Q3 Reports shows City’s budget holding steady

News Release

The release of the newly merged and reformatted Third Quarter Financial & Corporate Business Plan Update shows the City of Penticton continues to be on budget despite inflationary pressures. 

Council will receive the report update at their meeting on December 6, 2022 and will then be posted on the City website.

The financial report shows an increase in overall forecasted revenues of $1.16 million for the year. General operating expenses are forecasting for the year a reduction by just over $307,000 due to various operational variances. The City’s total amended 2022 annual operating budget is $108.4 million. The City’s capital program is budgeted at $46 million, with many projects underway or completed and some larger projects in the early stages or have been delayed.  

Of the 51 strategic priorities and initiatives outlined in the City’s business plan, 15 are completed, 29 are on track to be completed by the end of 2022, while seven are experiencing delays for such reasons as land use approvals, timing of fish window openings for construction and coordination with concurrent reports and reviews, such as the Community Safety Review.  

Highlights of completed initiatives for the third quarter include successful hosting of the IRONMAN Canada triathlon event, completion of the Downtown Penticton Business Improvement Associations’ remote guard pilot with plans underway for expansion, and completion of FireSmart initiatives.

The City continues to manage costs and project deliverables related to supply chain delays, increased lead times and higher material costs. There are no significant impacts in operating to report at this time.


The following are some of the key factors that influenced the City’s budget and forecast:

  • Overall revenues are forecasted $1.16M higher than amended budget, for increased building permit and licensing revenues, and additional grants received.
  • Fuel costs are anticipated to be $220k higher than budget for increased fuel prices. 
  • Increased Sportsplex turf costs of $180k.
  • The South Okanagan Event Center (SOEC) is forecasting a lower deficit than budget, as more concerts and events are occurring than originally planned.
  • Capital budgets are forecasted at budget, as funds not spent, may be carried forward into the following year for project completion.

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