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NEWS RELEASE

New fund created for strategic projects

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.

Strategic Link: 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. "

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.
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Contact:

Deborah Duncan
Deputy Director, Financial Services
City of Nanaimo
250-755-4414

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