Princeton Passes Financial Plan Including $42 Million Budget for 2022 – Princeton Similkameen Spotlight

The City of Princeton adopted its five-year financial plan at a recent council meeting.

For 2022, the plan includes a 5% tax increase – about $35 per household – and 51 capital or improvement projects for a total budget of $42 million.

The city’s chief financial officer, James Graham, said that during a public comment period, which included posting a video on YouTube, generated 72 views and there was one written submission.

Most in-budget spending plans depend on provincial or federal funding.

Others will be made through insurance payments, drawdowns from reserve funds, borrowing and general taxation.

The municipality is tackling a wide range of projects.

Under the flood recovery umbrella, there is $650,000 to replace vehicles and $2.07 million to relocate the public works facility, which will be primarily paid for by insurance proceeds.

Just over $1 million is allocated to complete repairs to the levee system and an additional $570,000 is allocated to repair damaged water pipes, which will occur if funds are made available by Emergency Management BC.

If water, sewer and pavement collapsed on flooded streets this spring as temperatures soar, the city estimates it would take $14 million to replace all the infrastructure, and it would be yet another a company funded by Emergency Management BC.

Several infrastructure improvements are budgeted for and tied to the $7 million loan that was approved last year by the provincial government.

Under the rubric of current affairs, there is also a lot of business.

This includes new fire equipment and a new roof for the fire station (each $65,000), a $25,000 pickleball court to be built at Memorial Park, and improvements to Bridge Street Park. The arena is slated for $1 million in upgrades, including a new roof, solar panels, and a new ice-cleaning machine.

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