From Carol Sheridan, Manager, Oliver Parks and Recreation
“At the regular meeting of the Oliver Parks and Recreation Society on Monday July 19, I presented a report on the status of the Oliver & District Arena Rehabilitation Project and the need to act quickly to secure the funds required to make the necessary repairs in 2022. Discussion ensued regarding the use of capital reserves versus borrowing through the MFA to complete the required works as well as the different methods that could be used to obtain public assent to borrow funds for this project. My recommendation to borrow the funds rather than drain reserves was to ensure that we would be able to address potential cost overruns for the capital project (Arena reserve bylaw) and to ensure that we continue to build reserves (OPRS Services reserve bylaw) to address the inevitable repairs and improvements needed for all of the other aging infrastructure we manage on behalf of the RDOS and Town. Director Knodel and Mayor Johansen had provided input prior to the meeting that they would like to see reserves used for repairs, which the Society agreed with.”
At the July 19th regular meeting, the Oliver Parks and Recreation Society Board of Directors passed the following resolution:
It was MOVED and SECONDED that the Society direct staff to request that third reading of the Oliver & District Arena Loan Authorization Bylaw No. 2844, 2019 be rescinded to amend the maximum amount to be borrowed from $900,000 to $2,600,000 (total cost of the project $3,145,350 – $253,814.38 from Arena Tangible Capital Asset Reserve Bylaw – 291,535.62 from OPRS Services Reserve Bylaw)
AND
That staff be directed to formally request that the RDOS seek approval from the Ministry for an Alternative Approval Process for public assent to borrow the amount of funds required for the Oliver & District Arena Rehabilitation Project.
Edwards/Grice CARRIED
The RDOS Board including
Director Knodel and Director Johansen
will be discussing this at their RDOS meeting on August 5.
At the regular meeting of the Oliver Parks and Recreation Society on Monday July 19, I presented a report on the status of the Oliver & District Arena Rehabilitation Project and the need to act quickly to secure the funds required to make the necessary repairs in 2022. Discussion ensued regarding the use of capital reserves versus borrowing through the MFA to complete the required works as well as the different methods that could be used to obtain public assent to borrow funds for this project. My recommendation to borrow the funds rather than drain reserves was to ensure that we would be able to address potential cost overruns for the capital project (Arena reserve bylaw) and to ensure that we continue to build reserves (OPRS Services reserve bylaw) to address the inevitable repairs and improvements needed for all of the other aging infrastructure we manage on behalf of the RDOS and Town. Director Knodel and Mayor Johansen had provided input prior to the meeting that they would like to see reserves used for repairs, which the Society agreed with.
At the July 19th regular meeting, the Oliver Parks and Recreation Society Board of Directors passed the following resolution:
It was MOVED and SECONDED that the Society direct staff to request that third reading of the Oliver & District Arena Loan Authorization Bylaw No. 2844, 2019 be rescinded to amend the maximum amount to be borrowed from $900,000 to $2,600,000 (total cost of the project $3,145,350 – $253,814.38 from Arena Tangible Capital Asset Reserve Bylaw – 291,535.62 from OPRS Services Reserve Bylaw)
AND
That staff be directed to formally request that the RDOS seek approval from the Ministry for an Alternative Approval Process for public assent to borrow the amount of funds required for the Oliver & District Arena Rehabilitation Project.
Edwards/Grice CARRIED
The RDOS Board including Director Knodel and Mayor Johansen will be discussing this at their meeting on August 5. B\