Kelowna council explores borrowing plan to accelerate city projects

Kelowna city council is considering a borrowing strategy that could provide up to $60 million for major infrastructure and strategic land projects. The proposal was outlined during a presentation to council on Monday by city finance staff.

According to the presentation, the city could fund the borrowing through a combination of existing revenues rather than relying solely on property taxes. Staff highlighted that interest and principal could be covered using returns from the city’s endowment fund, building rental income, and parking revenues, allowing the city to maintain stable tax rates.

“The goal is to fund important projects now while keeping tax rates predictable for residents,” said city finance director Joe Sass.

The strategy is designed to spread costs over the life of the projects, aligning payments with the long-term benefits of the investments. Council voted to direct staff to prepare a detailed program and return with the necessary bylaws and recommendations for implementation.