Budget positions Port Alice Village for the future

Port Alice council will present a hefty draft financial plan at this year's open house Apr. 27. The plan includes larger than usual capital expenditures totaling $3.36 million. That is more than ten times average capital expenditures forecast for 2012 and beyond.

  • Apr. 21, 2011 3:00 p.m.

Port Alice council will present a hefty draft financial plan at this year’s open house Apr. 27.

The plan includes larger than usual capital expenditures totaling $3.36 million. That is more than ten times average capital expenditures forecast for 2012 and beyond.

Mayor Gail Neely, said the Village has been through five lean years and the time is right to invest in projects to support their seniors, projects aimed at attracting more families and projects aimed at diversifying their tax sources making them less dependent on major industry than they have been in the past.

Extraordinary capital expenditures for 2011 include: $2,023,000 for the marina, $624,990 for recreation projects, $415,000 for public works, $126,967 Marine Drive sewer utility, and $113,334 for the municipal hall. Other smaller capital projects will be undertaken for the transfer station and protective services.

Increased revenues to offset the above projects will come from a 17.81 per cent jump in property taxes paid by Neucel now that their five-year deal for a break on taxes has expired. Other extraordinary revenue includes $929,739 in provincial grants, $850,000 from federal grants, $583,000 from the statutory reserve fund, $575,164 from the Village’s accumulated surplus account and $900,000 in borrowing proceeds.

Neely said she and council do not like to borrow money, but the borrowing has been approved by residents and it keeps things moving in the right direction.

Neely said council and staff have worked hard to procure funding in the form of grants and they are hoping to procure two more grants of $400,000 each to complete the to begin construction of the marina that is key to diversifying the Villages economy.

The financial plan indicates council is following the transition plan that aims to make the Village less reliant on taxes paid by Neucel. In 2011 the taxes from Neucel constitute about 72 per cent of the Village’s total property taxation. An additional 24 per cent comes from residential property taxes with just four per cent coming from utilities, light industry, business, and recreation taxes combined.

An open house is scheduled for 6:30 p.m.  Apr. 27 at the Village administration office for the 30 minutes before their regular 7:00 council meeting.

 

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