City of Powell River councillors have given first three readings to amend the 2023 five-year financial plan.
At the February 27 special city council meeting, chief financial officer Mallory Denniston said the background for the bylaw was that the Community Charter allows for financial plan bylaws to be amended when required.
“The legal interpretation is we are able to collect budget amendments as motions from city council and amend the actual bylaw right before the subsequent bylaw is likely to take effect,” said Denniston.
She said the written report to council contained all the resolutions throughout the year related to amending the 2023 five-year financial plan, and actually amend the bylaw. She said an example would be, after adopting the 2023 bylaw, it was announced that the city would receive a large growing community fund grant.
“We didn’t know that before the [2023] bylaw was adopted,” said Denniston. “Now, we’ll actually update the bylaw with that information, along with the others.”
Councillor Cindy Elliott said the bylaw needs to reflect the additional financial components that were incurred in 2023.
“This is a bit of housekeeping for decisions already made and implemented in 2023,” said Elliott.
Highlights of the amendments were outlined in the report to council. These included increases in government transfers, including the $4.21 million growing communities fund grant, the $1.5 million CMHC housing accelerator application, $500,000 rural economic diversification and infrastructure program grant for de-stumping the airport lands. There was also a decrease due to the city being an unsuccessful applicant for the $6 million strategic priorities grant to help fund the aquatic centre roof project.
There was an increase in operating expenditures of $1.1 million, consisting of special projects funded from reserves and grants, and an increase to reserves/surplus of $4.2 million related to the growing communities fund grant.
There was also an increase from reserves/surplus of $4.2 million consisting of both special projects and capital expenditures. These included: Canada Community Building Fund, $358,390; city buildings and infrastructure reserve, $2.3 million; Powell River Community Forest reserve, $2.8 million; vehicle and equipment reserve, $81,309; affordable housing reserve, $50,000; climate action reserve, $30,000; north harbour reserve, $239; water reserve, $2,179; prior year surplus, $15,160. There were two adjustments, including $11,375 from the COVID-19 safe restart grant reserve and $1.5 million from the sewer reserve adjustment from 2022.
Finally, there was an increase in capital acquisitions of $972,331 funded through grants and reserves. Council voted unanimously to give first three readings to the financial plan amendment bylaw.
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