Budgets and financial statements

• 2025-2029 Five-Year Financial Plan | Bylaw No. 1563
• 2025-2029 Financial Plan Binder

On March 20, 2025, the Regional Board for the RDCO adopted the 2025-2029 five-year financial plan.

The 2025-2029 financial plan outlines a total operating budget of $70.8 million for the organization in 2025, up 7.2% or $4.8 million from $66.0 million in 2024.

"This financial plan delivers what matters most to our community—safety, essential services, and park investments for our rapidly growing region," says Loyal Wooldridge, Chair of the Regional Board. "We are enhancing emergency management, upgrading critical infrastructure, and prioritizing environmental stewardship to meet the evolving needs of our residents. Every dollar is invested with care, ensuring a safer, healthier, and more sustainable future for everyone in the Central Okanagan."

An estimated $34.2 million in capital and infrastructure improvements are planned for 2025. These costs are funded predominantly through reserves, with funding from grants where available. Projects funded from the Growing Community Fund grant in 2025 include:

• $4,000,000 in grant funding for engineering, design and construction of a new facility for Central Okanagan Search and Rescue (COSAR).
• $1,050,000 in grant funding for advancing the implementation of a curbside food waste collection service.
• $275,000 for playground replacements in Mission Creek and Scotty Creek parks.

Unlike municipalities, regional districts do not have one tax rate. This means that the impact on each property owner varies depending on where they live, the services they receive and the value of their property. Preliminary average tax impacts for each community within the Central Okanagan are outlined below:

* 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. It is important to note that the RDCO serves as the primary local government for Electoral Area East and West, while municipalities pay an RDCO tax rate in addition to their municipal tax rate.

Residents can expect to receive their tax bill in the mail in June, with property taxes due to the Province by July 2, 2025. To view the RDCO specific breakdown for their taxes, electoral area residents can search their address in the property tax estimator tool.

The draft financial plan was presented to the Board in January 2025, and members of the public were invited to provide questions and comments on the plan between January 10 and February 6, including an in-person meeting on January 30.

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.

• 2024-2028 Financial Plan l Bylaw No. 1543
• 2024-2028 Financial Plan Binder 

On March 14, 2024, the Regional Board approved the 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.

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.

CORHD 2024-2028 Financial Plan

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

• 2023-2027 Financial Plan | Bylaw No. 1525

The Regional District of Central Okanagan (RDCO) Board has approved the 2023 – 2027 Financial Plan. 

The 2023 RDCO operating budget totals almost $61.5 million, up 3.5% from 2022.

An estimated $18.1-million in capital and infrastructure improvements are planned for 2023 including approximately:

• $7.8-milllion for Parks
• $3.4-million for liquid waste systems
• $2.9-million for Fire and Protective Services
• $1.7 million for improvements and upgrades to RDCO water systems

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 2022. 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. 

Central Okanagan Regional Hospital District

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 capital and equipment services. The 2023 budget includes $36.7-million in capital project funding requested by Interior Health Authority, an increase of $4.1-million from 2022.  Among the new requests for Hospital District funding: endovascular treatment equipment and additional acute care beds at Kelowna General Hospital.  It’s expected the Regional Hospital District Board will consider an amendment to the Financial Plan at a future meeting to approve $1.68-million in funding for the recently announced new Urgent and Primary Care Centre to serve the people of Rutland and surrounding communities.  

The continued rise in assessments across the region will offset the 5% increase in the Hospital District requisition this year.  That means the average property owner in the Central Okanagan will contribute $19.09 for each $100,000 of assessed value toward funding of health projects in the region, a decrease of just over 9% from 2022.  The average household cost could rise in the future to continue providing adequate reserves for future Interior Health funding requests.

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 Home Owner Grant webpage. 

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's Tax Deferment Program webpage.