Proposed Dog Park/Walking Trail in BX

Posted on 9/18/2015 by Ron Manz 107.5 KISSFM
North Okanagan residents could soon have another off-leash dog area and walking trail to enjoy. The Regional District of North Okanagan has an agreement in place to purchase 166 acres of the BX Ranch beneath Black Rock so it can join both the BX and Murtrie Road dog parks. RDNO Administrator David Sewell says the sale does have a subject clause. "One of the subjects is getting ALC approval to allow for the use of a sub-division off to allow for trail usage." Sewell explains what they hope to eventually do with the land that will cost $2.315 million to purchase. "In part it will link the existing BX dog park with the Mutrie dog park and then continue on a little bit further along the existing fence line for a walking trail." Sewell says this area could also be classified as off-leash."There are some environmentally sensitive areas so there may be portions of this trail that may be on-leash or no dogs. That hasn't been determined in entirety, but certainly the kind of activity between off-leash dog parks was part of the discussion," says Sewell.

Arena process off to Victoria

by Richard Rolke - Vernon Morning Star posted Jul 24, 2015 at 1:00 AM
The regulatory process for a new arena in Greater Vernon is moving ahead. Regional District of North Okanagan directors gave three readings to several bylaws Wednesday that sets the stage for a fall referendum on a new ice sheet at Kal Tire Place. “The goal has been to twin the surface,” said director Juliette Cunningham. “We still have the same level of commitment from the partners.” All of the bylaws have now been sent off to the Ministry of Community Development for approval. “We expect to have the process proceed,” said Cunningham. RDNO had hoped to hold a borrowing referendum in November 2014 but the provincial government blocked that process because Kal Tire Place is owned by the City of Vernon. To satisfy ministry guidelines, the new strategy is for the regional district to borrow $13 million and own the new ice sheet. A long-term lease would place it in the hands of the city. If a referendum is successful, the new ice sheet would replace the 78-year-old Civic Arena.

Showers On Tap For Sports Facility

Posted on 4/20/2015 by Pete McIntyre 107.5 KISSFM
The cost for Greater Vernon's new sports field has gone up. The regional district's board has approved adding 340-thousand dollars to the project for showers in the change rooms. Regional District of North Okanagan administrator David Sewell says adding the showers now, will save $75,000 to $100,000 compared to adding them after the facilities are completed. "The intent was, by doing it now we are minimizing the impact so we can do as much of it as concurrent," Sewell tells Kiss FM. Sewell says grants to cover the cost of the addition are being pursued, and reserves will be used for the rest. He says there was demand for the showers. "It was a feature that was desired, and at the end of the day, it's a balancing act in terms of what you can provide, and what's necessary," says Sewell. The extra work could push final completion of the project to August. The 7.5 million dollar facility next to Okanagan College is already several hundred thousand dollars over budget. "My understanding is we are about $490,000 for the existing project and this is going to add another $340,000," says Sewell.

Councillor opposes formula

Lachlan Labere - Salmon Arm Observer Published: March 24, 2009 6:00 PM

The Columbia Shuswap Regional District will have to look at long-term borrowing to fund its new government offices after receiving heated criticism from a municipal member unhappy with previously proposed reserves. In his introduction to the 2009 five- year financial plan presented to the board last week, CSRD financial and corporate services manager Ted Holmes said it was the most difficult budget of his career. Holmes’ budget troubles weren’t over yet, particularly when he described his concerns regarding a sharp increase in general government expenses, owed largely to the regional government’s need for a new central office building. Holmes explained he received direction from the board last year to provide money in the budget to finance the new facility.

“We got very creative in that meeting and came up with a plan to do it over five years, $500,000 a year into reserve, and at the end of that time we short-term borrow the balance,” said Holmes, who then apologized to the board, stating he’d shelved that plan because he didn’t want to hit taxpayers with the $500,000. “And I believe we got a resolution from the City of Salmon Arm, saying ‘take the City of Salmon Arm right out of the budget,’” said Holmes. “I turned the paper over and I didn’t see any solutions to our staffing problems. I didn’t see any solutions at all. All I saw was take the money out, and I don’t agree with it and that’s personal, I do whatever the board tells me.”

