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40 Mile Park was established through a combined effort of volunteers, St. Mary’s River Irrigation District, and the County of Forty Mile No.8.  The SMRID owns the reservoir and land that the Park sits on.  The County of Forty Mile No.8 leases this land from the SMRID and operates the recreation area for public use.  This public interest is met through a mix of cottages, long term campsites, seasonal campsites, overnight camping and day use facilities.

The County of Forty Mile No.8 employs a Park Manager who meets with the 40 Mile Park Management Committee on the second Thursday of every month in the County Administration office in Foremost.  This Committee is appointed annually by County Council and consists of three long term leaseholders from the Park, three County Council members and the County Reeve.