2023-2027 Financial Plan
The 2023-2027 Financial Plan has now been adopted by the RDEK Board.
The RDEK Board adopted the 2023-2027 Financial Plan at its Board Meeting Friday, March 17.
Increases in the 2023 operating budget will result in an average increase of $30 on a $536,000 residential assessment. This includes a 2% increase for the HR Implementation Plan, a 3% increase in the building reserve fund (both of which were approved by the RDEK Board in 2022) and a 4.3% increase for operational changes and inflationary increases.
Unlike in a municipality where there is one boundary and one set of taxpayers, in the regional district model in BC, municipalities and electoral areas are all affected differently depending on which services they receive. So the 9.3% average increase for shared services affects only the one RDEK line item on tax notices, not the overall tax bill.
The 2023 operating budget is $41.15 million and the capital budget is $17.04 million.
The Board has approved $85,000 in funding for a Community Development Coordinator that will be based out of the City of Cranbrook and focus on homelessness; and, $15,000 for the East Kootenay Divisions of Family Practice for physician recruitment. Other capital projects of note in this year’s budget include the Fairmont Flood & Debris Control Cold Spring Creek upgrades (98.5% grant funded), a new transfer station in Radium Hot Springs, the construction of a new composting facility in each of the RDEK’s three subregions, a new fire hall for Hosmer (100% funded), and three projects on the East Side Water system.
The adopted 2023-2027 Financial Plan and an updated “Snapshot” that provides
highlights of the budget will be posted early the week of March 20th.
A reminder if you are looking at the full 5-Year Financial Plan, it is "bookmarked" to help you easily go to different sections. To use the bookmarks, you have to ensure your browser's bookmarks are open. To open them, look for an icon in the top left-hand corner of the document and ensure all drop-down menus are open (they are generally marked with a sideways triangle). This is a large file and could take a few moments to load.
ABOUT THE REGIONAL DISTRICT FUNDING MODEL IN BC:
One of the tricky parts about communicating (and understanding) the Financial Plan lies in the way Regional Districts work. Unlike a municipality that has one boundary and one set of taxpayers (where everyone within the municipal boundaries pays), Regional Districts in BC are based on service areas. So, for every one of the more than 100 services the RDEK offers, there is a boundary for that service area, and everyone within the service area pays for (and receives the benefit of) that service. What that means is that we have over 100 different “boundaries” with over 100 different sets of taxpayers. SO, WHAT DOES THAT HAVE TO DO WITH THE BUDGET?
Well, how the budget will impact you depends entirely on what part of the RDEK you live/own property in and what combination of services are offered there. For example, if you live in Electoral Area C everyone will pay the same rate for the line item on their tax notice called “Reg Dist East Kootenay Area C”, but people living in Gold Creek will also be paying for Cranbrook Rural Fire Protection. At the same time, people in Moyie (which is also in Area C) don't have fire protection, but they pay a different line item for Moyie Water.
If you would like to find out how all of this impacts you, check out the documents on this page or contact our Chief Financial Officer and she can provide you with specifics. Our staff are happy to answer your questions related to RDEK services and how they impact you all year-round. So, if you have questions, please let us know.
