2023 - 2027 Financial Plan process
The Regional District is preparing its 2023 - 2027 Five-year financial plan. Information and details of meetings where the draft plan will be considered along with links to documents and presentations is available at yoursay.rdco.com.
There are opportunities for public comment and feedback on the fiscal priorities outlined in the draft Financial Plan. In-person comments can be made at the February 16 Regional Board meeting starting at 6 p.m. Email questions and comments may also be submitted at yoursay.rdco.com until February 28.
5-year financial plan |
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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 priorities, as well as corporate and service plans. This 5-year financial plan is updated annually. |
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2022 |
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The 2022 RDCO operating budget totals just over $59-million, up 2.5% from 2021. The budget prioritizes the ongoing support needed for those recovering from last summer’s devastating White Rock Lake wildfire and to bolster the regional emergency management program. The Board is advancing the important work of Truth and Reconciliation with Indigenous communities to embed Indigenous wisdom into the organization. Operating costs are responsible, keeping pace with growth and inflation and include some key staffing additions needed to meet service demand from residents. In this budget an estimated $16.9 million (down $2.42 million from 2021) in capital and infrastructure improvements are proposed including approximately:
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 rural property taxes in each electoral area. 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 2021. The actual tax rate varies from neighbourhood to neighbourhood and by municipality, depending on the level of funding participation and local services provided by the Regional District.
2022 - 2026 Financial Plan Bylaw No. 1502, 2022
Central Okanagan Regional Hospital District Financial PlanThe 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 2022 budget includes $39.3 million in capital project funding requested by Interior Health Authority, an increase of $9.5-million or 41% from 2021. Among the new requests for Hospital District funding: a pharmacy update at Kelowna General Hospital, replacement of an existing MRI unit and installation of an additional MRI and a new CT scanner. The significant rise in assessments across the region will result in a decrease of $19.45 in the requisition this year by the Hospital District. That means the average property owner in the Central Okanagan will contribute $169.48 toward funding of health projects in the region, a decrease of just over 10% from 2021. It is expected that the average household cost will rise over the next four years to continue providing adequate reserves for future Interior Health funding requests.
Capital Expenditure Bylaws |
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2021 |
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Regional District of Central Okanagan Financial PlanThe 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.
2021-2025 Financial Plan Bylaw No. 1475, 2021 Financial Plan Approved News Release
RDCOCentral Okanagan Regional Hospital District Financial PlanThe 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:
Funding highlights:
Central Okanagan Regional Hospital District
Central Okanagan Regional Hospital District Capital Expenditure Bylaws1. 2021-03-29 CORHD Approval of New and Amended Capital Bylaws for 2021.pdf 2. Recommendation 1 Background - Rescinding Bylaws.pdf 3. Recommendation 2 - Amending Bylaw 253 and Original Bylaw 249.pdf 4. Recommendation 3 Capital Expenditure Bylaws List.pdf Interior Health Capital Funding Request (Feb. 25 meeting) |
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2020 |
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RDCO2020 - 2024 Financial Plan Bylaw No. 1449, 2020
Central Okanagan Regional Hospital District Financial Plan2020 - Bylaw 01 - 2020 - 2024 Financial Plan Audio of Hospital Board Budget Consideration Central Okanagan Regional Hospital District Capital Expenditure Bylaw1. 2020-03-23 CORHD Approval of new Capital Bylaws for 2020.pdf 2. CORHD Cap Bylaw No. 238.pdf 3. CORHD Cap Bylaw No. 239.pdf 4. CORHD Cap Bylaw No. 240.pdf 5. CORHD Cap Bylaw No. 241.pdf 6. CORHD Cap Bylaw No. 242.pdf 7. CORHD Cap Bylaw No. 243.pdf 8. CORHD Cap Bylaw No. 244.pdf 9. CORHD Cap Bylaw No. 245.pdf 10. CORHD Cap Bylaw No. 246.pdf 11. CORHD Cap Bylaw No. 247.pdf 12. CORHD Cap Bylaw No. 248.pdf 13. CORHD Cap Bylaw No. 249.pdf
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