2018-2022 Financial Plan and Capital Expenditure Program
The Comox Valley Regional District (CVRD) 2018-2022 financial plan and capital expenditure program is developed by staff and presented to the CVRD board for their consideration between January and March of 2018. All budget presentations are open to the public and are posted on the CVRD website. The board is required to adopt the 2018-2022 five year financial plan as per Section 374 of the Local Government Act (RSBC 2015 c.1) by March 31st.
Good fiscal management and financial best practices are at the core of the CVRD financial planning process. Each year the regional district prepares an updated five-year financial plan that represents the operation of each service from one budget year to the next. The yearly budget process utilizes “zero- based” budgeting concepts, meaning that each service is reviewed and budgets created based on approved work plans and priorities. Both expenditure and revenue sources are evaluated to ensure the financial plan is current, sound and can achieve the priorities as outlined. Additionally, the long term requirements are reviewed to ensure sufficient reserves are maintained and are available to sustain appropriate service levels in the long term.
A board adopted financial planning policy guides the annual process by outlining the principles, content and schedule for the five year financial plan presentations to the board.