Kamloops, BC – January 4, 2024 – The Thompson-Nicola Regional District 2024-2028 Capital Plan was approved during the Board of Directors Meeting of December 14, 2023. This plan outlines capital projects that are included in the 2024 budget, and budget projections for the upcoming five years.
The 2024 Capital Plan includes spending of $11,735,901, which is approximately $1.1 million lower than the capital budget in 2023. Unlike the Operational Budget, the capital budget can fluctuate more significantly year over year depending on specific projects.
Funding sources for the 2024 Capital Plan include reserves (56%), grant funds (35%), borrowing (8%), and donations specifically for the Loon Lake Fire Hall project (1%).
Separately, the 2024-2028 Utilities Capital Plan includes spending of $4,203,293 in 2024 for water and sewer capital projects. Funding sources for TNRD Utility capital projects include grant funds (58%), and reserve funds (42%). Reserve funds for TNRD utility systems can only be contributed by utility customers and funds must stay within each specific system, which results in capital upgrades for TNRD utilities being heavily reliant on grant funding.
Significant capital projects that have been budgeted for in 2024 include:
- Pritchard Water Treatment Plant ($6.15 million) *
- Pritchard Wastewater Treatment Plant ($2.15 million)
- Monte Creek Fire Hall ($1.55 million)
- TNRD Regional Fire Departments Next-Generation 9-1-1 Upgrade ($1.50 million)
- Lower Nicola Eco-Depot Building Rebuild and New Recycling Baler ($960,000)
- Monte Creek Fire Hall Pumper Truck ($700,000)
- Clearwater Library Upgrades ($350,000)
- Smith Pioneer Park Improvements ($290,000)
- Blackpool Fire Rescue Replacement Wildland Truck ($250,000)
* $1.41 million approved in 2024 Capital budget for Pritchard Water Treatment Plant, and $4.74 million previously approved in 2023 Capital budget has not yet been spent.
A number of factors determine exact timing for delivery of capital projects, and revenues for any capital projects that are not completed by the end of the calendar year are carried forward as required in the following budget year.
“The TNRD Finance Department has prepared a long-term capital plan and has significantly improved its budgeting process for Capital Planning. This transformation has drastically improved transparency and clarity for costs of services, and also provides realistic objectives for asset management planning,” said Barbara Roden, TNRD Board Chair. “With an approved Capital Plan in place to start the new year, the TNRD can tender large capital projects as early as possible and ensure best available pricing for services.”
Further, the Provisional 2024-2028 Five-Year Financial Plan was approved by the TNRD Board at the December 14, 2023 Board Meeting. The Plan will be adopted at the Board Meeting of March 21, 2024, once revised BC Assessment values are available. To learn more about TNRD services and costs for 2024, and to find easy-to-read infographics, visit: tnrd.ca/budget2024.
Attachments:
- 2024-2028 TNRD Capital Plan
- 2024-2028 Capital Plan Five-Year Summary
- 2024 Significant Capital Project Summary (Over $250,000)
- 2024 Capital Plan Spending by Department
Media Contact:
Colton Davies, Communications Manager
Thompson-Nicola Regional District
Tel.: 250 377-6299
Email: cdavies@tnrd.ca