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Princeton adopts financial plan including a $42 million budget for 2022

Municipality receives just one written submission during public consultation

The Town of Princeton adopted its five-year financial plan at a recent council meeting.

For 2022, the plan includes a five per cent tax increase – approximately $35 per household – and 51 capital or improvement projects for a total budget of $42 million.

Town director of finance James Graham said during a period of public consultation, which included the release of a You Tube video, generated 72 views, and there was one written submission.

Most of the spending plans incorporated into the budget are contingent on provincial or federal funding.

Others will be realized through insurance payments, tapping reserve funds, borrowing and general taxation.

The municipality is tackling a broad range of projects.

Under the flood recovery umbrella, there resides $650,000 to replace vehicles, and $2.07 million to relocated the public works facility, which will mostly be paid by insurance proceeds.

Just over $1 million is allocated to complete repairs of the diking system and another $570,000 is earmarked for repairing damaged water lines, which will happen if funds are made available by Emergency Management BC.

Should water, sewer and pavement collapse on flooded streets this spring, as the temperatures climbs, the town estimates it would take $14 million to replace all of the infrastructure, and that again would be an Emergency Management BC funded undertaking.

Several infrastructure improvements are budgeted and attached to the $7 million loan that was approved last year by the provincial goverment.

Under the heading of regular business there is also much in the works.

That includes new fire equipment and a new roof for the fire hall (each $65,000), a $25,000 pickleball court to be built at Memorial Park and enhancements for Bridge Street Park. The arena is scheduled for $1 million of upgrades including a new roof, solar panels and a new ice cleaning machine.

Related: Princeton proposes $42 million budget for 2022

Related: Regional District of Okanagan-Similkameen budget for 2022 $1.7M higher than 2021

Do you have something to add to this story, or something else we should report on? Email:andrea.demeer@similkameenspotlight.com


 
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