July 26 , Thursday: Finance Committee CANCELLED 1:00 pm Kalamalka Lake Room
Don Quixote Note:
I was hoping to see if the 2006 Financial Statements for both the City of Vernon and the AIRPORT would be available to the public. As these statements are required for the Annual Report meeting it seems that meeting may be several months off? I was also hoping to see some discussion on last years surplus, this years anticipated surplus and the state and direction of the reserves, both statutory and regular.
The state of the reserves is the second most important financial priority facing this City. The first is DCC's and a review. At last Council Cow meeting Council passed a resolution to have a workshop on DCC's . Hopefully this will occur immediately and a consultant hired to recommend new DCC levels in conjunction with the 
ongoing OCP review. After all if GVSC could have a study done and recommend Parks DCC increases of up to 32% then the City is more than capable of ascertaining that our DCC's must be out of date and probably underfunded.As an illustration the cost assigned in 2005 for the Treatment Plant (which is a 50% DCC project) was $27,500,000. Now the last I heard the sewer plant came in thanks to a GST break at around $29,000,000. This $1 1/2 million difference should be reflected in the DCC calculation. There are also DCC costs for major projects that have been up fronted and now form part of a latecomer calculation that should be readjusted. This would cause a lowering of DCC's.
ongoing OCP review. After all if GVSC could have a study done and recommend Parks DCC increases of up to 32% then the City is more than capable of ascertaining that our DCC's must be out of date and probably underfunded.As an illustration the cost assigned in 2005 for the Treatment Plant (which is a 50% DCC project) was $27,500,000. Now the last I heard the sewer plant came in thanks to a GST break at around $29,000,000. This $1 1/2 million difference should be reflected in the DCC calculation. There are also DCC costs for major projects that have been up fronted and now form part of a latecomer calculation that should be readjusted. This would cause a lowering of DCC's.I will be posting a Case for DCC review shortly with reasons why this important study can not be put off. I hate paying 'Consultants' but this is an urgent manner that is best handled by an outside expert !
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