There’s currently $543,426 in a reserve for the new building. In summary of a new building financial plan, Holmes has lowered the 2009 contribution to $350,000, with the contribution gradually increasing over the coming years to $675,000 in 2013. Salmon Arm director Kevin Flynn said he recognizes the regional district needs a new building. But he adamantly opposed the allocation formula, which he argued has member municipalities like Salmon Arm providing about 50 per cent of the reserve budget. “The fact is, you’re increasing general government significantly and not making any change to the administrative chargebacks, and that’s fundamentally unfair and wrong. And until that’s corrected, I don’t think we should be putting anything more into this reserve ...,” said Flynn.

Furthermore, Flynn said he was philosophically opposed to the five years of significant reserve contributions and the short-term borrowing plan. “You said that Salmon Arm didn’t have a solution – It’s not Salmon Arm’s job to come up with a solution,” said Flynn. “But Salmon Arm does not feel the building should be funded over 10 years… it should be long-term borrowing, just like we funded our building and just like the hospitals are funding their buildings.”

Flynn recommended an amendment to remove this year’s $350,000 reserve contribution from the budget, but Revelstoke-Columbia director Lonnie Parker said she was uncomfortable with the board revisiting the matter in the 11th hour. “I think what’s happening here is that, due to the economy and the state of our communities, there’s a political shift here to do whatever we can to reduce the taxes, regardless of however that will hurt us in the future,” she said. In response to comments that the amendment would derail plans for the building, board chair Marty Bootsma said this wouldn’t be the case, and that the CSRD would have to look at long-term borrowing. Flynn then recommended the board look to long-term borrowing, stating it’s a matter of being responsible with taxpayers’ money. “I think the issue is there’s a political reluctance to leave this decision up to the taxpayers and use either counter-petition or referendum,” said Flynn.

“Instead of doing that, we’re going to ram this through and do it on short-term borrowing and set up reserves with an unfair and very old and not recently reviewed allocation formula…” The board approved the amendment, with Parker, Sicamous-Malakwa director Rhona Martin and Falkland-Salmon Valley director Rene Talbot opposed.

Profit-sharing in works for Events Centre

By JOHN MOORHOUSE Tuesday, November 18, 2008

While the finishing touches are still being put on the South Okanagan Events Centre, Penticton city council has agreed to a 20-year contract with its private sector operating company. Council voted unanimously Monday to enter an agreement with Global Spectrum Facility Management for operation of the events centre, Penticton Trade and Convention Centre and Memorial Arena. The city will continue to operate McLaren Park Arena. The actual contract is expected to be signed before the end of this month and will include four five-year terms. Jack Kler, the city‘s director of corporate services, said the contract calls for Global Spectrum to be paid a base management fee of $250,000 in 2009, which will be reduced to $200,000 plus a profit-sharing component starting in 2010.

A profit benchmark will be set late next year. The city will receive 80 per cent of all net revenue. Global Spectrum must pay the city $50,000 for not achieving the benchmark in any given year. Kler said the agreement will also eliminate the city‘s annual $700,000 operating shortfall for the convention centre and Memorial Arena. “That will be basically assumed by Global Spectrum. In other words, they will generate sufficient profits to take care of those subsidies,” he said. Although a $490,000 profit is predicted for the events centre in 2009, city administrator Leo den Boer emphasized there are no guarantees the end result will match that figure. It will be up to the new council to determine what to do with any net revenues which may result. The projected profit could be directed into general revenue or set aside for other special purposes. Plans also call for the $2 facility fee (added to ticket prices at the events centre) to be directed into a capital reserve fund to help pay for any future maintenance and other upgrades required for the SOEC. Coun. Garry Litke said the decision to go with a private sector firm was a wise one. He noted Philadelphia-based Global Spectrum operates about 65 facilities across North America, including nine in Canada. “When we first approved the building of the South Okanagan Events Centre, we knew it would be fiscally irresponsible to not hire a professional manager,” he said. “Without a professional management the other convention centre was costing Penticton taxpayers an increasing amount of money.” Litke admitted there have been some “growing pains” with its operation of the events centre. “There are a few complaints here and there, but I‘m sure they‘re all getting ironed out,” he said. City council can order an increase the amount of subsidized ice times available at the SOEC and Memorial Arena, if it so wishes. However, any increase in ice time subsidies for groups such as minor hockey would decrease the net revenue to the city.

Council‘s approval of the agreement came just two days after Saturday‘s municipal election, in which Mayor Jake Kimberley and Coun. Joanne Grimaldi failed to get re-elected. Kimberley reiterated his assertion that Penticton “won the lottery” with the Events Centre which gained almost $60 million in provincial grants and casino revenues. “It was my full insistence that we not cut corners,” he said. “Maybe I‘m feeling the brunt of that decision and recommendation, but… I didn‘t want a half-built facility, I wanted a world-class facility.”The mayor cited the upgraded score clock, which cost $960,000 - up from the originally-budgeted $740,000. However, the city‘s $36-million loan for the project will be paid off in 10 years.

Grimaldi noted the events centre is the largest capital project in Penticton‘s history. She bemoaned what she described as “rumours, innuendos and untruths” regarding the actual cost of the $78-million project. Grimaldi pointed to former mayor Maurice Finnerty who opened the Peach Bowl convention centre in the mid-1960s and then failed to get re-elected. “You do something good and it‘s remembered in retrospect, instead of at the polls at the time,” she said.

Hesperia Partnering Agreement Approved

Hesperia Partnering Agreement Approved subject to more financial details to come from Hesperia Directors re cash flow and business plan.

The Council by a 6-0 vote agreed to enter into the Partnering agreement with Hesperia so that Corporation could start paying invoices for services already entered into and provide necessary seed money to start hiring staff etc. Their were indications that the financial details re cash flow and business plan that were drawn up for the Commercial Bankers who were the original source of loans would be given to the Council to allay any concerns that they might have. (Public disclosure should follow shortly thereafter.) Council was reassured by the CAO that the City of Vernon was the only shareholder and that the structure was necessary to protect the taxpayers through limited liabilty but that as the only shareholder the Corporation could be wound up or business plan could be changed by the Council of the day.

The full details of the risk reward and the ultimate subsidy that the City's taxpayers are projected to put up to achieve this model of attainable housing will come out when these documents are produced.

The original $5,000,000 loan seems to have evolved into a line of credit that will see the Hesperia Corporation draw down $12,993,300 and repay $13,720,120 with initial draw down occurring in July of 2008 and final payment occurring in June of 2012. (see image on left. Click to enlarge). The first draw is for $700,500 and the other draws are of such odd amounts that they seem to have been taken from some already perused business plan?

When the full business plan is revealed and accepted by Council and vetted by the public we will know that this is a wise use of taxpayers money. As this should occur in the first 3 months we will have only our initial bet of $700,500 on the table but the land ($1,000,000 original cost of the 69 acres, sale price of $3,000,000 to Hesperia but worth much more than that $48,478 per acre) will still be under City Control.

This agreement may prove beneficial but I'm from Missouri the show-me state. I have no hesitation in subsidizing worthwhile projects with the use of taxpayer's land assets but I want to know how much I am paying or foregoing if land was sold for open market development!

Audit Committee and Finance Meeting at 1 PM TODAY

May 29, Thursday:
Audit Committee 1:00 pm Kalamalka Lake Room
Finance Committee Following Audit Com.

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Don Quixote Note: I expect that the Auditors will present and explain the 2007 City Financial Statements at the Audit meeting. At the finance meeting I would anticipate the Grant policy procedures and protocol will be refined and discussion on the interim reserve policy will follow. I would expect some discussion on the $1.3 million or about 8% tax increase that will follow in 2009 from the decisions to support the first two parts of the Transportation Plan.

Free Coffee, Public and Media Welcome. This is not a DARK SIDE meeting !

The Reserve Policy Meeting of Friday May 16.

A Special Committee of the Whole meeting of Council was held Friday, May 16th, 2008, at 9:00 am in Council Chambers at City Hall to review the Interim Reserve Policy.

A bare quorum of 4 showed up (Beardsell, Cochrane, and Nicol absent) and the CFO Kevin Birtles made a presentation of the Policy including concerns that Coun. Beardsell had expressed in writing. There was some debate about several of the reserves and some resolutions about the timing of an annual reserve review (prior to June 15 each year?) and tools that could be used to 'assist in the accumulation of funds to meet the new requirements'. There were 4 directly cited and the assembled Council voted that the Capital reserves would have 'credit interest added in 2008 to these reserves'

The RCMP reserve was confirmed to be $849,090 (the 2007 budget surplus of $787,483 was reinstated from the Casino Reserve which shrunk to $320,519). The RCMP reserve was confirmed to be a reserve that would contain

• 'the net surplus from policing costs would be added to the reserve at year end'
• Transfers from this reserve will be authorized by council.
• The costs shall include determination of overhead costs for internal support. (no calculation of how much this would be for 2008 was proffered or agreed to yet.)

