Community centre budget still on track; Managing contingency fund
Westerly News
April 16, 2009
By: Lisa Stewart

Given the level of community participation with last spring's referendum on financing for the new community centre and hub facility, Ucluelet council asked staff for an update on costs.

In a report to council April 14, director of recreation Abby Fortune and director of finance Martin Gee outlined where the project now sits.

They state the project will still cost up to $9 million plus additional costs for the Leadership in Energy and Environmental Design gold level of construction standard and additional costs for the daycare….

The daycare construction budget of $500,000 will be paid through a government grant of $390,000 as well as a contribution of $110,000 from the volunteer, non-profit Ucluelet & Area Child Care Society. But Fortune later told the Westerly there are additional costs for the daycare that are not covered in the $500,000 budget such as land clearing costs and architectural costs.

Taking the daycare project out of district staff's numbers, the project (with a contingency buffer) is currently estimated to cost $8,913,762.

Revenues will come from:

Density bonusing $1,999,062

Proceeds from sale of district lot 281 $1,197,000

Social reserve fund $100,000

Amenities $633,438

Marine Drive Properties

plus interest for non-payment to date $1,168,000

Grant from the province for the hub $200,000

Municipal Rural

Infrastructure Fund grant $2,000,000

Trees for Tomorrow grant $17,750

Loan potential of $2,000,000

Revenue (on hand and expected) $9,315,250

The difference is just over $400,000. "We have more revenue than expenditure," Fortune told the Westerly Wednesday….