The City of Kamloops is temporarily suspending a program that allowed residents to pre-pay for funeral costs for burials in city cemeteries.

All of the money collected is money invested until it is needed, but Financial Services Manager Lewis Hill told council Tuesday that the City’s funeral deposit program provider, BMO, plans to end the service as of May 31.

“This is not going to affect the people who have already invested in that program,” he said. “BMO is holding that money until we have a new financial services provider for the program and then that will all be transferred over.”

“Each time somebody puts their money into this program, it’s an individual investment certificate tied to that person and their untimely passing.”

Corporate Services Director, Kathy Humphrey, says the City is not able to hold this type of trust account – currently worth $397,230 – internally.

“It’s regrettable that we have to hit pause on this program,” she said. “We hope that we will be able to find another trust provider, but it’s necessary in the meantime to discontinue the prepaid program until that time.”

The City says residents can still buy in-ground plots or Gateway Garden cremation niches in advance.

It it not clear when this service will be restored, but City staff say people will be given a heads up when that happens.