Proposed 5 Year Financial Plan Amendment

Fri, October 2, 2020

Please see the notice attached below regarding a Proposed Amendment to the City's 5 Year Financial Plan, to be considered by City Council at the Regular Meeting of Council, October 5th, 2020 at 7:00pm in Council Chambers.

The following are changes to the Operating Fund proposed in the 2020 Amended Financial Plan Bylaw No. 3457, 2020. These changes are proposed to address expenses not anticipated when the initial Financial Plan was adopted in April. The proposed changes will not result in any change to City servicing levels or approved operating budgets, instead drawing funds from reserves and accumulated surplus.

Proposed Amendment to the 2020 Financial Plan

Funding Source:

Existing Approved Budget

Proposed Amendment  

Difference

Notes

Appropriated Surplus

$185,000

$285,000

$100,000

To roll over unspent funding for removal of tanks

Moresby Tank Removal Accrual

$546,000

$455,000

$(91,000)

2019 Accrual balance remaining

Northern Capital and Planning Grant Reserve

$1,285,000

$3,876,000

$2,591,000

Fund removal of remaining DND tanks, purchase of property and architectural design for RCMP detachment

Sale of Land

$ -

$225,000

$225,000

Sale of land on 9th West

Conditional Grants

$9,697,000

$24,762,000

$15,065,000

Receipt of Northern Capital and Planning Grant and Phase III Water grant

Total Change Proposed

 

 

$17,890,000

 

 

Expenditure:

 

 

 

 

Provision for Capital Purchases

$5,114,000

$7,939,000

$2,825,000

Property and architectural design for construction of new RCMP detachment and removal of remaining DND tanks in Moresby area

Transfer to Reserves from General Operating Fund

$1,350,000

$16,415,000

$15,065,000

Transfer of Northern Capital and Planning Grant and Phase III of the Water project grant to reserve

Total change proposed

 

 

$17,890,000

 

Surplus/(Deficit)

 

 

$ -

 

Please submit comments to Corinne Bomben, Chief Financial Officer in writing via email at corinne.bomben@princerupert.ca, via fax (250) 627 0999, or delivered to the Customer Service Desk at City Hall at 424 3rd Avenue West, no later than 4:30pm Monday October 5th, 2020.

Notice of Proposed 5 Year Financial Plan Amendment