There were two reserves with name changes accepted by the council. The infamous Fringe Load Variance Reserve becomes the Salary Reserve and starts ins reincarnation with $290,000 in the pot. In the Sewer Reserve Group the much maligned 'Un-Named Reserve' becomes the Emergency Reserve and the projected 2008 ending balance will be $838,683. There were some small housekeeping items with the formal addition of a Heritage Reserve and the acknowledgment that there would be no change in 2008 for the BC Gas Lease Legacy Reserve.

About an hour into the session the Mayor was called away for a scheduled meeting in his office and prior to his departure the council quickly agreed to lending money from non statutory reserves to Capt. Bailey Way project ($2,000,000 from the sewer reserve group.) and $5,000,000 to the Hesperia Development Corp. from general reserves. It was then pointed out that there was more discussion needed on the state and amounts of actual reserves and the four Council members decided to refer it over to a Finance Committee meeting. The Scheduling of this new special meeting was not disclosed.

The agreement to 'partner' with these two entities with a formal vote on amount and term (but no interest rate?) prior to the required announcement to the public as specified in Articles 21 and 24 of the Community Charter are a concern as to process if not to substance. The announcements of the share purchase arrangements re these two City corporations and the assistance provided to give them seed money that were in Sunday's paper are troubling when they are done under the 'partnering' section of the Charter. Council was given a legal opinion from our lawyers at the last regular Council meeting but I have not yet read that and will reserve comments on this arrangement until I do so. (need a copy!). (more to come!)

At the start of each year for the last two or three I have indicated that the two top priorities of this council should be the DCC policy and rates and the Reserve Policy. We have this year finally adjusted the DCC rates and added a waiver of DCC's for non profit assisted housing etc. (Provincial Govt. approval still awaited) and have put $110,000 in the budget to hire a DCC consultant to make a thorough review and evaluation of all DCC projects and their public/developer split etc.

We have now had a one hour review of Reserves attended by a bare quorum of Council. I guess it is a start.

Interim Reserve Policy meeting Friday at 9 AM !

MEETING NOTICE
A Special Committee of the Whole meeting of Council will be held Friday, May 16th, 2008, at 9:00 am in Council Chambers at City Hall to review the Interim Reserve Policy.
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Don Quixote Note: The image on left (click to enlarge) shows the expected position of the reserves at the end of 2008. These are the reserves that will be discussed at the special meeting and the history, purpose and mandated access and policy procedure will be determined. The DCC's reserve, the Land Reserve(s) and the the other statutory reserve (cemetery) do not appear to be on the agenda for this meeting.

Of particular interest to me will be how the following reserves are handled:

• RCMP Reserve - Will they finally formalize this reserve policy (as we had thought they had done 3 years ago) to mandate that all surpluses from the budgeted RCMP Policing Costs MUST be placed into this reserve at year end?
• Airport Reserve: Will the history of how this reserve went from $111,000 at close out of Airport as a separate corporation to $47,322.52 be revealed? In view of the Captain Bailey Way initiative that supposedly will take the tax burden away from the taxpayers and the subsidy will end, is this tag end of a capital reserve necessary? Where should it be transferred?
• Fringe Load Variance Reserve. ($290,000) Now that the true purpose of this reserve was revealed and there still remains a large sum of money in it and as there appears to be no fringe load variance in 2007 as no money was added in or taken our for that purpose maybe it is time to transfer this dubious reserve to a more worthy reserve. It appears that the 22% load figures used must be a valid loading factor and the reserve has become redundant.
• Affordable Housing Reserve: ($550,000) The original purpose of this reserve (set up with $310,000 from RCMP reserve- such money to be returned if Housing reserve is wound up) was to provide grants to offset DCC's for non-profits building affordable housing. The new DCC policy has mandated the treatment of those types of DCC's for non-profits etc and the purpose of this reserve is now moot. Will the money be returned to the RCMP reserve and will the balance be used a new social housing purpose?
• Capital Grant Matching Reserve: $300,000. This money was transferred in when the 2005 operating surplus was sliced and diced and has sat there untouched ever since? What is the purpose of this reserve and is necessary.
• BC Gas Lease Legacy: $1,529,872.74 This is a LILO agreement between the City and Terasen where the City bought the infrastructure (gas lines) and then leases them back to Terasen for them to operate. The revenue Teresen gives to the city each year pays down the capital expenditure we made to purchase the infrastructure. At the end of the deal in 17 years or so there will be a pot of gold of around $12 million that will accrue to the City of Vernon. (Terasen has the option of extending deal and continuing paying us revenue annually but by that time our capital exposure will be paid off.) It will be interesting to see how this reserve is debated and resolved on Friday. Prince George actually is one of the cities that actually dips into these reserves on an annual basis to smooth out tax anomalies. There are few people that understand this Enron type accounting where the rationale was to transfer our lower MFA financing rate and our lack of taxable status to a private corporation and the both of us would make money. I am looking forward to being enlightened on my misconceptions about this deal.
• Sewer Group: How DCC's are collected from Non Vernon taxed development in Coldstream and the financing costs of the sewer plant that should be put into DCC Sewer bylaw will be of interest. A fuller explanation of the $838,683 in the "Un-named" reserve would be of interest to most taxpayers?
  

