On Dec. 5, City of Quesnel councillors unanimously passed a motion approving the 2018 capital projects and directed staff to build the Five Year Financial Plan Bylaw, which includes the capital projects and funding sources proposed over five years.
The 2018 proposed capital budget is $11,003,595.
The Reid Street Revitalization Project will take up more than half the budget at a cost of $6.3 million, which will be funded by the City’s capital reinvestment reserve and the water utility fund.
The budget is based on grants of $1.8 million for 2018, with the rest of the funding coming from reserves, utility fees and taxation.
It was noted the 2018 capital budget is balanced.
It was also noted projects, which were started but not completed in 2017, will be carried forward and they’ll be added to the capital budget before the Five Year Financial Plan Bylaw is completed.
Meanwhile, the current five-year capital plan shows the equipment reserve is depleted.
Councillors were told staff is working on an analysis to assist the process of making a plan to fund future equipment purchases, which will increase the amount of money going to the reserve in the near future, and financing some of the larger pieces of equipment.
It was also noted staff will be working on updated cost estimates for the public works building relocation, which is currently budgeted in 2020.