The provisional five-year financial plan for 2024 to 2028 has been laid out by the Thompson Nicola Regional District, with both operational and capital spending set to see an increase heading into 2024.

TNRD Board Chair Barbara Roden says it represents a five per cent increase from 2023, where $58.6 million was spent on operational expenditures.

Roden cites wages being the big spend in the district year after year.

“We have obviously negotiated salary and wage increases with the 200-odd employees that we have and that is a big one, particularly in light of the wage increases we are seeing with the cost of living having skyrocketed.”

Looking at the Capital Spending, 11.7 Million is budgeted for next year – an over $1 million rise from 2023 – mainly due to moving the $900 thousand Lytton Library consideration into 2024.

Meanwhile, Roden says they also want to build up reserves to help cover unexpected costs — including unexpected natural disasters — however, she notes it is a balancing act.

“How much is too much to have in reserves? Because you can have too much tied up in reserves and then it is just sitting there and not helping anyone,” she said.

“It is a very fine line that we are very cognizant of. We need to have money to fall back on to lessen the impact on taxpayers when we do have one of these big bills come down the pipe.”

Pointing to some financial and “manpower” challenges, as Roden explains, are identified in proposed upgrades to the TNRD’s fire department dispatch radio system network.

“That is a total price tag right now of $5.1 Million. It is a lengthy project if we do embark on it; it will not be finished in six months or even a year, this will be a three to four-year project.”

The final version of the TNRD’s five-year financial plan will be brought forward for approval from the board in March.

The full report for the TNRD Provisional 2024-2028 Financial Plan can be found here.