The Comox Valley Regional District (CVRD) board adopted its 2023-2027 financial plan on March 23 which includes a total consolidated budget for 2023 of $173.8 million, comprised of $91.9 million for operating and $81.9 million for capital projects.
“New to the financial planning process this year was incorporation of our internal cost of carbon policy to help reduce our carbon footprint corporately and dedicate $160 per one tonne of CO2e into a reserve account to fund future projects,” explains CVRD Board Chair Ketler. “Setting an internal cost for carbon is going to help us prioritize low-carbon options, avoid climate-related risks and set up on the path of achieving net zero corporate emissions by 2050.”
The CVRD delivers 102 distinct, stand-alone services across the Comox Valley. This year’s approved financial plan results in an overall increase in property tax requisition revenues of 10.38% from 2022. An additional three million dollars to maintain existing CVRD services is part of the requisitions for 2023 with major drivers including:
- An additional one million dollars for recreational complex service to support aging infrastructure needs and give preliminary planning funding for future capital infrastructure.
- An additional $460,000 increase to support fire hall replacements and operational increases for Rural Fire and Search and Rescue Services.
- $450,000 to support a rise in operational costs and expansion of transit services.
- $200,000 in one-time support for affordable housing projects on both Denman and Hornby Island.
- $175,000 for increased cost allocations from the rural areas to support the Vancouver Island Regional Library District.
- $118,500 to support additional recreation grants in 2023 such as $75,000 for further capital works to the Courtenay & District Outdoor Memorial pool and $18,000 for the development of a Cricket pitch for the Comox Valley Cricket Club.
- $70,000 to support additional requests for capital funding to address homelessness.
Unlike municipalities, the Regional District does not collect property taxes directly but rather requisitions funds from each member local government on behalf of their residents, with the Province issuing and collecting rural property taxes in each of the electoral (rural) areas. The tax impact on the average home in each specific area varies and is heavily dependent on the often unique mix of services provided to each area.
Two new local service areas have also been established in 2023, with one resulting from the recent conversion of the Graham Lake Improvement District to a regional district service. This service, funded through a user rate, provides potable water to its 67 properties on Denman Island in addition to 22 properties that are part of the already existing Denman Island Water Local Service Area. The second newly established service is the Regional Parks and Trails service, with an initial tax requisition of $275,000 in 2023, which as part of its mandate will strive to protect and preserve regionally significant natural areas and to develop a network of regional greenways and trails.
“The 2023 financial planning process held a high focus on maintaining current service levels, requirements of new services and furthering the Board’s key initiatives and strategic priorities. In an economic climate of high inflation, every effort was given to keeping service delivery costs low” explains Lucy Wiwcharuk, CVRD Chief Financial Officer. “This year’s budget also addressed the end of COVID-19 relief measures and the return of rates for water services to pre-pandemic levels.”
The $81.9 million in capital funds for 2023 provides the necessary financing to continue progressing with multiple projects and supports essential asset management life cycling. There are $205 million in planned capital projects across the five-year capital plan, with key projects including:
- $1.7 million in 2023 to construct the new fire rescue services building at Mount Washington. Additional fire hall replacements or upgrades are also planned within the five-year capital plan supporting multiple rural services including Denman Island ($2 million), Union Bay ($3.5 million) and Fanny Bay ($250,000);
- $45 million in 2023 for the Comox Valley Sewer Conveyance Project. This is a critical multi-year construction project to replace the conveyance pipe and upgrade pump stations that move raw sewage to the Brent Road treatment plant. The overall estimated cost of this project is $101 million;
- $5 million in 2023 for the proposed extension of the Comox Valley Water system southward to parts of Courtenay, Royston and other lands. The overall projected cost of this project is $21 million;
- $5.7 million to complete cell no. 2 of the engineered landfill at the Comox Valley Waste Management Centre in Cumberland; and
- $1.99 million to complete the Regional Organics Composting Facility located in Campbell River.
These projects are in addition to the regular services provided by the CVRD which include land use planning, fire protection, electoral areas parks and greenways, building inspection, drinking water treatment and supply, and operation of the waste management centres and recreation facilities.
If residents are interested in learning more about the CVRD’s current five-year financial plan and learn how the financial plan effects homeowners, visit www.comoxvalleyrd.ca/currentbudget.
The Comox Valley Regional District is a federation of three electoral areas and three municipalities providing sustainable services for residents and visitors to the area. The members of the regional district work collaboratively on services for the benefit of the diverse urban and rural areas of the Comox Valley.
Media Contact:
Kevin Douville
Manager of Financial Planning
250-334-6078