How Will We Fund this Project?
Construction of the new water treatment system is estimated to cost $126 million. This is an increase over the 2017 estimate of $110 million. The new cost reflects market realities such as increased costs for labour and materials, and includes a contingency for unexpected costs.
While reserves and grant funding will cover at least 77 per cent of total projects costs, the Comox Valley Regional District (CVRD) must borrow up to $29 million to pay for the remaining share.
Project Funding Structure
Only those connected to the Comox Valley Water System will be responsible for paying for the new system, at an average cost estimated at $86 per household per year.
Not Sure if You are Connected to the Comox Valley Water System?
Please click to expand the map below and find out if your community is included in the Comox Valley Water System. Only those connected to the system will have their rates affected.
In March 2018, the CVRD launched an Alternative Approval Process (AAP) to ask residents if they opposed the borrowing of $29 million in project costs that are not expected to be covered by reserves or grant funding. Those who did not support the borrowing were able to complete an electoral response form indicating their opposition. From February 1 to March 16, 2018 the CVRD received 31 responses from residents who opposed the borrowing. As the number of residents opposed was fewer than 10% of the electorate, the CVRD can proceed with borrowing the necessary funds.
For more information on the AAP process please read our news release.