This Bylaw received initial readings by City Council at the Regular Meeting of Council June 27, 2022 at 7:00pm in Council Chambers, and is proceeding to Final Consideration at the Regular Meeting of Council July 25th, 2022 at 7:00 pm in Council Chambers.
The following are changes to the General, Sewer, and Water funds proposed by 2022 Five Year Financial Plan Amendment Bylaw No. 3498, 2022. These changes are proposed to address expenses not anticipated when the initial Financial Plan was adopted in May. The proposed changes will not result in any change to City servicing levels or approved operating budgets, instead drawing funds from reserves and borrowing from MFABC.
Proposed Amendment to the 2022 Financial Plan
| Funding Source | Existing Approved Budget | Proposed Amendment | Difference | Notes |
|---|---|---|---|---|
| Appropriate General Capital Source | $0 | $175,000 | $175,000 | Transfer from General Capital Reserve to fund Ferry Dock Repair |
| Appropriated Sewer Surplus | $1,111,000 | $1,261,000 | $150,000 | Fund McBride Street sewer lin replacements |
| Debt Financing | $26,300,000 | $27,150,000 | $850,000 | Fund McBride Street water line replacements with MFABC Short-Term Financing (5 years). PR Legacy to provide dividends to cover loan payments. |
| Total Proposed | $1,175,000 | |||
| Expenditure | ||||
| Amount required for Capital Purchases | $47,141,000 | $47,316,000 | $175,000 | Estimated cost to repair the ramp/dock on the Digby Island side is $175,000 |
| Amount Required for Capital Works | $28,153,000 | $29,153,000 | $1,000,000 | Total cost of the McBride St. Repair from 3rd to 5th Ave is expected to be $1M, with $850K being water and $150K being sewer/ |
| Total Change Proposed | $1,175,000 | |||
| Surplus/(Deficit) | $- |
Please submit comments to Corinne Bomben, Chief Financial Officer in writing via email at corinne.bomben@princerupert.ca, via fax (250) 627 0999, or delivered to the Customer Service Desk at City Hall at 424 3rd Avenue West, no later than 4:30pm July 25th, 2022.