New fund created for strategic projects

NEWS RELEASE - Distributed December 21, 2016 9:00 AM

Summary

The City of Nanaimo has created a new reserve to pay for strategic capital projects and repayment of any debt that may be used for these projects. The Strategic Infrastructure Reserve Fund is designed to proactively address reserving funds for long term strategic priorities.

It is proposed the reserve will be funded by redirecting specific annual revenues from general revenues. These include casino revenues of $2.4 million and Fortis revenues of $525,000.

Link to Strategic Plan: This reserve supports Council's strategic priority projects and initiatives.

Key Points

The City has prudently established a number of reserve funds that provide funding for infrastructure renewal and for new and upgraded infrastructure required due to growth.
The strategic infrastructure reserve fund will provide a sustainable funding strategy for implementing City priorities.
Annual contributions to the new reserve will be $3 million starting in 2020.

Quotes

"The establishment of the new Strategic Infrastructure Reserve will provide a sustainable long term funding strategy to support implementation of strategic priorities for the City. "

Deborah Duncan

Deputy Director, Financial Services

City of Nanaimo

Quick Facts

General revenues include annual property taxes, casino revenues, Fortis revenues and investment income. They fund City services including police, fire, transportation, parks and recreation services and annual transfers to infrastructure renewal reserves. In addition to funding from reserves, they also provide annual funding for capital projects and debt repayment.

-30-

Contact:

Deborah Duncan

Deputy Director, Financial Services

City of Nanaimo

250-755-4414

Print News Release

Is there anything wrong with this page?

Help us improve our website

Don't include private or financial information in this form.

Email Address

What you were doing

What went wrong

Collection and use of your personal information

Information collected on this form is done so under the general authority of the Community Charter and Freedom of Information and Protection of Privacy Act (FOIPPA), and is protected in accordance with FOIPPA. Questions about the collection of your personal information may be referred to the Legislative Services Department at 250-755-4405, or via email at foi@nanaimo.ca. Please also see our Privacy Policy.