BUDGET BRIEFS – 2014
Preliminary Capital Budget meeting
Preliminary Capital Budget meeting
Council resumes budget discussion
City Council met again to review the Preliminary Capital Budget for 2014. This budget includes the following components:
Summary of all capital and projected projects, in detail, for the next five years and the sources of funding for those projects;
Status of the Capital Reinvestment Reserve;
Status of the Equipment Reserve.
Capital Budget review
The proposed Capital Budget for 2014 is $6,399,215 plus any further capital carry forwards determined once year end 2013 is closed. Currently, $860,000 per year is budgeted for General Capital projects. At this point, there are projects valued at $905,000 which means projects will either need to be removed from the five year plan or taxes or debt increased.
Descriptions of each capital budget item are provided for Council’s consideration. These items deal with a wide range of City services from equipment for emergency service crews to infrastructure reinvestment. Council will review the projects and vote on the projects to be completed in 2014.
The list of capital projects will be brought back to Council for final approval on March 31, 2014.
PLEASE NOTE: Dollar figures or percentages referred to in Budget Briefs 2014 are subject to change and should not be considered final until the budget process is complete.
Reserves update
Council reviewed an update on the reserves of the City. The City has a variety of reserves, with the majority of them being set aside (usually from taxation or prior year surpluses) for specific capital purposes. Deferred revenues include money that has been received from a third party – such as Gas Tax from UBCM – that must be used for a specific purpose.
The list of reserves, allocated surpluses and deferred revenues is estimated to total $9.3 million at the end of 2013. This does not include the funds received from the province for future recreation infrastructure.
Supplementals approved
Council reviewed the electronic voting results on the supplementals. At this point in the budget process, the City’s status quo operating budget requires a tax increase of 1.2% to the average taxpayer. Council voted electronically on the supplemental items and as per the voting results 1.06% of supplementals were approved as well as a 0.60% increase for transfer to reserves.
PLEASE NOTE that this report was presented at a
Committee of the Whole meeting which means that any items approved at this stage, still need to go to Council for final approval at a Regular Council meeting.
The following supplemental items were approved:
Full time PW Supervisor (ongoing) $ 54,000
Add’l summer Engineering Student (ongoing) 24,000
Contractor for security clearances (ongoing) 5,000
ICIS GIS opportunity (one time) 8,000
Bridge inspection program - Moffat/Baker (ongoing) 10,000
Museum insurance (ongoing) 1,500
Environmental Advisory Comm. projects (one time) 2,500
Add’l Invasive Weed Control program (one time) 25,000
Bear Aware program (one time) 12,000
TOTAL equals 1.06% or $142,000
Approved reserve increases:
Fire Capital Transfer $ 30,766
Equipment Reserve Fund 50,000
TOTAL equals 0.6% or $ 80,766
Timetable
February 24 - Public input session.
March 31 - Final approval by Council on capital projects.
March and April - Work on disposition of surplus; review of the five-year financial plan; and setting the final tax rates for the various classes.
Prior to May 15 - Adopt the final budget and tax rates bylaws.
NEXT BUDGET MEETING IS ON FEBRUARY 24 @ 7:00 P.M. –
PUBLIC INPUT SESSION
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