Police Reserve topped back up by required amount for now !

Yesterday at Council in an unanimous vote $787,483 was placed in to the Police Reserve representing the 2007 Police operating surplus. The funds will come out of the Casino reserve in 2008 so as to "that the RCMP reserve funds transferred for the Middleton Road project be rectified. "

There will be a Special Committee of the Whole meeting of Council, Friday, May 16, 2008, at 9:00 am discuss the draft Interim Reserve Policy.

Coun. Beardsell the main proponent of reserve rationalization proposed deferring the meeting for 1 week as he could not attend. As this would preclude two other councillors from attending due to a conference they would be attending the date and time remains the same.

A simple change to a Thursday date this week (*at finance committee meeting perhaps)would have seemed to be a solution where the council could have the proper attendees at this crucial meeting. Another opportunity missed with the results that anything decided by the Council at the Friday meeting will be dissected by Coun. Beardsell when he gets the full report of any important reserve changes that were made.

*May 15, Thursday: Finance Committee 1:00 pm Kalamalka Lake Room
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The expected balance at 2008 year end for these two reserves (before any operating surpluses or revenue) now will be:
RCMP reserve will increase from $61,607 to $849,090.
Casino Reserve will decrease from $1,108,002 to $320,519.

Rant on Planned Reserve Report at Tuesday's COW Meeting.

Agenda Package - 500Kb P.9-15 RESERVE FUND BALANCES AND CONSOLIDATION RECOMMENDATIONS

On Tuesday at the Cow Meeting the Finance Manager's report that was presented and adopted at the Finance Meeting on Sept. 27 will be debated by the 6 man Council. (Coun Beardsell will be absent.) Some of the comments about the history of the reserves and their purpose seem to be at odds with my memory and some of the balances in these reserves as projected in this report are suspect!

• Casino Grant Reserve: 'These funds could be used to fund 2008 capital projects or could be utilized for the prospective new Library structure.' In view of the fact that the Casino expansion is on the afternoon Council meeting and the resultant increase of Gaming Revenue to the City in 2008 could more than double if this expansion is allowed then the implications of the use of these funds to back door the Library without a referendum rears its ominous head? Hopefully discussion of this will also be part of the Special Library Meeting of Oct.11 ?
• Development Excess Reserve: 'This reserve was created to accrue the excess of development revenues over the cost of providing the service.' My recall is that this reserve was set up to measure the difference between the budgeted amount and the actual amount of revenue received so that the constant underestimation of revenue could be measured. Furthermore it was to be used in subsequent years so that a more optimistic estimation could be used knowing full well that there was money in reserve that would be moved over to cover any miscalculation. Overestimation of expenses and underestimation of revenues is the traditional way of building up reserves by stealth rather than  in an open and transparent vote of council.
  
• RCMP Contingency Reserve: 'This reserve served to offset the costs of moving to full compliment levels withing the current budget cycle.' This reserve was finally set up a couple of years ago and the council agreed by resolution that the difference between the estimated Policing costs and the actual Policing costs would be transferred into this reserve and only transferred out by a specific resolution of open council. In 2007 $843,000 was indeed taken out for the budget of this year and was passed by council in an open budget meeting. However the 2006 surplus of $385,367 for overall Policing costs as reported in the annual report does not appear to have been transferred into this reserve in 2007. The transferred in amount appears to be only $17,550. Now I do remember $241,000 being allocated by council resolution for the 2007 costs of the new bylaw officers but this is not reflected in a deduction to the Police Reserve. Perhaps it was netted against the original surplus of $385,367 leaving us with a transfer of $144,367 to be made. BUT only $17,550 was transferred. ???? This overestimation of expenditures in policing was used in the past to create slush funds but the creation of a dedicated reserve with a legislated formula for moving money in and out was created to ensure that this would not continue.
  
