David Sewell had no desire to make any major changes.
In delivering his first five-year financial plan since assuming the role in the fall, the North Okanagan Regional District’s chief financial officer stayed on course with past administration.
“The five-year financial plan represents the status quo,” said Sewell during discussions about the plan at Wednesday’s regular NORD meeting with directors. “We haven’t really significantly changed anything from year after year, and that reflects both my tenure and the change in administration after the new board was elected in November.
“I’ve got some ideas how things may change in the future, but I’m moving cautiously...This financial plan says to keep doing what we’ve been doing, recognizing there have been some service additions and service deletions.”
Discussions with the board identified three key chances for improvements in the financial plan process that, due to time constraints and the significant changeover in senior staff, have not been fully implemented this year.
The three items are an extended financial plan development process; overhead allocation policy review; and a look at reserve funding and expenditure policy framework.
The plan shows that NORD is going to transfer $8.6 million from its reserve funds this year.
“Reserves is one of the areas we’re reviewing,” said Sewell. “The directors have to consider what they want to do with the money. There’s lot of money in there but they have to consider their wish lists.”
The biggest expenditure for NORD in 2009 will be funding to the Duteau Creek Water Treatment Plant currently being constructed. Sewell said NORD has put in for $18 million in capital borrowing to help move the project along.
NORD chairman Eric Foster, the mayor of Lumby, called Sewell’s five-year plan “solid and good.”
“He’s done a great job for us,” said Foster.
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