More upward cost pressures coming to City of Kamloops budget: report to council
KAMLOOPS — After barely avoiding a double-digit tax increase this year, Kamloops council is eager to find out what factors it will have to consider when it sets the budget for 2025.
Financial Planning and Procurement Manager Dustin Rutsatz provided an overview of the factors council will have to consider with a report at the regular meeting Tuesday (Sept. 10).
On the positive side for the city’s books:
- The post-lockdown return to recreational activities has led to booming revenues for city-owned facilities. Revenues may rise even further if council authorizes fee increases for 2025.
- The city believes it will continue with strong building permits numbers in the coming years.
- Fuel prices are expected decline in the short term. Every one cent change in fuel prices results in a $12,000 budgetary impact, positively or negatively.
- Contracts for two major City of Kamloops employee groups — CUPE 900 and IAFF 913 — are already set for 2025, providing early budgetary certainty.