Council Highlights - November 19, 2019 Committee of the Whole

FOR IMMEDIATE RELEASE
November 21, 2019

Budget 2020 Financial Reserves

Council reviewed the City’s Financial Reserves in advance of development of the 2020 Financial Plan and Capital Plan. Capital planning begins with public safety as the highest priority followed by level of service needs and then maintenance needs. Building Reserves in anticipation of priorities and needs is critical to the affordability and tax burden. The City is currently developing its Asset Management Plan, which will be critical to identifying, tracking and ultimately replacing City assets. Many local governments similar in size to West Kelowna have long established and well-funded reserves due to the length of time they have been collecting them. West Kelowna, being a 12-year-old City, has not had time to build healthy reserves. Council was advised that the City’s infrastructure needs over the next ten years will stress reserves further than what has been previously projected. Council discussed the possibility of investigating an infrastructure levy similar to what Vernon and Kelowna have implemented. See the Financial Reserves Presentation and Council discussion (Item 8.5.1) on our Council Webcasts page.