Vernon ended 2023 with an unexpended balance of over $3.7M

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“We also had a very nice amount of investment income excess this year, in the amount of $3.3-million. A lot of this investment income is transferred to other reserves, so there’s our statutory reserves ($686,960), we provide investment income to those, as well as to the sewer reserves ($1.59M). So that reduced the amount that would go into the unexpended balance at the end of the year.”

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Law added a loan to the Solid Waste Department for purchasing garbage and organics carts was almost fully repaid in 2023 by transferring $490,000 back to the sewer reserves where the money had originally come from, and that there were also some “salary slippages” due to job vacancies not being filled.

The report showed there was also a savings of almost $400,000 in the RCMP contract.

Law added the city received a Growing Communities grant of $9,575,000 from the province, which was not budgeted for and helped offset some costs in 2023.

“So then on the expenditure side, the total difference between budget ($106,999,462) and actuals ($116,574,574) was $12.5-million, which leaves us with net revenues over expenditures of $3.738-million,” Law said.

A new reserve schedule will be presented to Vernon council in April to outline how the unexpended/uncommitted funds could be used in support of local projects.

Council received the report for information Monday.

Speaking with Vernon Matters following the meeting, Mayor Victor Cumming said that was a lot more savings than seen in previous years.

“Often times $1.2-million, or some years even less than a million dollars, in unexpended/unallocated [funds],” Cumming said.

“This particular year of $3.7 [million] is the largest I’ve seen in my five years in the role.”

The mayor noted suggestions on how to use the funds will be released in the near future, though added “the bulk of the investment interest income we’re going to hold to see what happens with the pricing on the Active Living Centre.”