Approximately $93 million in operating and capital carryover expenditures will be added to the City of Kelowna’s 2014 budget. Carryovers do not add to the taxation demand for 2014.
Carryover requests approved by City Council on Monday are for multi-year projects set for completion in 2014.
Some of those include Stuart Park Phase 2, Rails with Trails, transit improvements, the Bernard Avenue Revitalization, purchase of a new ladder truck for the Fire Department and Kelowna International Airport’s Drive to 1.6 Million Passengers.
“The carryover of 2013 projects is the second step in a three stage budget process that can be quite complicated considering the size and diversity of city operations,” says Financial Planning Manager Genelle Davidson.
“That’s why we keep working to make information about the city budget as clear as possible and easy to access."
In 2013, the Government Finance Officers Association presented the City of Kelowna with a Distinguished Budget Presentation Award for the city’s 2013-2017 Financial Plan.
This is the 12th consecutive year that Kelowna has earned the award.
Review and adoption of the final budget is set for May 5, when the final tax rate will be set.
Council approved a provisional tax increase at 2.49 per cent during budget deliberations last December.
The increase translates into an additional annual cost of approximately $42 for the owner of an average $451,440 single-family Kelowna home.