2023 Courtenay Annual Report

The Corporation of the City of Courtenay

Notes to Consolidated Financial Statements Year ended December 31, 2023 Following is a schedule of CCBF receipts and disbursements received in 2023 with comparatives to 2022.

2023

2022

Opening Balance of Unspent Funds

$2,069,886

$3,051,945

Additions: Amounts Received During the Year

1,235,824

1,184,542

Interest Earned

108,069

60,965

Deductions: Amount Spent on Projects

(1,148,636) $2,265,143

(2,227,566) $2,069,886

Closing Balance of Unspent Funds

7. GROWING COMMUNITIES FUND The Growing Communities Fund (GCF) was provided to local governments to assist with increasing the local housing supply with investments in community infrastructure and amenities. The GCF may be used towards one-off costs needed to build required infrastructure and amenities rather than funding ongoing or operational activities. These funds are to be incremental to currently planned investments and should accelerate the delivery of capital projects. The GCF provided a one-time total of $1 billion in grants to all 161 municipalities and 27 regional districts in British Columbia. The City of Courtenay received $7,655,000 in March 2023 and reports the balance in a General Fund Reserve – Growing Communities Reserve Fund (Schedule 2) until it is used to fund eligible costs. Interest is accrued and allocated monthly to the balance. Following is a schedule of the GCF receipts and disbursements received in 2023.

2023

Growing Communities Grant Received

$7,655,000

Additions: Interest Earned

277,334

Deductions: Playground Development

(168,848)

Closing Balance of Unspent Funds

$7,763,486

97

City of Courtenay | 2023 Annual Report