BUDGET MEETING Today at City Hall

BUDGET MEETING AT 1 PM Today at City hall

Today we should get an indication of where Council's budget stands for the 2008 season. Perhaps we will hear whether:

• The $716,638 (4.6%) a year in overhead charges have been accepted by GVSC and this will reduce the planned current 5% tax increase this year. (Remember 1%= $155,000).
  
• Revenues from the grant in lieu have been calculated based on 2007 figures that are now available and the yearly phone call to update the franchise fee figure to its correct actual total has been made.
• Overhead charge from Vernon Fire specified area to OK Landing fire specified area will be made. This will increase taxes to OK landing residents but lower them for the old city taxpayers.
• The fate of the Fringe Load variance reserve presently sitting at $490,000. Will this reserve have to be used to smooth out 2007 variances or is it necessary to change this years overhead rate that is been used in varying amounts throughout the departmental budgets ?
  
• What is the fate of the $490,000 sitting in the Assisted Living Reserve originally to be used to pay for DCC's for non profit housing etc. Now that the DCC's will be waived by virtue of being part of the new DCC bylaw, will this fund be returned to taxpayers or returned to the original reserves from which it sprung as per the resolution and debate during its creation?
• The amount of the Airport Capital Reserve ($110,000 ?) that was was transferred at 2006 year end when Airport Commission became a committee. Trust it will be used to fund the Airport Capital projects in 2008 ($50,000 for master drainage plan) and the seed money($50,000) for the Captain Bailey way Corporation.
  
• What effect or where the money projected for the Civic Complex Arct.fees and referendum advertising ($300,000 of which $200,000 is City's share) will be coming from. Will some of this be from last years budget?
• The RCMP surplus from 2007 has been acknowledged and will be used to fully pay for the $702,000 in service level increases. (4 new sgts and support staff). How much is the additional surplus projected to be. Known surpluses of $1,000,000 plus in return on short term investment are indicated by the changing of the $240,000 budgeted in 2007 to a more realistic projection of $1.5 million in 2008. How will it be used ?
  

PUBLIC IS WELCOME.