2023 - 2027 Financial Plan

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Consultation has concluded

It is quickly becoming that time of year when we anticipate the arrival of tax notices in our mailbox. You may receive an increase this year, depending on which electoral area you live in. We have created information sheets for your easy reference; the information is taken from the Financial Plan process that was shared earlier this year.

Each electoral area resident receiving a sizeable parcel tax and user fee increase can locate the WHY behind the increase through the links below. The FVRD Assets at Risk in your community require the increases to protect you as the property owner and support your community's overall livability.

Legislation outlines that an Electoral Area may borrow funding for the emergency repair or replacement of an Asset; however, within the next immediate year, the borrowed amount must be repaid in full. As you can imagine, these dollars can be substantial, especially when speaking to the replacement or emergency repairs to sewer and water systems.

The importance of saving money, or increasing funding into reserve accounts, is essential for the sustainability of a community and its services. When reserve accounts are low, borrowing money to cover the replacement or emergency repair of a service is required. Borrowing ultimately affects property owners due to the requirement to repay any borrowed amounts in the short timeline outlined in Legislation.

Read more about the electoral areas affected in 2023 by clicking the links below. Information shared earlier this year in the Financial Plan process is accessible by clicking on the links below, the links on the right-hand side of this page and under the headings FAQs and Financial Plan Documents.

It is quickly becoming that time of year when we anticipate the arrival of tax notices in our mailbox. You may receive an increase this year, depending on which electoral area you live in. We have created information sheets for your easy reference; the information is taken from the Financial Plan process that was shared earlier this year.

Each electoral area resident receiving a sizeable parcel tax and user fee increase can locate the WHY behind the increase through the links below. The FVRD Assets at Risk in your community require the increases to protect you as the property owner and support your community's overall livability.

Legislation outlines that an Electoral Area may borrow funding for the emergency repair or replacement of an Asset; however, within the next immediate year, the borrowed amount must be repaid in full. As you can imagine, these dollars can be substantial, especially when speaking to the replacement or emergency repairs to sewer and water systems.

The importance of saving money, or increasing funding into reserve accounts, is essential for the sustainability of a community and its services. When reserve accounts are low, borrowing money to cover the replacement or emergency repair of a service is required. Borrowing ultimately affects property owners due to the requirement to repay any borrowed amounts in the short timeline outlined in Legislation.

Read more about the electoral areas affected in 2023 by clicking the links below. Information shared earlier this year in the Financial Plan process is accessible by clicking on the links below, the links on the right-hand side of this page and under the headings FAQs and Financial Plan Documents.

Consultation has concluded

  • How do Regional District Finances Work?

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    FVRD's annual budget covers a lot of areas as we provide approximately 120 services to over 324,000 residents. Services are provided on a regional, sub-regional or local basis.

    • Regional Services are provided to all municipalities and electoral areas for instance parks & outdoor recreation, air quality, and solid waste management.
    • Sub-regional services involve two or more jurisdictions such as animal control services, Hope & Area Recreation Centre, and the invasive weeds program.
    • Local services are provided to electoral areas only including garbage and recycling facilities, fire protection services, planning & development services, and bylaw enforcement services.

    Each service we provide must have its own budget and money cannot be transferred between budgets. Check out our FAQs in the sidebar to learn more about Regional District finances and how taxes are calculated and collected.

  • What is the Financial Planning Process?

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    • August - November - In August, staff draft individual budgets, which are based on the strategic priorities identified by the FVRD Board. Draft budgets are due for review in October. Follow-ups are completed in November.
    • December - January - Staff present Electoral Area-specific budgets to EA Directors individually. Budgets are then revised based on feedback and presented to the Electoral Area Services Committee for review.
    • February - Budget presentation to Committee of the Whole; committee feedback and public consultation (We are here).
    • March - Financial Plans must be adopted by the FVRD Board by March 31 of each year, in accordance with Section 374 of the Local Government Act (RSBC 2015 c.1).

    Highlights

    Inflation has far-reaching effects on everyone and has created a climate of uncertainty as we recover from a global pandemic and unprecedented impacts from the 2021 Atmospheric River events. As a result, our financial plan was drafted with four key priorities: