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Cranbrook, BC (November 24, 2020) -- The City’s Five-Year Financial Plan (2020 – 2024) Bylaw No. 3998, 2020 was adopted on January 27, 2020.  On November 16, 2020, the City finalized the sale of the Cranbrook Industrial Lands.  The City had an outstanding mortgage balance on the Lands of $879,000 that had to be paid out to the mortgage holder on that day to satisfy the Purchase/Sale Agreement.  This debt payment was reflected in the Financial Plan adopted in January, to be paid out in 2021, not 2020.  In addition, the adopted Financial Plan included numerous projects related to the Cranbrook Industrial Lands for 2020 that are being removed from the Plan due to the land sale.

The Five-Year Financial Plan (2020 – 2024) will be amended to incorporate these changes:

•  Increase Fiscal Services in 2020 - $879,000 – Funded by Accumulated Surplus
•  Removal of Industrial Land Projects - $4,985,250:
  • Environmental Remediation – Budget $200,000 - Funded by Accumulated Surplus
  • BC Hydro Design – Budget $15,000 – Funded by Accumulated Surplus
  • Hazmat Inventory – Budget $20,000 – Funded by Accumulated Surplus
  • Major Repairs – Budget $37,000 – Funded by Reserves
  • Industrial Land IT Innovation – Budget - $30,000- Funded by Accumulated Surplus
  • Roads & Shallow Utilities - $2,750,000 – Funded by Reserves
  • Deep Utilities - $1,933,250 – Funded by Reserves and Accumulated Surplus
• Decrease Fiscal Services in 2021 - $852,000 Funded by Accumulated Surplus

Prior to amendment of the Financial Plan, the City must undertake a process of public consultation.  The public is hereby invited to review and comment on the above proposed amendments to the Five-Year Financial Plan (2020 – 2024).  Written comments will be accepted by Charlotte Osborne, CFO until 4:30pm on December 3^rd, 2020.