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Do you know the City of Penticton had total electrical reserves of more than $28 million as of Dec. 21, 2020.
And no doubt they will continue to grow in 2021 and 2022.
The majority of that (money) is in a non-statutory reserve of almost $23 million. All of that money flows from ratepayers—namely residents and businesses who pay for electrical services.
This sure looks like several years of overcharging to me.
So what should be done right now?
The City of Penticton should immediately reduce electrical rates across the board for all ratepayers by at least 2% and, if our electrical supplier (Fortis) brings forward a price increase in 2021 or 2022, the reserve could easily absorb this cost.
I strongly believe the city should immediately declare a special dividend of $5 million from the electrical reserve and deposit it into its RCMP/bylaw reserve. That could cover the majority of the increase costs for additional RCMP officers and bylaw officers for the next five years and avoid a property tax increase for 2022.
If you have comments please share your thoughts with the mayor and council by emailing them at [email protected]
Rick Thorpe, Penticton
