Snug Cove is the place where most people arrive and depart as they visit Bowen Island. It's where many businesses are located and where community festivities are held. A new reserve fund for the purpose of funding long-term capital improvements for Snug Cove received council's final stamp of approval at the July 22 meeting.
The municipality's manager of finance Kristen Watson presented the bylaw to establish the reserve fund that is earmarked "solely for the purposes of funding development and general improvements to Snug Cove," according to the bylaw.
Those developments and improvements include "expenditures for or in respect of capital projects, land, machinery or equipment necessary for them, extension or renewal of existing capital works, purchase of capital equipment to maintain municipal property, to protect persons and property, and professional fees associated with the installation of works and services," all within Snug Cove.
"The reserve fund is part of the 2013 financial plan," Watson said. "It includes the $50,000 set aside for this year."
In an earlier presentation, Watson had listed the yearly transfers to the Snug Cove Improvement Reserve as envisioned in the five-year financial plan: $50,000 for 2013, $218,200 for 2014, $219,200 for 2015, $220,200 for 2016 and $221,200 for 2017.
Monies for the reserve funds come from "budgeted contributions from current year revenue or as available from general operating surplus or proceeds of disposition of land or other amounts as determined by council," Watson said.
