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CVRD adopts five-year financial plan

The Comox Valley Regional District board has adopted a new financial plan for the next five years.

The district says on Tuesday, they adopted the 2024-2028 financial plan. It will have $108.6 million for its operating budget and $84 million for the capital budget.

As part of this new plan, funds must be raised to ensure that both individual service operating budgets and capital projects are balanced.

Chief financial officer Lucy Wiwcharuk says the planning process focused on maintaining current service levels.

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“In an economic climate of high inflation, every effort was given to keeping service delivery costs low and impact to households reasonable,” says Wiwcharuk.

“The approved budget includes $46,602,020 in tax requisitions. This figure has a net decrease of $96,482 from the proposed budget.”

For the average homeowner, there’s a tax increase of about $46.04 per year for Courtenay households, $65.65 for Comox, $23.21 for Cumberland, $101.64 for Baynes Sound,  $79.83 for Hornby, $135.02 for Area B, and $96.29 for Area C. Denman will see a decrease of $47.38.

Services such as sewage treatment, recreation, transportation, and regional sustainability will also see increases this year, according to the district.

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For the capital budget, projects such as planned fire halls in Denman Island, Union Bay, and Mount Washington will see increases throughout these five years.

For where to find more information, click here.

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