Kaslo council, April 17: More budget talk

Local Journalism Initiative
·3 min read

Kaslo council gathered on April 17 for its second Committee of the Whole budget discussion.

Interim Chief Financial Officer (CFO) Linda Tynan led the presentation, which covered the tax rates, capital projects, grants, and reserves.

The financial plan was given first and second reading at council’s regular meeting on April 23. On May 9, it is set to receive a third reading, and the tax rate bylaw is set to receive three readings.

Both the financial plan bylaw and tax rate bylaw are set to be adopted on May 14.

Tax rates

Municipal tax rates for a residential property will increase by about 5%, though some numbers still need to be finalized, said CFO Tynan.

Village taxes make up approximately 35.6% of the total tax bill. Other taxes on the bill include Regional District of Central Kootenay (30.3%), school (27.1%), police (3.7%), hospital district (2.6%), and the Municipal Finance Authority and British Columbia Assessment Authority (0.6%).

For the Village’s 35.6%, it anticipates collecting $782,000 for 2024. Last year, it collected $732,000.

Capital projects

Planned capital projects for 2024 include completing the Kaslo River Dike Project and Front Street Park; upgrades to the arena; purchasing a zero-turn mower and a skid steer snowblower; UV disinfection upgrades at the water treatment plant; and a $500,000 paving project.

These projects are usually funded through grants and reserves.

Grants

CFO Tynan spoke to specific grants and what they will be funding this year.

The January 1, 2024 starting balance of the Canada Community-Building (Gas Tax) Fund was $222,920. This year, it will fund LED streetlights ($15,000), part of a paving project on Front Street ($200,000), the design of the SS Moyie Amphitheatre ($40,000), and the PRV 2 & 4 Design ($26,393). The Government of Canada offers this funding every year, and the Village expects a 2024 contribution of $108,206, leaving the December 31 ending balance at $49,733.

The Growing Communities Fund starting balance was $942,714. Projected expenditures include the Village’s contribution to arena upgrades ($32,000), the wastewater treatment plant design ($50,000), and the rest of the paving project ($300,000).

The COVID Safe Restart Grant started the year with $268,728. This year, it will fund the Village’s portion of the asset management project and the Manager of Strategic Initiatives. It will also fund new computer software and the professional services for smooth staff transitions. This includes the Interim CAO’s wages.

The Community Development Fund started with $92,813. The fund is provided by the RDCK, which will contribute another $35,000 this year. It will fund the planning project ($10,000), painting City Hall ($27,253), and the Kemball Building project ($20,000). $16,500 will be offered as grants to eligible proposals from the community. The year-end balance will be $54,960.

Reserves

CFO Tynan recommended developing a reserve contribution strategy, as there isn’t anything in place right now.

Mayor Suzan Hewat was happy to report that the Village currently doesn’t have any debt, and Tynan said it’s a good time to be transferring to reserves.

Total reserve funds by the end of the year are projected at $2,755,803.

Rachael Lesosky, Local Journalism Initiative Reporter, Valley Voice

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Warren Buffett shares how he would earn a whopping 50% per year if he had less than $1 million in 2024

    “You can’t just be in love with the money,” he says.

  • Changes from Visa mean Americans will carry fewer physical credit, debit cards in their wallets

    NEW YORK (AP) — Your wallet may soon be getting thinner. Visa on Wednesday announced major changes to how credit and debit cards will operate in the U.S. in the coming months and years. The new features could mean Americans will be carrying fewer physical cards in their wallets, and will make the 16-digit credit or debit card number printed on every card increasingly irrelevant. They will be some of the biggest changes to how payments operate in the U.S. since the U.S. rolled out chip-embedded c

  • Billionaire Bill Ackman Holds Only 8 Stocks in His Portfolio — Should You Buy Them?

    Bill Ackman, the renowned billionaire hedge fund manager of Pershing Square Capital Management, maintains a portfolio of only eight stocks. This focused approach allows him to invest heavily in...

  • A Dividend Giant I’d Buy Over Enbridge Stock Right Now

    Looking for dividends? I wouldn't count on Enbridge stock (TSX:ENB) forever. But there's another that's been a proven winner. The post A Dividend Giant I’d Buy Over Enbridge Stock Right Now appeared first on The Motley Fool Canada.

  • CPP and OAS Not Enough? How to Earn $4,750 Per Year in Tax-Free Passive Income

    Canadians can use this investing strategy to boost retirement income. The post CPP and OAS Not Enough? How to Earn $4,750 Per Year in Tax-Free Passive Income appeared first on The Motley Fool Canada.

  • Warren Buffett finally reveals the mysterious company he’s invested billions of dollars in

    The mystery is over: Warren Buffett’s Berkshire Hathaway disclosed a major stake in the insurance company Chubb, finally revealing the investment he has kept under wraps since last year.

