Performing Arts Centre ( photo / Vernon Matters)

By Kevin Rothwell

Tax requisition drops

The Performing Arts Centre will be paid off in 2021

Jan 17, 2021 | 10:00 AM

There could be a mortgage burning party, (if gatherings are allowed) at the end of the year as the last of the outstanding borrowing on the Greater Vernon Performing Arts Centre of just under $2 million dollars is paid off.

Construction of the Performing Arts Centre went to referendum on November 20, 1999 and was passed by a “yes vote” of 58.5 per cent. Budgeted for $9,754,000.00, the project finished on time and under budget.

A $7,050,000 debt issue was borrowed for twenty years through the Municipal Finance Authority (MFA) in 2000, that matured on Dec 1, 2020. The principal and interest payments of $351,437 were included in the 2020 budget, and with the removal of this amount, the overall tax requisition is decreasing significantly.

With the building officially 20 years old this October, maintenance and capital costs are going up.

This years capital items include:

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• $200,000 to replace the lobby and house carpet.
• $45,000 to install a stairwell security enclosure.
• $25,000 for handrail restoration and the removal of a wall at the entrance to the facility

The five year capital plan includes major items like the mechanical plant, new seating and a new roof.

Performing Arts Centre five year capital plan (photo/RDNO)

The Regional District of North Okanagan board of directors has the final approval of the 2021 budget.

The theatre’s proposed 2021 operating budget is $745,184 (2020 – $1,328,925).

The proposed capital budget is $270,000 (2020 – $200,000).

The overall 2021 budget is $1,015,184 (2020 – $1,528,925).

The tax requisition is proposed to decrease by 24.5 per cent, or $269,596.