This Bylaw was introduced and read by City Council at the Regular Meeting of Council November 25, 2024 at 7:00pm in Council Chambers, and is proceeding to Final Consideration at the Regular Meeting of Council December 9, 2024 at 7:00 pm in Council Chambers.
The changes proposed in the 2024 FIVE YEAR FINANCIAL PLAN AMENDMENT BYLAW NO. 3552, 2024 affect the General fund, the Sanitary/Storm/Sewer fund, and the Solid Waste fund. These changes are proposed to address expenses not anticipated when the Financial Plan was adopted in May. The proposed changes will not result in any change to City servicing levels or approved operating budgets, instead using funds from interest income, reserves, surplus and existing taxes and fees.
The public can submit comments regarding the proposed amendment 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 December 6th, 2024
| Funding Source: | Existing Approved Budget |
Proposed Amendment | Difference | Notes |
| Interest and penalties | $824,000 | $1,791,000 | $967,000 | Increased interest earned on operating funds and penalties received during year |
| Grants | $1,845,000 | $7,117,000 | $5,272,000 | Grants received during year above budget |
| Appropriated Surplus | $195,000 | $205,000 | $10,000 | 2023 approved project funds unspent carried forward to 2024 |
| Reserves – Capital Purchases | $3,852,000 | $4,852,000 | $1,000,000 | Use of reserve created through receipt of grant agreement funding |
| Sewer Surplus | $3,163,000 | $3,327,000 | $164,000 | Use of surplus to respond to emergency repair |
| Total Funding Change Proposed | 7,413,000 | |||
| Expenditure: | ||||
| Transfer to General Capital Reserves | $2,245,000 | $7,260,000 | $5,015,000 | Transfer to reserves as required in funding agreement |
| Engineering expenses |
$847,000 | $782,000 | ($65,000) | Emergency sewer repair at Comox Ave. |
| Capital Purchases | $32,833,000 | $34,868,000 | $2,035,000 | Ambulance purchase, library heating, airport ferry refit overage, Japanese Canadian Legacy project, Public Works renovations |
| Special Projects | $987,000 | $1,251,000 | $264,000 | Resource Benefits Alliance consulting fees and Development Approvals project |
| Sewer Capital Works | $3,163,000 | $3,327,000 | $164,000 | Emergency sewer repair at Comox Ave. |
| Solid Waste operating expenses |
$5,776,000 | $5,611,000 | ($165,000) | Reduction in budgeted expenses based on forecast |
| Solid Waste Capital Purchases | $310,000 | $475,000 | $165,000 | Acquisition of loader at landfill |
| Total change proposed |
$7,413,000 | |||
| Surplus/(Deficit) | $ - |