Summerland receives additional $553,542 from gas tax fund

Money will be used for capital projects, allowing more to stay in reserve funds

The municipality of Summerland has received additional funding from the federal government through the Federal Gas Tax Agreement.

This year, the municipality has received a bonus payment of $553,542 in addition to the agreement funding of $544,036.

The bonus is a one-time payment to be used for additional investment under eligible categories.

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David Svetlichny, director of finance for the municipality, said the additional funding will be put into this year’s municipal budget and will be used for earlier approved spending under eligible categories.

As a result, the municipality will not need to tap as deeply into its reserve funds for capital projects.

The gas tax agreement took effect in April 2014 and is an agreement between the federal government, the province and the Union of B.C. Municipalities.

The agreement supplies money collected from gas taxes to municipalities for local government projects.

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