West Kelowna examines revenue-to-expenditure deficit of nearly $ 500,000 – West Kelowna News

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The City of West Kelowna faces a marginal deficit when it examines projections of planned revenues versus planned spending.

Compared to the city’s current budget, West Kelowna is expected to experience a decline in projected general revenues of approximately $ 1.825 million (3.2%), while planned spending has been reduced by $ 1. $ 37 million (2.4%).

That would leave a gap of about $ 455,000.

The city’s CFO, Warren Everton, told Castanet News these are just projections. The situation could improve slightly depending on the spending of the various departments, but he does not expect the deficit to worsen.

Given the budget constraints the city has been placed on to do what it can to help residents through COVID-19, he says financially, the city is in much better shape than it could have been. .

“It could have been a lot worse. It’s actually pretty good, ”he says.

Everton said the city had operating surpluses from previous years that could be used to offset the deficit.

There’s also the province’s $ 4.402 million grant, part of which could be used to align the annual budget.

The city has received more good news regarding current and future construction.

Despite an economic slowdown due to COVID-19, construction continues to be strong across the city.

Statistics provided by the city show that the overall value of construction in the first three quarters of the year ($ 94.626 million) has already exceeded the median construction value at the end of the year since its incorporation ($ 84.350 million). of dollars).

While construction values ​​have slowed significantly to less than half of what they were a year ago, they are still slightly ahead of the 2019 pace.

The number of building permits issued by the city also increased (178 vs 163) in the third quarter compared to a year ago and is slightly ahead of the overall pace of the year.

West Kelowna also issued slightly more business licenses in the third quarter of the year (119) than in the same period last year (103).

Year by year, 71 more licenses have been issued to date compared to 2019.

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