Interlakes residents will be voting in a referendum to authorize borrowing up to $2 million for the purchase of three new tenders for the Interlakes Volunteer Fire Department (IVFD).
The question being presented to area residents is whether they support borrowing the funds through three separate loans, each financed over ten years. If approved, residential taxation for fire protection would increase by up to $54.27 per $100,000 assessed value, or approximately 41 per cent, to fund total borrowing costs of over $2.3 million.
If the question is defeated, residential taxation for fire protection in Interlakes would need to increase by up to $92.71 per $100,000 (over 124 per cent) for three five-year loans.
The three existing trucks will reach end of life over the next five years and regardless of whether financing takes place over five years or ten years, must be replaced in order for the department to retain its certification with the Fire Underwriters Survey.
Gerald Pinchbeck, manager of communications for the Cariboo Regional District (CRD) said that the five-year borrowing cost is less overall simply because there are fewer interest payments.
“However, you’re paying nearly double in taxation for the five-year versus the 10-year borrowing.”
He said that even at its highest point, in terms of the payments between year five and year 10, they are still looking at an overall lower tax for 10-year borrowing.
Pinchbeck pointed out that if there is new development in the area, it brings new taxpayers on board and helps offset some of those costs for existing taxpayers.
Chief Poul Beer of the IVFD said the tender currently being used at Hall One is borrowed as the hall’s tender was condemned after breaking an axle. A replacement tender with a 2000-gallon capacity is on order with delivery expected in early 2024.
Residents of the Miocene fire protection area will also be voting in a referendum to approve funding for a new fire engine.
The regional district will be distributing information by mail directly to households within the Interlakes fire protection area, which will include further details about the proposed borrowing and voting information.
For more information on the proposal and voting opportunities, residents can visit the referendum website through the links below, or call the Cariboo Regional District’s Chief Elections Officer at 1-800-665-1636.
Interlakes fire trucks referendum information: www.cariboord.ca/interlakes-fire-truck
fiona.grisswell@100milefreepress.net
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