Williams Lake’s chief financial officer is recommending a $1 million transfer of funds from the water fund to the general fund for paving rehabilitation.
City council was expected to vote on the move at its regular meeting Tuesday.
In a report to council, Vitali Kozubenko noted there is a $4.2 million balance in the water fund that is not required immediately.
“The decision required to internally transfer monies between City funds depends on whether the fund is a reserve fund or not. Transfers between non-reserve funds can be passed by council resolution, while transfer between reserve funds are passed by bylaw,” Kozubenko said, noting even though the waterworks service was established by bylaw, it was not established as a reserve fund.
Kozubenko, however, said if the transfer is made, then council can resolve to pay it back in $200,000 installments between 2019 and 2023.
During a special committee of the whole meeting held Monday, March 14 to work on the budget and five-year financial plan, council and staff discussed the transfer and recommended it be approved.
Last week, council confirmed it was proposing a 1. 9 per cent tax rate increase, and one of the major capital items for 2018 was paving.
Coun. Scott Nelson said the hope is to spend $2.5 million on roads and streets in 2018.
