KAMLOOPS THIS WEEK THURSDAY
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MAY 4, 2017 | Volume 30 No. 53
CITY DEBT RISES TO $119.8 MILLION
But it will fall this year as projects paid off ANDREA KLASSEN
STAFF REPORTER
andrea@kamloopsthisweek.com
DAVE EAGLES/KTW
SOAPBOX SISTERS
Merritt siblings Arianna Lindley, 8 (left) and Cameron Lindley, 6, put their racecar driving skills to the test yesterday at the Tk’emlups Sk’elep School of Excellence. Area First Nations schools competed against one another in a day of fun and learning. Having received funding through Maker Ways, each school created hands-on learning experiences for students as the soapbox racers were built.
Kamloops has reached the peak point on its debt, according to its auditor. Mario Piroddi, partner with BDO Canada, said the city’s debt jumped from $94.2 million in 2015 to $119.8 million by the end of 2016, putting the debt at about $1,300 per capita. The increased red ink comes from the city’s $10-million acquisition of the Owl Road dump, which has become a resource-recovery centre. It also arises from other capital works projects, including Overlanders Bridge repairs (the city only borrows from the Municipal Finance Authority once per year, meaning the 2015 project didn’t officially become part of the tally until 2016). Piroddi said the debt of $119.8 million puts the city about in line with debt levels in Okanagan communities about two years ago — the last year for which the
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finance authority calculated statistics — but above the provincial average of $1,000 per person from that time. Piroddi said Lower Mainland communities are able to run much lower debt levels because of shared service agreements and a larger tax base, noting it’s not surprising Kamloops’ debt is higher. “When you’re in a large centre in the Interior, you can’t share with Kelowna, you can’t share with Vernon,” he said. While this year’s debt number is high, Piroddi said a number of the city’s projects are due to be paid off in 2017, including those for the water-treatment centre and Tournament Capital Centre. “You’ll be back to the provincial average within two years if all goes as planned,” he said. Overall, BDO gave the city a clean audit, but Piroddi said council should consider upping its reserve funds, which sit at the low end of what he recommends. Council is due to discuss its reserves and budgeting plans for 2018 at a June workshop.