Council has endorsed the City of Kelowna’s 2022 carryover budget requests.
The carryover includes $177.2-million in operating and capital expenditures for projects that were unable to be completed in 2021, or that are multi-year projects set for completion within the next few years. Examples of projects are the development of Pandosy Waterfront Park, continued expansion and enhancement of the Kelowna International Airport’s capital development program, Journey Home Strategy initiatives to address homelessness, and the Mill Creek flood protection project.
“Budget carryover projects do not add to the current year’s taxation demand, as they are funded through the previous year’s council-approved budget,” said Kevin Hughes, financial planning manager. “Approximately half of the projects (49 per cent) will be funded through the city’s general fund sources and the remaining will come from self-funding sources such as the water utility, wastewater utility and the Airport reserve funds.”
Following budget deliberations in December, council approved a preliminary overall tax increase of 3.64 per cent. On average, this means an $80 increase on a City of Kelowna residential property tax bill.