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Greater Vancouver Regional District
4330 Kingsway, Bumaby, British Columbia. Canada VSH 4G8

To: Board of Directors

From: Budget and Administration Committee
Date: November 8, 1993

‘Subject: Parks Loan Authorization Bylaw -765

To bring forward a draft byiaw to provide the basic borrowing authorities to
enable the Parks function to proceed with the capital expenditure program set
out in the Long Range Plan and 1994 Provisional Budget.

’

While the Long Range Plan and draft 1994 Provisional. Budget envisage
continued funding of land acquisition and smail scale development with
contributions from the Revenue Fund, there remains a program of develapment —
whose funding requires capital borrowing. The existing borrowing authority will
be completed shortly, so proceeding with projects such as the Selcarra Road -
require additional borrowing. authority. | | . a

As with the other Districts, the enactment of the borrowing authority does notin |

itself authorize the works. . |

3. Polley

There is no policy, but traditionally, Parks capital works have been financed
through a combination of Revenue Fund contributions for small scale projects,
and borrowing amortized over a 20-year period for major development and land

acquisition. |

fn

The last capital borrowing authority for Parks was passed in early 1992, in the
amount of $5.0 million. There is currently $0.8 million unused of this authority. _
The new authority in the amount of $3.0 million, together with the remainder of.
the old, will cover the projected borrowing requirements for develapment .
purposes for 1993-1998 inclusive. 7 co oe