant conditions, the county must own and operate the network for at least 5 years post-construction (until ~2032) before any sale is possible. No confirmed operator contract is in place for the expanded FTTH network as of April 2026.
Section 10: Key Observations & Flags
1. True program cost is ~$140M, not $85.1M. The $85.1M figure reported in media and council discussions refers only to the remaining FTTH construction cost. The full program including backbone is ~$140M gross ($52M net to the county after grants).
2. Grants are real and flowing. The broadband restricted fund in the 2024 audited financial statements jumped from $240K to $20.7M — confirming active grant disbursement, not just announcements.
3. UBF-07119 is the largest single contract and covers the Caroline/Burnstick Lake/Crammond corridor — 1,379 homes at $28.9M in committed construction contracts and $13.1M net to the county ($9,485/home).
4. Cancellation is more expensive than completion under every modeled scenario. Net termination cost ranges from $21.8M to over $64.8M — versus $18M to complete.
5. No network operator contract is in place. BB11-2025 (Open-Access Network Operations) returned no award. The county will be required to self-operate until at least 2032 under UBF grant conditions.
6. Revenue uptake is early but tracking above forecast. 572 homes signed up after 2.5 months, exceeding forecast by 500+. The 73% close ratio is strong, but 2,562 homes must be connected to break even operationally.
7. Transparency concerns persist. No publicly available document breaks down the $140M program by line item. The tenders page and the Feb 13 strategic options review are the closest available to a granular financial record.
Sources
1. ISED Canada — Selected Universal Broadband Fund Projects https://ised-isde.canada.ca/site/high-speed-inter net-canada/en/universal-broadband-fund/selected-universal-broadband-fund-projects
2. Clearwater County — Budget Page https://www.clearwatercounty.ca/p/budget
3. Clearwater County — Tenders & Contracts https://www.clearwatercounty.ca/p/tenders-contracts
4. Clearwater County — Broadband Project Background
https://www.clearwatercounty.ca/p/broadband-background
5. Clearwater County — Dec 19, 2025 Budget News Release https://www.clearwatercounty.ca/p/news-releases
6. Broadband Committee Meeting — Feb 13, 2026 (Agenda PDF, CivicWeb) https://clearwatercounty.civicweb.ne t/filepro/documents/66090?handle=CFA16849BD104DA9AFCB7B93AD4B1C97
7. Broadband Committee Meeting — Feb 13, 2026 (YouTube) https://www.youtube.com/watch?v=kiYNXZzUGCk
8. 94.5 Rewind Radio — Feb 17, 2026
https://945rewindradio.ca/2026/02/17/clearwater-county-to-continue-broadband-project-despite-opposition/
9. 94.5 Rewind Radio — Feb 25, 2026 https://945rewindradio.ca/2026/02/25/clearwater-county-formalizes-broa dband-go-ahead-councillors-express-displeasure/
10. CBC — Rural Broadband Alberta https://www.cbc.ca/news/canada/edmonton/federal-provincial-rural-broadb and-expansion-rolling-out-slowly-in-alberta-1.7317901
11. Clearwater County 2025 Budget News Release (PDF) https://www.clearwatercounty.ca/Home/DownloadDocu ment?docId=794cb8a8-4976-4508-a87f-bbd24445f474
12. Clearwater County 2024 Audited Financial Statements (PDF)
https://www.clearwatercounty.ca/Home/DownloadDocument?docId=6ed85dfe-860d-4bdb-808d-13c5c6a7669e
13. Arcadis — Woven Selected for Clearwater County Broadband
https://www.arcadis.com/en/news/global/2024/7/woven-selected-to-design-broadband-network
14. CWCBB Marketplace About https://market.cwcbb.ca/cwcbb/Show/About
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