The Comox Valley Regional District (CVRD) board adopted its 2024-2028 financial plan on March 19, which comprises $108.6 million for the operating budget and $84 million for the capital budget.
The Local Government Act section 374 requires regional districts to have a financial plan adopted annually by March 31. The planning period covered must be a minimum of five years. The budget includes estimated expenditures to provide for the board鈥檚 priorities, policies and existing services. Sufficient funds need to be raised to ensure individual service operating budgets and capital projects remain balanced and the cost of debt servicing for capital projects is funded.
鈥淭he 2024 financial planning process held a high focus on maintaining current service levels, and furthering the Board鈥檚 key initiatives and strategic priorities. In an economic climate of high inflation, every effort was given to keeping service delivery costs low and impact to households reasonable,鈥� explains Lucy Wiwcharuk, CVRD Chief Financial Officer. 鈥淭he approved budget includes $46,602,020 in tax requisitions. This figure has a net decrease of $96,482 from the proposed budget.鈥�
Wiwcharuk credited residents for their input into the process.
鈥淭his year we launched an online engagement project on Engage Comox Valley to gather feedback and answer questions from the residents,鈥� she said. 鈥淲e are thrilled to see the level of involvement and feedback provided and look forward to continuing to utilize this platform to remain connected with the community throughout the year.鈥�
Unlike municipalities, the Regional District does not collect property taxes directly but rather requisitions funds from each member local government on behalf of their residents, with the Province issuing and collecting rural property taxes in each of the electoral (rural) areas. The tax impact on the average home in each specific area varies and is heavily dependent on the often-unique mix of services provided to each area. The year-over-year change is determined by using the specified tax rate per service and multiplying by the assessed value provided by BC Assessment.
The CVRD operates more than 100 services with each service falling under one of the eight Core Services. Overall the areas of regional emergency services, water supply and electoral area services see a decrease in expenditures in 2024. Sewage treatment, recreation, transportation and regional sustainability see an increase this year. Key increases are attributed to the following:
鈥� Emergency shelter land acquisition: As aligned with board鈥檚 direction, the tax requisition has been increased to the maximum; an additional $651,877 will be raised to help advance strategic priorities.
鈥� Regional parks and trails: as a newly formed service in 2023, increased requisition of $163,000 in 2024 will continue to build funds to support the future implementation plans.
鈥� Transit Comox Valley: an additional $590,000 in tax requisitions is planned to support planned service increases within region.
鈥� Recreation complexes: an additional $648,000 for asset management of facilities.
鈥� Comox Valley Track and Field: the requisition has been increased to the maximum; an additional $670,068 will be contributed to reserves for the second turf field capital project.
An additional $244,000 is being raised to support the operations and asset management needs of multiple fire services.
The capital budget includes significant CVRD initiatives. Many of the projects are associated with the core services of water supply and sewage treatment. Other community amenities are planned for within the core service of recreation and regional emergency.
鈥� Multiple planned fire halls: Denman Island ($2.1 million 2026-2027), Union Bay ($4 million 2025) and Mount Washington ($2.5 million 2024).
鈥� Dyke Road Park ($1.3 million 2024), greenway at Royston School and Lazo Road ($1.6 million 2024) and revamp of the Shingle Spit boat ramp ($515,000 2024).
鈥� Significant capital renewal for recreation facilities is required to meet asset management needs ($3.4 million 2024-2028) and various projects at the Comox Valley Exhibition Grounds ($762,000 2024-2028).
Capital infrastructure
The Sewer Conveyance Upgrades project is included in the financial plan at a projected cost of $85.5 million; requisitions in 2024 have been increased $900,000. The debt servicing on this project has implications to operating budgets as significant debt funding is required.
Other notable utility capital projects include:
鈥� Sewage treatment plant upgrade ($46 million 2027-2028)
鈥� Water South Services extension ($20 million 2025-2027)
鈥� Phase II Union Bay water treatment plant ($4 million 2024-2026)
鈥� Graham Lake water treatment plant ($4 million 2024-2027)
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