In the Annual Producer Meeting on October 24, we reported that Recycle BC was forecasting a $10M surplus at the 2024 year end and therefore included a $12M surplus drawdown from reserves to off-set the 2025 fees budget.
The Q3 2024 results and recent forecast indicate a further variance to budget by an additional $10M, primarily due to a lower volume of tonnes managed versus budget combined with higher than anticipated interest income, totaling a $20M surplus over budget.
In a commitment to supporting producers by responsibly managing fees, while maintaining prudent reserves, an additional surplus drawdown of $8M has been applied for a total surplus drawdown of $20M. This $20M aligns with the updated year-end forecast of $20M surplus over budget and will provide immediate relief to producers during challenging economic times.
As a result, this change reduces the overall total fee budget, and the average fee rates that were presented to producers in the Annual Producer Meeting are reduced by 3.00 ¢/kg (4.2%). The updated 2025 fee schedule can be found on our website and also reflected in the WeRecycle Portal.
We will also host a meeting early in the new year to provide more information about this adjustment and our overall management of fees. More information will be shared soon. If you have any questions, please contact stewards@recyclebc.ca.
