$41.2 million for municipality

by Wayne Moore - Dec 5, 2007 CASTANET
It will cost slightly more than $41 million to run the new Westside District Municipality through its first year of operation. That according to financial documents released in advance of Thursday's inaugural Council meeting. The Financial Plan, prepared by Transition Team Financial Officer Harry Osachoff, calls for a balanced plan for equal revenues and expenditures of $41,242,560. "The Westside District Municipality 2007-2008 financial is the plan prepared by members of the Westside transition team using information provided by Regional District of Central Okanagan, the provincial government via Letters Patent and Offer of Assistance Letter to the Westside Governance Committee," says Osachoff. "In addition to the foregoing, the seasoned and experienced transition team included in the financial plan funding to start up the Westside District Municipal organizational structure." Osachoff says the financial plan is just a provisional document which will be developed further as Council assesses the community's needs.

Revenue highlights include:

• $12.955 million from the Municipal property tax base for General Government purposes. This figure has been used without knowing what property assessment values will be for the coming year
  
• $8.7 million in provincial grants, including restructuring grants, gas tax and traffic fine revenues
  
• $2.4 million in transfers from reserves. These are monies transferred from reserves current at the Regional District
  
• $13.1 million in debt financing for capital expenditures. It is proposed that if the police building and fire protection building proceed, they will be financed by capital debt over a period of 10 or 20 years.

Expenditure highlights include:

• $2.2 million in general government expenditures, including organizational structure for Mayor, six Councillors and senior staff
  
• $9.2 million for protective services, including RCMP, fire protection, building inspection and other by-law enforcement
  
• $5.2 million for recreational and cultural services, including all recreational and park facilities transferred to the new municipality
  
• $1.7 million for transportation expenditures including the value of the existing services provided by the Argo Road Maintenance.

Osachoff is recommending Council adopt the financial plan at the inaugural meeting of December 6.