Budgets and financial statements

5-year financial plan

The Local Government Act requires the RDCO to develop and approve a five-year Financial Plan by March 31 each year. The RDCO financial plan consists of more than 80 budgets funding the delivery of regional, sub-regional and local services to over 195,000 residents, businesses and visitors throughout the region. Various trends and variables impact the financial plan including, but not limited to, economic conditions, population growth, demographics, climate change, and regulatory or legislative amendments. The financial plan aims to balance these factors in alignment with the Board approved strategic prioriti8es, as well as corporate and service plans.

This 5-year financial plan is updated annually.

2021

Regional District of Central Okanagan Financial Plan

The 2021 RDCO budget totals just over $56.8-million compared with $57-million in 2020. This year's budget is fiscally conservative and considers the realities of COVID-19. It addresses the pandemic challenges the community is still facing but also advances projects based on the Regional Board's priority areas. These include Environment, Economic Development, Sustainable Communities, Transportation and Mobility. Operating costs are keeping pace with growth and inflation in the Central Okanagan and include some minor staffing increases. The budgets are also focused on continuing to build capital reserves to address future infrastructure needs.

Unlike municipalities, the Regional District does not collect taxes directly. It requisitions funds from each local government on behalf of their residents and the Province which collects property taxes in each Electoral Area. The tax impacts for general services on the average home that was assessed at $734,000 in 2020 are shown below. Market value increases varied by area from 2020 to 2021. The actual tax rate varies from neighbourhood to neighbourhood and municipality, depending on the local services provided by the Regional District. If a home went up or down by more than the average market value, the owner will pay more or less than the numbers estimated.

House values and taxes
Member	2021 House Value	Total Tax per House	Net Increase/Decrease on the home from 2020
Kelowna	$750,000	$190.38	$6.97
Peachland	$754,000	$221.76	$8.31
Lake Country	$774,000	$224.66	$13.98
West Kelowna	$753,000	$210.59	$7.25
C.O. West	$746,500	$674.42	$8.49
C.O. East	$739,000	$534.82	($0.49)

2021-2025 Financial Plan Bylaw No. 1475, 2021

Financial Plan Approved News Release

Central Okanagan Regional Hospital District Financial Plan

The Central Okanagan Regional Hospital District (CORHD) Board also approved its five-year financial plan. Each year, ratepayers within the Hospital District contribute up to 40% of the funds for approved Interior Health capital and equipment services in the region. Interior Health services that leverage these 40 cent dollars provided by the CORHD return significant social and economic benefits within the Central Okanagan.

The 2021 budget includes $10.2-million in new capital project funding for a total of $32 million. The average homeowner will pay $196.49 for Hospital Taxes (vs. $188.93 in 2020). This is an increase of $7.56.

Within BC, there is still focus on:

Primary and Community Care transformation as reflected by the inclusion of several Urgent and Primary Care Centres, Primary Care Networks and Community Health Centre
Efforts to improve senior's care with additional need as shown by the pandemic
Surgical services
Infrastructure investments that aim at maintaining the basic services at Interior Health sites, whether it be on the facility side, equipment replacement or information technology maintenance and expansion

Funding highlights:

Construction projects over $100,000 such as Primary Care Networks in Kelowna and Rutland, the Outreach Urban Health site and parking upgrades at Kelowna General Hospital
Technology projects like advancement of the Interior Health digital platform allowing exchange of critical patient clinical documentation to both patients and their health care providers
Equipment over $100,000 including new equipment for operating rooms, endovascular treatment and cardiac ultrasound machine