The City of West Kelowna council will be looking to adopt a new loan authorization bylaw during tomorrow night’s, Oct. 6, meeting.
The new bylaw will result in no new tax increases, but will still help the city design, build and finance its first city hall building. Currently, the city uses the Mt. Boucherie Community Centre for its operations.
City staff said during the Feb. 11 council meeting, the council considered and put the bylaw through three readings, that outlined the recommended use of an assent free loan, a method which will reflect no new tax increases to property owners in West Kelowna.
Since the beginning of the pandemic, the city has focused on keeping operations strong and on track with the city’s top priority project: completing the financial model and beginning detailed design and construction of the Rose Valley Water Treatment Plant.
Construction for the project is now underway and the bylaw that reflects long-term borrowing with a $34 increase to area water users by 2022 will be presented to council on Oct. 13. Other projects have taken precedence over the new city hall building including the expanded roads and sidewalks program, but council will be discussing how to move forward with the issue.
“Despite the impacts of COVID-19, the city remains on strong financial ground, with its revenues, reserves and development cost charges, to advance long-overdue infrastructure across the city,” staff said in a statement.
“In addition to water, roads and sidewalk projects underway, council’s priority is also to restore and return the Mt. Boucherie Community Centre back to the public.”
In order to borrow less and so as not to increase taxes for residents, the city saved funds and transferred $700,000 to a reserve fund.