RDCO 2023-2027 Five-year Financial Plan approved
The Regional District of Central Okanagan (RDCO) Board has approved the 2023 – 2027 Financial Plan.
RDCO Budget
The 2023 RDCO operating budget totals almost $61.5 million, up 3.5% from 2022.
Regional Board Chair Loyal Wooldridge says, “We are making important investments to improve the quality of life for people in the Central Okanagan. We’ve prioritized outdoor space in parks, safer water systems, resources to bolster regional safety and Regional Emergency Management programs. The RDCO recognizes the uncertain economic times we’re all facing. This year’s budget is a fiscally responsible plan that rises less than inflation. At the same time, it keeps pace with growth in the region and maintains the services that residents value.”
An estimated $18.1-million in capital and infrastructure improvements are planned for 2023 including approximately:
Unlike municipalities, the Regional District does not collect taxes directly. It requisitions funds from each local government on behalf of their residents and the Province which collects rural property taxes in each electoral area.
The tax impacts for general RDCO services on the average home in each specific area are shown in the following table. Market value increases vary by area from 2022. The actual tax rate varies from neighbourhood to neighbourhood and by municipality, depending on the level of funding participation and local services provided by the Regional District.
|
Member |
2023 avg. |
Total tax per avg. house |
Net Incr / (Decr) on the home from 2022 |
|
Kelowna |
$ 951,000 |
$194.00 |
$20.00 |
|
Lake Country |
$1,029,000 |
$238.00 |
$17.00 |
|
Peachland |
$ 914,000 |
$215.00 |
$16.00 |
|
West Kelowna |
$1,012,000 |
$226.00 |
$21.00 |
|
C.O. East |
$ 912,000 |
$601.00 |
$20.00 |
|
C.O. West |
$ 566,000 |
$464.00 |
$45.00 |
Central Okanagan Regional Hospital District
The Central Okanagan Regional Hospital District (CORHD) Board also approved its Five-Year Financial Plan. Each year, ratepayers within the Hospital District contribute up to 40% of the funds for approved capital and equipment services. The 2023 budget includes $36.7-million in capital project funding requested by Interior Health Authority, an increase of $4.1-million from 2022. Among the new requests for Hospital District funding: endovascular treatment equipment and additional acute care beds at Kelowna General Hospital. It’s expected the Regional Hospital District Board will consider an amendment to the Financial Plan at a future meeting to approve $1.68-million in funding for the recently announced new Urgent and Primary Care Centre to serve the people of Rutland and surrounding communities.
Hospital Board Chair Loyal Wooldridge says, “Health care touches all people in the Central Okanagan. As the fastest growing region in the country, we must keep enhancing investments into health facilities as demand for services grow. By leveraging 40 cent dollars for investments, in partnership with Interior Health, our Regional Hospital District Board has prioritized funding for a wide range of health-related capital projects and much needed health equipment to build a healthier Central Okanagan.”
The continued rise in assessments across the region will offset the 5% increase in the Hospital District requisition this year. That means the average property owner in the Central Okanagan will contribute $19.09 for each $100,000 of assessed value toward funding of health projects in the region, a decrease of just over 9% from 2022. The average household cost could rise in the future to continue providing adequate reserves for future Interior Health funding requests.
Homeowner grants and tax deferral
Central Okanagan property owners may be eligible for the Provincial Homeowner Grant. Information will be available on your Property Tax Notice or 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: www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes
For more information on Regional District of Central Okanagan budgeting visit rdco.com/budgets.