Kelowna mayor to lead Municipal Finance Authority

Kelowna’s mayor has been elected to lead the province’s municipal financing authority.

The organization is governed by the province’s local governments, and is in charge of managing investments and issuing loans to those local governments.

Mayor Tom Dyas was elected by peer members of the Municipal Finance Authority at its annual general meeting, April 23, according to a news release from his office issued, April 29.

“The Municipal Finance Authority plays an important role in supporting communities of all sizes, and I look forward to working with members to ensure it continues to deliver reliable, cost-effective financial service,” Dyas said in the release.

Finance authority decisions are made by its ten-person board of trustees, comprised of four Metro Vancouver Regional District members, one from the Capital region and five from other regional districts across BC.

Dyas was elected by members to chair the board.

“In Kelowna, Council has focused on getting the fundamentals right—improving financial transparency, introducing a service-based budget process, and delivering infrastructure more efficiently,” Dyas said. “That work is ultimately about delivering strong value for taxpayers, making sure every dollar is used effectively while continuing to meet the needs of a growing community.”

The finance authority is a unique organization across Canada and, as a cooperative owned by BC’s local governments, it’s independent from the province. The trustees manage and oversee investments and the issuance of debt for local governments.

Along with the added responsibility of leading the board, Dyas’ job comes with a pay bump on top of his $145,000 mayoral salary. The previous board chair, Richmond mayor Malcom Brodie, was paid $28,000 last year in addition to his salary, according to finance authority documents.