Parksville Council gave three readings of the city’s five-year financial plan bylaw at its May 2 regular meeting.
The plan defines the financial requirements for municipal services to carry out operations and projects for the next half-decade. Without council approval, many municipal expenditures would be delayed or halted due to insufficient budgets and affect operations, services and capital projects.
Council directed staff at its March 30 meeting to set a maximum of $4,000,000 per year in capital project expenditures. It also reviewed and approved spending envelopes, which were incorporated into the plan, according to a report by Jedha Holmes, chief financial officer.
This maximum amount of $400,000 will be reviewed with financing alternatives and related capital reserve transactions in the longer term, following the completion of various capital initiatives this year and in 2023. Initiatives include the video scope of underground infrastructure, master plans for water, sanitary sewer and storm sewer assets, advancing the city’s asset management program and city assessments and assessments.
The community charter requires the municipality to adopt a financial plan for the current year, plus four more years by May 15 of each year.
At three public council meetings in March, staff presented elements of the draft financial plan, including general fund, water and sewer operating revenues and expenses, and an overview of development projects. fixed assets proposed. Staff also provided a summary of projects underway at the end of 2021 to carry over to this year.
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