Last night before a crowd of roughly 70 members of the public - Professional Environmental Recreation Consultants or PERC, consultants hired last year to guide the next steps as to what to do about the 30 year Sam Ketchum Pool, presented the Preferred Option on behalf of the Pool Task Force. Politicians in attendance included Williams Lake Mayor Kerry Cook, local City Councillors Laurie Walters and Danica Hughes, CRD Directors Deb Bischoff, Byron Kemp and Joan Sorley
The first part of the Public Open House was a brief presentation as Option 5 (Preferred Option) including keeping the existing 6 lane, 25 metre pool and adding a new hot/kiddie pools, and a 3 lane 25 m "leisure pool"
A question and answer period ensued with questions ranging from let's do the least expensive option ($2 million to replace tank in the existing pool) to why not expand the Recreation Complex to host a wider variety of recreation groups for their needs
Financial Analysis:
Cost of Project -- $11.3 million
Money from benefactors/grants - $3.3 million
Money borrowed over 20 years - $8.0 million
Current Recreation tax rate -- $88/$100,000 of assessment (land/buildings)
New Recreation tax rate ($8 million borrowed) -- $121/$100,000 of assessment (land/buildings)
Please note the new Recreation tax rate (as I suspect will happen) will go up if the $3.3 million can not be recovered in grants or other received monies (Taseko Mines, foundations, etc)
As Williams Lake taxpayers' would be on the hook for debt, as of today, totaling $23-24 million until roughly 2030 and given forestry is in a flux and no guarantee around 'New Prosperity' - it would be foolish to borrow the $8 million at this time but rather to tax for one year to get the $2 million, fix the tank in the main swimming pool and save up for a while, then do the upgrade with cash, instead of borrowing
Read the story on this from the Rush/Wolf here
2 comments:
Couldn't disagree more Steve. Of course, you're entitled to your opinion as I am mine.
Spending $2 million, losing the pool entirely for a year, ending up with the exact same pool as before, and STILL having huge potential for issues with the areas that do not get fixed (and desperately need it) such as the hot tub and wading pool does not seem prudent at all. Not to mention a fitness centre that is woefully inadequate for demand.
Let the people decide......send it to referendum and see what happens.
Just my opinion.
This pool is another example of the intergenerational equity that has been caused by the hubris, incompetence,and neglect of one generation, now being dealt with in a panic by another, and all too common for public assets. Had there been political will in place years ago, public asset depreciation would have been funded annually, just like in the business sector, or just like in the condominium corporation world. That said, we are where we are.
Secondly Steve, this huge misconception of "lets tax a bit extra, save up the money, and pay cash for the project so we don't have to pay interest" is kitchen table folly. So long as there are debts carried by the taxpayers who borrow money for their home mortgages, and so long as there are mortgages being carried by those taxpayers while taxes are collected to pay cash for this pool to avoid interest, interest is in fact being paid on the pool, maybe not by WL/CRD, but it is being paid by the taxpayers who have to pay more tax rather than pay down their mortgages.......get the picture?
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