The Regional District of the North Okanagan says thanks to being in a strong financial position during the coronavirus pandemic, it plans on moving forward with budgeted and capital projects for 2020.
On Wednesday, the regional district announced that it completed the year under budget, with reserve balances increasing by $8.7 million and long-term debt decreasing by $5.7 million.
The regional district added that while the pandemic has created financial uncertainty, such as revenue downfall from not collecting transit fares, it is confident that its cash flow will see it through the current crisis.
“Creating strong financial policies and plans has allowed the RDNO to maintain and improve upon its strong financial position,” said Stephen Banmen, general manager of finance for the RDNO.
“Keeping tax increases to inflationary levels, while still providing a growing and a high level of service is a significant accomplishment.”
For 2020, the regional district said its budget for capital projects is more than $35 million, though that figure includes some multi-year projects.
Some of the current or recently-completed projects include upgrades to the Pat Duke Memorial Arena, water main replacement projects, Okanagan Rail Trail erosion mitigation and the Middleton Mountain trail upgrades.
“We have maintained our planned capital program and have not cancelled any construction projects,” said Banmen.
“By doing so, we continue to invest significantly in our local economy and continue to maintain and upgrade important public amenities and infrastructure.”