The Revelstoke City Hall building

Reserve funds: How much does Revelstoke have in the tank?

Revelstoke city council has opted to study city reserve funds and maybe create an official policy.

For a local politician or council, there’s always a temptation to take liberties with reserve funds. The money is saved away for things like facility replacement, repairing existing infrastructure, or generally saving for a rainy day when some piece of expensive equipment springs a leak or melts down.

When the budget gets tight and taxpayers protest, there can be an urge to dip into available reserves, or at least not contribute the fair annual share to the reserve fund. The politicians look good when taxes don’t go up, but all they’ve really done is push the burden back, putting it on the shoulders of future politicians and, ultimately, future taxpayers.

In recent years, it’s been a contributing factor leading to the City of Revelstoke borrowing (with interest) for things like road and sewer repairs and works – something that really should come from reserve funds.

At their May 14 meeting, city council resolved to study the possibility of creating a formal reserve fund policy. The idea came from finance director Graham Inglis, who said the city was in need of one. He will prepare the report.

How have we been doing over the past decade? In 2003, all reserve funds combined totalled $5.5 million. They have climbed steadily since then (with a few minor slide-backs).

As of 2012, the City of Revelstoke had a total of $9.4 million, with the biggest increases coming in the past four years.

The biggest contributor has been Development Cost Charges, or DCCs. which have built up to about $1.4 million since they came into effect starting in about 2006.

Want to learn more? City of Revelstoke finance director Graham Inglis created this document showing city reserve fund balances between 2003–2012:

 

City of Revelstoke Reserve Balances – 2003-2012, 2013-05-21 by AaPOrlando

Just Posted

Environment Canada issues snowfall warning for Trans Canada Highway

Expect 20-30 cm from Eagle Pass to Rogers Pass

Interior Health issues warning about opioid-laced stimulants causing recent overdoses

Interior Health is urging residents using or considering using drugs to reconsider… Continue reading

Glimpses of Revelstoke’s past for Nov. 14

120 years ago: Revelstoke Herald, Nov. 11, 1899 The Knights of Pythias… Continue reading

Revy Let’s Talk: Falling down – mental health in the fall

Using our online system, Shelley Bird shared her experience and the experience… Continue reading

City of Revelstoke hires new director of engineering

Steve Black will be starting Nov. 18

VIDEO: B.C. couple creates three-storey ‘doggie mansion’ for their five pups

Group of seven, who Kylee Ryan has dubbed as the ‘wandering paws,’ have a neat setup in Jade City

MacKinnon powers Avs to 5-4 OT win over Canucks

Vancouver battled back late to pick up single point

Port Alberni mom takes school district to court over Indigenous smudging, prayer in class

Candice Servatius, who is an evangelical Christian, is suing School District 70

Family of B.C. man killed in hit-and-run plead for tips, one year later

Cameron Kerr’s family says the driver and passengers tried to cover their tracks

Chilliwack family’s dog missing after using online pet-sitting service

Frankie the pit bull bolted and hit by a car shortly after drop off through Rover.com

B.C. wildlife experts urge hunters to switch ammo to stop lead poisoning in birds

OWL, in Delta, is currently treating two eagles for lead poisoning

B.C. First Nations drop out of court challenge, sign deals with Trans Mountain

Upper Nicola Band says deal represents a ‘significant step forward’

Pedestrian struck and killed in Kamloops accident

Kamloops RCMP responded to the incident at 5:30 p.m. Friday night

Most Read