Last Chance to Vote November 28

We need infrastructure grants to repair our aging water mains. We will NOT get any grants by remaining an improvement district. According to the study 65% of our water mains will need replacement within 15 years, this will cost several million paid for entirely by 780 landowners. We would not even qualify for municipal financing. Furthermore postponing this work because we can’t afford it is poor asset management.

Math Matters

Capital Expenditure Charges CEC’s of $8900.00 per new connection is only $890,000.00 for 100 homes. The new water treatment plant can add another 100 homes, then it needs a second DAF filtration unit. Relying on CEC’s to create capital for water main replacements is not financially viable in my opinion. The money will end up coming from rate payers only. No grants, no municipal financing.

VOTE Nov. 17 or Nov. 28!

Did you know that UBID’s loan of $3.7 million dollars for the Water Treatment Plant would be $500,000.00 cheaper through Municipal Finance Authority? This savings would only be available if we convert to the CVRD.

As explained in the conversion study roughly 45% of water mains in Union Bay need replacing within 5 to 10 years. Capital Expenditures Charges will not cover this much needed work. It will come from landowners pockets, again.

With a combination of Infrastructure Grants and reduced borrowing costs by accessing the Municipal Finance Authority the out of pocket cost to landowners can be reduced by 60 to 80 %. Just remember the CVRD received grants and MFA for their Water Treatment Plant and landowners saved 80%.

Who is going to take us to the finish line? Three Trustees needed..

The conversion study of the pros and cons of merging with CVRD will be posted soon. This study will show there are financial benefits to conversion. Including:

  1. Infrastructure Grants
  2. Municipal Financing
  3. Technical Staff support – engineers, hydrologists, planners

Nominations close August 20, 2020 forms downloaded UBID website.

Union Bay Pandemic Style

2020 has had its challenges, with one resigned trustee, one “retired” CAO, a postponed AGM, a postponed election of three trustees and a pandemic.

The landowners now owe at least 4.2 million dollars for a new (and much needed) Water Treatment Plant. The interest costs are additional hundreds of thousands of landowner dollars.

What about loans and municipal financing? The CVRD received almost 78% of the building cost for their WTP in grants and municipal financing! Union Bay Improvement District does NOT qualify for help.

That is why we are having the governance study done. Stay tuned, it should be released in the near future. Then we can make some informed decisions regarding UBID’s fiscal future and the risk management of infrastructure debt and future capital projects.