Council has approved a financial plan that outlines the city’s budget over a four-year period.

The Financial Plan for 2020-2024 began with a draft budget in January. In February, a Budget Open House was held which allowed the public to weigh in on their priorities for city spending, and the Financial Plan was adopted by unanimous vote at the council meeting of May 12.

There were several changes incorporated into the new budget, including payroll and insurance cost increases. Contracted costs have also increased with the addition of two new RCMP members to the Merritt detachment.

Other changes will include reductions of staff development and conferences as well as an increased Utility discount (from 10% to 17%) and a reduction in the tax penalty (from 10% to 5%).

The city proposes to collect $7,852,614 in 2020, through municipal taxation which will increase to a proposed $9,070,556 by 2024.

Major capital projects to be undertaken by the city from 2020 to 2024 include:

– Voght Street Upgrades, including flood mitigation – $3.0 million

– Firehall Addition – $2.1 million

– Fleet Replacements – $1.05 million

– Flood Restoration – $400,000

– Facility Repairs and Improvements – $350,000

– Chlorine Storage Building – $300,000

Grants for the capital projects will total just over $1.2 million. The City will also receive $995,630 in annual recurring grants from the provincial and federal governments. $426,220 will be provided as operating grants from various sources such as Bike BC, Destination BC, and the Rural Dividend Fund.

An overview of Merritt’s 2020-2024 Financial Plan is available on the city’s site.