The Oliver Parks and Recreation Society had stated it was keeping to a 0% increase in its 2013 budget.

In documents obtained by ODN – financial statements indicate revenue in 2012 was budgeted to be: $1,345,502 and the 2013 budgeted revenue $1,373,650 which indicates a 2%  rise in the budget. What taxes will look like will not be determined until early in the year as the Society has a number of revenue sources that affect what is needed from land owners.

Now to reserves held in trust – the society reports to have $766,873 in all of function reserves which is more than one half of its annual operating budget. The functions are controlled RDOS bylaws and include: Pool, Arena, Community  Hall, Parks and Programs.

The society earns about $30 thousand a year in interest. A dilemma that the Parks Board has is that the reserve with the highest amount of savings is “Parks” which has limited capital risk. That reserve should amount to nearly $300 thousand at the end of 2012 with directors in most past years asking officials to find a way to redistribute these funds to the functions that will need the most dollars in the future.