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Finance Committee

Jim Wahl, Chair

How our finances work

A finance committee made up of members of the Board of Trustees provides financial oversight. Annually the committee makes recommendations to the full Board regarding a proposed annual budget including tax rates. The proposed budget is reviewed by the Board and then presented to the annual general meeting for review and approval by SPID ratepayers. In addition, an auditor reviews all transactions and generates an audited set of official financial statements which are presented at the annual general meeting along with the proposed budget. On a monthly basis, a computer based accounting system generates all payment cheques and provides a balance sheet and income and expenses statement that is reviewed and compared to the annual budget at each Board meeting.

Where does our money come from?

SPID gets all the revenue it requires from direct taxation of Ships Point properties.
A parcel tax based on property size provides for the operating costs of the fire department; a water toll based on number of residences, covers the costs of water operations. Administration costs are shared by the two operating departments. The fire truck is funded through the rural tax system of the provincial government. We also get some revenue from fees, grants and investment income.

Current State of Affairs

  • The annual operating budget is approximately $160,000.

  • With the fire equipment, water system and buildings we have assets of almost $2 million and we are currently paying off loans of approximately $1.2 million.

  • A separate capital fund levy provides for the replacement of infrastructure. As agreed to by ratepayers in 2013 this levy is currently at $500 per property and will rise by $50/year to $600. This will provide funds for the complete renewal of the water system. (Phase 1 of the water system project is complete.)

Office Hours
Tu - Fri 1:00 pm to 5:00 pm
7729 Vivian Way
Fanny Bay, BC
V0R 1W0
Nina LeBlanc, Office Administrator