RDCO Board adopts the 2024-2028 Financial Plan

On March 14, 2024, the Regional Board for the Regional District of Central Okanagan (RDCO) and Central Okanagan Regional Hospital District adopted their 2024-2028 Five-Year Financial Plans.

RDCO 2024-2028 Financial Plan

The 2024-2028 Financial Plan outlines a total operating budget of $65.6 million for the organization in 2024, up 6.7% from 2023. Approximately half of the measured increase was required to maintain existing assets and infrastructure that serve the Region.

“We continue to prioritize the services people value the most, such as curbside organics, planning for a new facility for Central Okanagan Search and Rescue and creating more year-round access to our regional parks. These priorities have direct positive impact on the health and wellbeing of both our residents and the environment we call home,” says Loyal Wooldridge, Chair of the Regional Board. “As the fastest growing region in Canada, we’ve continued to invest responsibly in measurable plans that keep pace with resident’s requests for enhanced services, while also contributing to reserves to ensure the financial health for the region for years to come.”

An estimated $14.5 million in capital and infrastructure improvements are planned for 2024. An additional $6.7 million in capital and infrastructure improvements are also carrying forward from 2023, for a total planned spending on capital of $21.2 million.  These costs are funded predominantly through reserves, with funding from grants where available. New projects in 2024 include:

• $400K for Engineering and design for a new facility for Central Okanagan Search and Rescue (COSAR)
• $450K for public education, outreach as well as service design for curbside organics collections
• $311K for improvements to Kalamoir trail network to increase the options for active transportation
• $393K for multi-year projects to improve accessibility to regional parks

Regional Districts do not have one tax rate. The actual tax rate can vary from neighbourhood to neighbourhood and by municipality, depending on the level of funding participation and local services provided by the Regional District. The tax impacts for general RDCO services on the average home in each specific area are shown in the following table. Market value increases vary by area from 2023.

* excludes local service area taxes (e.g. fire protection, community centers, transit)

The Regional District does not collect taxes directly. The RDCO requisitions funds from each local government on behalf of their residents and the Province which collects rural property taxes in each electoral area.

The draft financial plan was presented to the Board in January 2024, and members of the public were invited to provide questions and comments on the plan between January 18 and February 12, including an in-person meeting on February 8.

For more information on the Regional District of Central Okanagan’s financial planning process and to view the detailed plan visit rdco.com/financial-plan.

Homeowner grants and tax deferral

Central Okanagan property owners may be eligible for the Provincial Homeowner Grant. Information will be available on your Property Tax Notice or visit the Ministry of Finance website.  

Some property owners may qualify for assistance through the BC Property Tax Deferment Program.  Information about this program and who qualifies is available on the BC Government website. 

CORHD 2024-2028 Financial Plan

The Central Okanagan Regional Hospital District (CORHD) Board also adopted its five-year financial plan bylaw on March 14.

“The 2024-2028 financial plan places a primary focus on health care investments that will directly influence the health and well-being of our whole community. Health care touches everyone in the region, and it is vital that we ensure our health care facilities are constructed and equipped with the latest and best technology, and the best care possible, to meet the evolving health needs of all residents," says Blair Ireland, Chair of the Central Okanagan Regional Hospital Board. “The allocation of funds towards cutting-edge digital health projects is a noteworthy highlight, reflecting our dedication to advancing technology and ensuring that essential health information and providers are more accessible to everyone. These new tech advancements help improve outcomes for patients, lowering wait and recovery times. Okanagan residents deserve the best care possible, and the Regional Board is committed to improving their health services.”

Each year, ratepayers within the Hospital District contribute up to 40% of the funds for approved capital and equipment services. The 2024 budget includes $32.4 million in capital project funding requested by Interior Health, a $6.0 million or 15% decrease from the prior year.

This means that the average Central Okanagan household will contribute $19.19 for every $100,000 of assessed value towards valuable capital improvements and health equipment. This is a reasonable $0.10 or 0.5% increase compared to 2023.

New projects funded by the financial plan include:

• MRI replacement and addition at Kelowna General Hospital (KGH) – CORHD share $3.1 million.
• Interior Health wide digital health project – CORHD share $1.4 million.
• Equipment under $100,000 – 2024 – CORHD share $1.1 million.
• Pharmacy upgrades at KGH – CORHD share $1.1 million.