• Fringe Load Variance Reserve: 'This reserve was created at the end of 2006 to increase the funding sources for future wage and benefit costs.' This reserve was caused in 2006 by the fortuitous situation in which the standard overhead charge that the City is using of 22%(?) was higher than necessary because of changes in the employee service demographics. This one time bonanza caused solely in the 2006 year would be cause to reexamine the overcharge standard charge rate. (A quick look at the 2007 accounts will ascertain if this is a one time occurrence or a need to adjust the standard rate for future budget cycles. ) In any case, if it is to be left in this 'dubious' reserve it should be earmarked for a tax equalization reserve to be used to offset residential taxes when future businesses tax ratio downward adjustments are proposed.
• Affordable Housing Reserve - 'Ultimate use of these funds may depend on recommendations flowing from the Affordable Housing Committee.' There is a decision upcoming to take $60,000 from this $550,000 reserve for Hospice house. (For the record $330,000 was transferred into this reserve as start up money from the newly set up Police Reserve as the first specific open vote by Council to authorize such a transfer from this Reserve.) The $60,000 in Grants covers $18,552 for Vernon DCC's and $15,160 for GVSC DCC's and these DCC's could be waived under the LGA. (Whether it is necessary to put a specific clause in our DCC bylaw is still under review but I have been asking for this for at least 3 years as it would allow these projects to get the benifit they seek at no direct cost to the taxpayer. Because of the upcoming request for DCC relief for the 40 units along the Reclamation Plant that may cost the City Taxpayer $400,000 it is imperative that the DCC bylaw change ASAP. This would preserve the money in this reserve to be used in a more appropriate manner.
  
• Airport Capital Reserve: There was roughly $113,333 in this account when the Airport Commission was disbanded at 2006 year end. In these Reserve reports this money seems to have disappeared ??

If this is the start of a planned thorough study of reserves then it is a good starting point. I hope this is the starting point and not the finish line.

Reports online for Public Input Meeting Today at 5:30. Find Out how the City Could accumulate $1/2 million dollars in a Fringe Load Variance Reserve !

• 2006 Financial Statements - 7.9MB
• 2006 Detailed Variance Analysis - 1.18MB
• 2006 Airport Statements - 1.46MB

The detailed variance reports explains the operating surplus of $1,516,135 and how it came about for 2006. Where it was temporary placed in reserves can be found at Page 14 of this report.(see excerpt below) These General reserve balances at end of 2006 of $15,736,381 ($11,419,146 in 2005) do not include the Statutory DCC's etc. The DCC Balanace at 2006 year end can be found on Page 11 of the Financial statements and sits at $12,660,771. ($10,467,222 in 2005)

Temporary resting place of $1,516,135 2006 operating Surplus:
Development excess revenue Reserve $533,000
Transit Expansion Reserve $200,000
Infrastructure Reserve $293,135
Fringe Load Variance Reserve $490,000

Don Quixote's 2008 budget tax Equalization Reserve on COW AGENDA MONDAY !

Agenda Package

Below is a copy of an e-mail that I sent to the Finance Chair, Coun Nichol and it has been put on this Monday's agenda as part of the 2008 budget process:

"I think the budget process was the best I ever have seen. However the Council stumbled towards the end and blew it. The decision to lower the business tax ratio from 3.03 to 2.75 was defensible and I don't object to it BUT it should have been accomplished without resorting to raising an additional $275,000 from the residential class. There was plenty of money in the estimated 2006 surplus of $700,000 at the time and especially the actual surplus of $1,554,000 that could have been used to maintain the residential class to a 2% hike while decreasing the business class tax contribution by 6%.

I understand the surplus was put into temporary reserves pending a review of all reserves etc. I would urge you to transfer at least $275,000 to a residential taxpayers tax Equalization Reserve. Hopefully this would be used in 2008 to lower residential taxes and correct this oversight of 2007. Thanks in advance for your consideration of this proposal. "
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