  • 3 Bullish TSX Stocks on an Upward Trend

    These TSX stocks have done well in the last year, and the future also looks bright -- especially if you buy during the continued dip. The post 3 Bullish TSX Stocks on an Upward Trend appeared first on The Motley Fool Canada.

  • Slow sales in Canada's housing market boon for affordability, rate cuts: BMO

    "When it comes to Canadian housing, calm is good," says BMO's chief economist.

  • The Smartest TSX ETF to Buy With $1,000 Right Now

    Here's my preferred ETF when it comes to investing in TSX-listed stocks. The post The Smartest TSX ETF to Buy With $1,000 Right Now appeared first on The Motley Fool Canada.

  • China Sells Record Sum of US Debt Amid Signs of Diversification

    (Bloomberg) -- China sold a record amount of Treasury and US agency bonds in the first quarter, highlighting the Asian nation’s move to diversify away from American assets as trade tensions persist.Most Read from BloombergUS Inflation Data Was Accidentally Released 30 Minutes EarlyPutin and Xi Vow to Step Up Fight to Counter US ‘Containment’Slovak Premier Fighting for Life After Assassination AttemptUS Inflation Ebbs for First Time in Six Months in Relief for FedChina Considers Government Buying

  • Canadian Homes for Sale Climb With Second-Biggest Jump on Record

    (Bloomberg) -- Canada’s housing market posted a surge in the number of properties available for sale, one of the biggest monthly gains in listed inventory on record, as homebuyer demand waned amid persistently high interest rates.Most Read from BloombergSlovak Premier Fighting for Life After Assassination AttemptChina Considers Government Buying of Unsold Homes to Save Property MarketUS Inflation Ebbs for First Time in Six Months in Relief for FedS&P 500 Tops 5,300 in Record-Breaking Stock Rally

  • 2 Top Canadian Growth Stocks That Could Make You Rich in 10 Years

    The solid long-term growth potential of these two Canadian growth stocks makes them really attractive to buy today and hold for the next 10 years. The post 2 Top Canadian Growth Stocks That Could Make You Rich in 10 Years appeared first on The Motley Fool Canada.

  • 'Someone played this beautifully': Why one expert is suspicious of the latest meme-stock revival

    Deep out-of-the-money call options on GameStop stock saw an explosion in trading activity in the week prior to Roaring Kitty's social media return.

  • 1 Dividend Stock Down 20% to Buy Right Now

    Bank of Nova Scotia is a good income stock that's fairly valued and can deliver solid long-term returns. The post 1 Dividend Stock Down 20% to Buy Right Now appeared first on The Motley Fool Canada.

  • The consumer slowdown is here and its flashing a recession warning for the economy

    American consumers - the backbone of the resilient US economy in recent years - appear to be winding down their wild spending spree.

  • Three High Insider Ownership TSX Stocks Achieving 43% Earnings Growth

    In recent times, the Canadian market has shown resilience, navigating through fluctuating global economic conditions with a steady focus on growth and stability. Given this backdrop, stocks with high insider ownership can be particularly compelling as they often signal strong confidence in the company's future among those who know it best.

  • Is it Too Late to Buy Enbridge Stock?

    Enbridge stock has delivered market-beating returns to shareholders in the last 25 years. Is ENB stock still a good buy? The post Is it Too Late to Buy Enbridge Stock? appeared first on The Motley Fool Canada.

  • China's Housing Crash Could Set Back Millions of Promising Careers

    (Bloomberg) -- Ivy Zhang figured she had it made.Most Read from BloombergChina Attempts to End Property Crisis With Broad Rescue PackageUS Inflation Data Was Accidentally Released 30 Minutes EarlyWith a BlackRock CEO, $9 Trillion Vanguard Braces for TurbulencePutin and Xi Vow to Step Up Fight to Counter US ‘Containment’Jamie Dimon Sees ‘Lot of Inflationary Forces in Front of Us’Fresh out of school after studying chemistry, she joined one of China’s biggest property companies in 2016, as the coun

  • IMF Knocks Biden’s China Tariffs as Risk to US, World Growth

    (Bloomberg) -- Most Read from BloombergUS Inflation Data Was Accidentally Released 30 Minutes EarlyPutin and Xi Vow to Step Up Fight to Counter US ‘Containment’With a BlackRock CEO, $9 Trillion Vanguard Braces for TurbulenceJamie Dimon Sees ‘Lot of Inflationary Forces in Front of Us’Dow Average Touches 40,000 Before Pulling Back: Markets WrapThe International Monetary Fund criticized the Biden administration’s decision to aggressively raise tariffs on some Chinese goods, underscoring its warning

  • 3 Bargains I’d Snatch Up as They Approach 52-Week Lows

    Despite their near-term weakness, these three bargain stocks are excellent buys at these levels. The post 3 Bargains I’d Snatch Up as They Approach 52-Week Lows appeared first on The Motley Fool Canada.