1. Reserve Balances Update
Presented to the Council Committee of the Whole - April 10, 2019

2. Operating expenses funded from reserves
The following operating expenses are budgeted to be funded from reserves in 2019:
Deferred Operating Reserve
Part-time staff in building inspection staff
75,000
Sewer Modeling
108,320
Office equipment carried over from 2018
11,500
Training carried over from 2018
5,000
199,820

3. Operating expenses funded from reserves
SCIF Reserve
Senior Planning Table
20,000
Downtown Wi-Fi
6,775
26,775
Development Fees Reserve
Planning consultants
45,000
Bylaw 430 review carried over from 2018
78,975
123,975

4. Operating expenses funded from reserves
Community Forest Dividend Reserve
Community Investment Program
25,890
Gas Tax Reserve
Sewer Modeling carried over from 2018
127,887
Liquid Waste Management Plan carried over from 2018
48,187
Liquid Waste Management Plan new for 2019
80,000
256,074

5. Operating Surplus Reserve Balances
Opening Balance
2019 Expenses
Ending Balance
SCIF Reserve
75,861
(26,775)
49,086
Community Forest Dividend Reserve
116,519
(25,890)
90,629
Reserve for Committed Expenditures
199,820
(199,820) -
Development Fee Equalization Reserve
403,689
(123,975)
279,714
Public Art Acquisition Reserve
2,250
Rockwood Improvement Reserve
3,800
Provision for Assessment Adjustment
11,180
Provision for By-Election
12,288
Building Reserve
14,020
GIS Operating Reserve
26,277
Downtown Revitalization Reserve
59,264
Community Building Reserve
59,494
PW Operation & Maint Reserve
60,000
Community Crime Programming Reserve
186,035
1,230,497
(376,460)
854,037

6. Other Non-statutory Reserves
Opening Balance
2019 Expenses
Ending Balance
Public Safety Reserve
869,490
(368,400)
501,090
RCMP Reception Area - $68,382
RCMP Roof - $200,000
Marine Way Retaining Wall - $100,018
Wharf Reserve
87,178
Affordable Housing Reserve
63,750
CARIP Reserve
57,260
Solid Waste Reserve
204,162

7. Gas Tax Reserve
UBCM just announced new funding amounts plus a bonus payment for 2019.
Opening Balance
Contribution
Expenses
Ending Balance
2019
418,678
931,313
(690,031)
659,960
2020
485,148
(645,500)
499,608
2021
496,225
(532,000)
463,833
2022
507,303
(553,750)
417,386
2023
518,430
(541,250)
394,566

8. Capital Funded from Taxes
The original cost of the District’s tangible capital assets is $210 million
The accumulated depreciation on the assets is $62 million
The net book value of the assets is $148 Million
The annual depreciation is $3.7 million

9. Capital Funded from Taxes
Goal is to tax enough to cover the cost of depreciation.
$3.7 million = 40% of our current taxes
Strategy to increase taxes 3% each year until goal reached.
2019 is the third year of the strategy
2019 taxes for capital = $712,745

10. Capital Funded from Taxes
Funds collected are used to repair, refurbish or replace our capital assets
Unspent funds are reserved
Although actual spending may fluctuate significantly each year, the amount paid by the tax payers remains constant.

11. Capital Funded from Taxes
Based on a 3% increase each year and the current capital plan the balance in the capital reserve will be:
Opening Balance
Contribution
Expenses
Ending Balance
2019
662,553
712,745
(1,044,845)
330,453
2020
968,117
(790,700)
507,870
2021
1,223,489
(755,276)
976,083
2022
1,478,861
(1,613,920)
841,024
2023
1,734,233
(1,290,384)
1,284,873