With the City's financial department advising that the Prince Rupert Port Authority has made a significant payment towards it's financial commitment to the City, with a 2.1 million dollar deposit heading for the City's financial accounts.
The City delivered word of the transaction on Thursday with this press release. A short update, that offers up some of the background on the Port's contribution to the city's finances. Explaining that the partial payment is directed towards their outstanding property taxes, an amount that was based on revised industrial property values.
As opposed to the usual practice for commercial and residential tax payers, the Port provides payments by way of payment in lieu of taxation.A form of compensation that at times has left the City at odds with it's industrial partners in the region over what they consider is fair compensation.
The announcement of Thursday, should be of particular interest to City Councillor Joy Thorkelson, who in the past has offered up the majority of the questions when it comes to the Port and how it interacts with the City.
Earlier this year, the Councillor outlined how she would like to see the Port take a more active role in funding some of the city's recreational and social needs. Seeking at the time, donations towards some of the activities that the City was struggling to provide funding towards.
In the past, we have reviewed some of the thoughts of Council when it comes the Port and the City's financial troubles of the last year, a few of those items can be found below:
Councillor Thorkelson's Boots are made for talking!
Council looks to Port to provide financial assistance amid current fiscal troubles
Those seeking a larger overview on the City's recent budget concerns and other discussion points from Council can find a wide range of material to review from our City Council archives and City Council Discussion points.
As for the developments of Thursday and the announcement of the 2.1 million dollar partial payment, it all should make for an interesting talking point when Council next meets on Monday evening.
Considering the nature of the announcement, it may be a timely moment for city staff to perhaps provide further background on the partial payment.
Offering Council and the audience that may tune in from home, an update as to what further financial payment the City may anticipate from their discussions with the Port and when that financial relief may arrive in the city's financial coffers.
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