It appears the Central Okanagan Regional District has delayed Westside’s ability to move forward on road development cost charges. Westside chief administrative officer Jason Johnson told the Capital News that his staff cannot prepare the necessary road DCC bylaw until CORD confirms the amount of road reserves due to be transferred to Westside. “One of the vital components of that bylaw is that reserve that’s coming over,” said Johnson. “We need to be precise on that reserve in order to make sure that the DCC rate generated accurately reflects that (amount).” Because the numbers are not yet available, council has delayed first reading of the bylaw from June 24 to its next meeting on July 8, following a 6 p.m. public hearing. Urban Systems has estimated that CORD has $7.7 million socked away in road reserves for Westside, said Johnson. But less than half of that is reported to be cash, and the rest is developer credits. “That’s why we’re getting a reconciled record of what that looks like,” Johnson said. The other important thing for council to consider when looking at the bylaw is what to do with the money that has been gifted, said Johnson. At last word, chief financial officer Jim Zaffino had learned road reserves from CORD were between $6 million and $7 million. But only about $2 million of that was cash, he stated in May. Recently Westside council has been grappling with the DCC amount to charge.
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Don Quixote Note: The DCC's for Vernon as recorded on Page 27 of the Annual Report as Deferred Charges total $9,685,888 as at Dec. 31, 2007. How much of this is cash and how much is developer credits? In Kelowna's financial statements they list a total of the amount of irrevocable letters of credit from developers to ensure payment of DCC's in the future. I do not see such a footnote in Vernon's financial statements?
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