Investment switch cuts costs

The City of Enderby has moved its investments to Enderby and District Financial.

Going local is paying off for Enderby taxpayers.

The city has moved its investments to Enderby and District Financial.

“They yield us better interest than we were getting through the Municipal Finance Authority,” said Mayor Howie Cyr.

“The credit union is a wonderful community partner and very supportive.”

According to a staff report, using term deposits with Enderby and District Financial has led to an increase in investment income of about $4,000 a month.

Council has also been informed of cost-savings initiated by administration.

“We have reduced auditing fees by $1,500 through the preparation of the 2012 financial statements done in-house,” said Jennifer Bellamy, chief financial officer,

Annual property insurance premiums have also been reduced by $3,345 by switching to Capri Insurance.

City won’t join Star function

Enderby will remain sitting on the sidelines when it comes to development at Silver Star.

All jurisdictions have been asked by the Regional District of North Okanagan if they wish to join the planning function for Silver Star Mountain.

“There’s no appetite to be involved,” said Mayor Howie Cyr, adding that development issues at Silver Star have no direct impact on his community.

“We are non-participants and we won’t be joining that.”

Currently, the only participants in the function are the electoral areas, Vernon and Spallumcheen.