Linley Valley Nanaimo Purchase Is $9,000,000.00 A Good Price?

Linley Valley Properties Assessed At $2,536,600.00

According to information taken from the city of Nanaimo website follows are the 2014 assessed values of the parcels in this purchase:

• 5600 Vanderneuk Rd.  $490,600.00
• 3842 Stronach Dr. $384,000.00
• 5260 Tanya Drive $870,000.00
• 3518 Hillside Ave. $792,000.00

I inquired of Mayor Ruttan where the funds are coming from to make this purchase, the following answer came from Mr. Howat.

Staff will be recommending to Council through a budget amendment bylaw to use the following reserves:

• Property Sales Fund $3,000,000

• Parkland Dedication Fund 225,000

• DCC City Wide Parks Fund 1,000,000

• Property Acquisition Reserve 422,000

• Property Acquisition 2014 Budget 600,000

• General Capital 1,132,802

• Miscellaneous reserve accounts 1,520,198 (made up of:)

                • Storm Capital $ 174,000

                • Fire Department 80,615

                • Public Education - Fire 5,646

                • Nanaimo Athletic Commission 9,554

                • Beban Area Property 407,635

                • Engineering Capital 5,860

                • Recreation Capital 30,188

                • Transportation 308,395

                • Economic Development 179,307

                • Police Capital 50,317

                • DSD Incomplete Projects 40,393

                • Emergency Services 6,294

                • Local Improvements 181,260

                • North Slope Stability 14,187

                • Arena Capital 15,075

                • Legislative Services 11 472

I am no expert on the use of reserve funds as mandated by the Community Charter, but I do recall being told on many occassions that reserve funds could only be used for the purpose they were intended. How do items like fire department, public education, nanaimo athletic commission, transportation, economic development, police capital, emergency services, etc. seem to be funds set aside for park purchases?