Image Credit: CFJC Today

By Brenda Aynsley

Sound Off

SOUND OFF: Davies off base on Build Kamloops alternative approval process

Sep 6, 2024 | 3:26 PM

DEAR KAMLOOPS CITIZENS, I am writing in response to Garry Davies’ comments on September 4 about the AAP process. I want to clarify his assumptions with facts and provide clarification.

He said the AAP is undemocratic and not fair. The AAP process is not meant for emergency situations and is commonly used for recreational infrastructure projects. A few recent examples where it was used successfully are Prince George, Langley, Kelowna and Vernon.

Our process has exceeded the minimal requirements by extending it to 42 days rather than 30 days. The city has opened access to internet and walk-in for people to have their say. An AAP is fiscally responsible as it costs less than $50,000 and a referendum is $200,000.

He said the city’s financial situation is already strained. The one per cent ($25 per year) for five years will increase the city’s debt servicing budget to approximately $14 million by 2029. The city does not expect to incur debt for these projects until 2031, so between now and then, this additional revenue will be put in a reserve to generate interest and grow until it is needed.

The city budgets up to $6 million a year (4.6 per cent of total revenue) for debt servicing. As of 2024, they are spending $4.8 million, and the budgeted surplus of $1.2 million is also put into a reserve to offset future borrowing costs. While municipalities can have a maximum level of debt of 25 percent of total revenue, best practice is to maintain a five-to-eight per cent level. In 2031, which will be the largest mortgage payment year, the debt level will be 7.9 per cent.

The Tattle of Hastings

THE TATTLE OF HASTINGS: Athletic therapist Kuresh talks trailblazing in the WHL, NHL dreams

Nov 20, 2024

Question of the Week

Have you made changes to your holiday shopping or travel plans because of rising costs?

Nov 18, 2024

One Man's Opinion

COLLINS: The icon who is Taylor Swift

Nov 17, 2024

He said the city should pursue alternate funding sources — we are exploring additional funding sources. We currently have a quiet fundraising campaign underway to our top-level corporate donors with a goal of $40 million. We are not surprised but inspired by the level of enthusiasm and support for Build Kamloops. We will share progress with the community when it is appropriate. Thanks to the generosity of the Fawcett family, our Performing Arts Centre will be “shovel ready” and we will be eligible to apply not just for federal but also provincial funding to support these projects. We will also launch a community fundraising campaign where businesses, individuals and families can see their names and support behind these long-awaited facilities.

As a city, we are overdue for these facilities and are paying a price for waiting so long! We are fortunate to have a solid financial plan so we can catch up with other communities. We can retain our right to be the Tournament Capital and amplify the arts and culture we have had here all along. The vision of Build Kamloops is about building community in Kamloops – and we all deserve this.

Brenda Aynsley, Chair, Kamloops Centre for the Arts,

Co-Chair, Build Kamloops Campaign Committee

——

Editor’s Note: This opinion piece reflects the views of its author, and does not necessarily represent the views of CFJC Today or Pattison Media.