Vernon’s reserve funds total over $44M, down from previous projects

Apr 9, 2024 | 5:00 AM

The City of Vernon has less money in the bank than was initially indicated.

Last December, Vernon city council received a report on the 2023 year-end results that projected the reserve balances would be nearly $76.8-million.

However, the 2024 budget included transfers from the reserves that brought the available balance down to $60.7-million before taking into account another $16-million in budget amendments.

The final total of the balance reserves, as presented to council Monday, April 8, was $44,708,444.

That sum was broken down as follows:

Stuck Near Shorts Creek

VSAR teams helped rescue stranded motorists

3h ago

Event Cancelled

Pentastic Hot Jazz & Music Festival cancelled after nearly 30 years

Apr 06, 2026

Flood Hazards

Requests for proposals open for Water Reclamation bridge project

Apr 06, 2026

General Reserves: $22,130,793
Sewer Reserves: $5,384,152
Statutory Reserves: $5,865,015
Deferred Revenue: $11,328,514

Council received the report at the meeting, at which point Councillor Kari Gares requested staff bring forward a report on projects previously approved by council that never went ahead and the funding for which remains in the reserves. Staff told council a list of those capital projects would be presented to council within the following two council meetings.

“I think that that’s a critical piece of information that this council needs to have, and I will just go on the record that I think it’s important that any time a project has been sidelined, that we should be in the know,” Gares stated, adding there should be a “scorecard” type document that can be referred to to find the status and track the progress of projects approved both in the past and the future.

Council voted unanimously in favour of accepting the report on the reserves balance for information.

by Liam Verster

View Comments