Parksville council gave three readings to the city’s five-year financial plan bylaw during its May 2 regular meeting. (PQB News photo)

Parksville council gave three readings to the city’s five-year financial plan bylaw during its May 2 regular meeting. (PQB News photo)

Parksville council gives 5-year financial plan three readings

Plan sets out financial requirements for city departments to carry out operations

Parksville council gave three readings to the city’s five-year financial plan bylaw during its May 2 regular meeting.

The plan sets out financial requirements needed for city departments to carry out operations and projects for the next half decade. Without council approval, many municipal expenditures would be delayed or halted due to insufficient budgets, and affect operations, services and capital projects.

Council directed staff, during its March 30 meeting, to set a maximum of $4,000,000 annually in capital infrastructure project expenditures. It also reviewed and approved spending packages, which were incorporated into the plan, according to a report by Jedha Holmes, director of finance.

That $400,000 maximum amount will be revisited with funding alternatives and related capital reserve transactions in the longer term, after various capital asset initiatives are completed this year and in 2023. The initiatives include video scoping of underground infrastructure, master plans for water, sanitary sewer and storm sewer assets, advancing the city’s asset management program and city assessments and valuations.

READ MORE: Parksville raising municipal property tax rate by 3.5%

The Community Charter requires that the municipality adopt a financial plan for the current year, plus four more years by May 15 each year.

At three public council meetings in March, staff presented components of the draft financial plan, including operating revenues and expenditures for the general, water and sewer funds and an overview of proposed capital projects. Staff also provided a summary of projects underway at the end of 2021 to carry forward to this year.

@kevinf_1988_
kevin.forsyth@pqbnews.com

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