Regional Board Approves 2011 – 2015 Financial Plan
At a special public meeting today, the Regional Board adopted the Five-Year Financial Plan for 2011 – 2015. It’s projected in 2011 that the operating budget will total more than $58.3-million compared with $56.2-million during 2010.
Chair Robert Hobson says, “The Regional Board recognizes the pressures many Central Okanagan residents are facing during the economic recovery, yet is balancing that with the ever-present demand for increased services. Many people know we provide high profile services across the Central Okanagan such as 9-1-1, Dog Control, our 29 Regional Parks, the Regional Waste Reduction Office and the Economic Development Commission. However, the Regional District offers more than 83 services in total including Air Quality, Crime Prevention, Victim Services, Crime Stoppers, Transit and Transportation Demand Management. We also provide specific local government services to the electoral areas like planning, building inspections, four paid-on call fire departments and we maintain and operate five water systems for more than 1,200 customers. As a result, the Regional District has and will continue to play an important role for all citizens of the Central Okanagan.”
Hobson adds, “Taxpayers across the region will see almost $34-million in Capital Projects this year including $13-million in park land acquisitions, the $9.6-million expansion of the Westside Regional Wastewater Treatment Plant, $6.2-million for a new water system for the un-serviced Upper Fintry, Shalal Road and Valley of the Sun subdivisions, along with four new fire vehicles and a new fire boat/mobile marine water supply vessel.”
For Land and Improvements, the following Base Tax Rates generally reflect the impact of the 2010 – 2015 Financial Plan on a home in each of the following areas assessed at $446,000 ($440,000 in 2010):
The actual tax rate varies from neighbourhood to neighbourhood and municipality, depending on the local services provided by the Regional District.
Hobson says, “While keeping the tax rates less than the 2010 BC average Consumer Price Index increase of 1.3 per cent in five areas, the Regional Board has also been able to boost transfers to reserves and capital projects by just over 23 per cent”
The total of the 2011 RDCO Operating Budget is $58.3-million:
- 46.62% is Operating Expenses
- 45.24% is Debt, including Municipal Finance Authority payments
- 8.14% is Transfers to Capital and Reserves
The general increase in the requisition from member municipalities reflects the requested funding needs for the Okanagan Basin Water Board, Regional Rescue Program and Regional Parks services.
The general decreases in requisitions for Central Okanagan East and Central Okanagan West Electoral Area property owners results from a reduction in costs for Electoral Area Planning, Building Inspection and Regional Planning.
The Financial Plan also outlines proposed operating budgets for the following four years: In 2012 – $60-million, in 2013 – $58.6-million, in 2014 – $58.8-million and in 2015 – $59.5- million.
The Regional Board also adopted the Five-Year Financial Plan for the Central Okanagan Regional Hospital District (CORHD). Ratepayers within the Hospital District contribute 40% of the funds for approved health service and equipment services. Hobson says, “This is one area of the budget people support as they see the benefit of ensuring we have excellent health facilities. The Financial Plan outlines revenue and spending of more than $13.9-million during 2011 including $6.2-million towards debt payments and financing for the new Ambulatory Care Building (the CORHD share totals $99.3-million for the project), the Interior Heart and Surgical Centre and the new Clinical Support Building (the Hospital District share of the project totals $91.3-million).” The owner of a home assessed at $446,000 in 2011 will contribute $144.50 towards health equipment and capital improvements, an increase of $7.28 from last year.
Central Okanagan property owners that meet the basic requirements of the Provincial Homeowner and/or additional grants are eligible for the new Provincial Government Northern and Rural Area Homeowner benefit of $200. Information will be available on your Property Tax Notice or you can visit the Ministry of Finance website:
www.sbr.gov.bc.ca/individuals/Property_Taxes/Home_Owner_Grant/hog.htm
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:
www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/ptd.htm
Contact:
Bruce Smith, Communications Coordinator
250-469-6339
