The City of Kelowna's 2012 budget will increase by more than $79M. City Council is expected to approve the increase Monday. The additional budget comes from operating and capital projects not completed in 2011. "These projects, in all cases, result in no additional tax demand,"
says Financial Planning Manager, Angie Thiessen in a report for council. The additional funds include $4.95M in operating carryover projects and $74M in capital carryover projects. "The projects are funded from reserves, debt, other levels of government and/or other contributions." Thiessen says most of the projects are multi-year while some are still
in the purchasing phase, continue to be under negotiation or were
delayed due to scheduling demands or the availability of city resources. All were approved as part of the 2011 budget.
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Don Quixote Note: Vernon has yet to see the carryover projects brought to Council for approval. The operating and/or capital surpluses for 2011 have still not be finalized. Allocation of these surpluses to reserves,taxes etc should occur before Financial Plan deadline of May 15.
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Don Quixote Note: Vernon has yet to see the carryover projects brought to Council for approval. The operating and/or capital surpluses for 2011 have still not be finalized. Allocation of these surpluses to reserves,taxes etc should occur before Financial Plan deadline of May 15.
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