A report on the status of the city’s stormwater system shows that the parcel tax is doing its job and the system is in good financial shape looking to the future.
Average investment into the system is estimated at $361,926 over the next 20 years. The report recommends that any excess funds in a given year be set aside as reserves.
The 2018 projected revenue for the stormwater system is approximately $540,000 with operating expenses at approximately $114,400 which leaves approximately $425,600 available for annual capital expenditures.
The city is currently dealing with a backlog of capital replacement projects. the report recommends that once those projects are complete some of the available money should be shifted into maintenance of the system.
No rate adjustments are recommend at this time because no funding gap was identified, however it is recommended that consideration be given to inflation in future years.
This is the third asset management report the city has released in the last few months.
Castlegar sanitary system in strong financial shape, according to report
