The Comox Valley Regional District Board has officially adopted their five-year financial plan.
The board adopted the plan last Tuesday, which will see taxes go up by 7.2 percent this year, with single family residential homes seeing cost increases ranging from $39 to $133 throughout the Valley.
Courtenay sees costs go up to $566.59 this year, with $616.41 for Comox, $588.71 for Cumberland, $1,313.99 for Baynes Sound, $1,925.19 for Denman Island, $2,093.31 for Hornby Island, $1,475.32 for Electoral Area B, and $1,259.18 for Electoral Area C.
The plan sees $111.6 million for this year’s operating budget and $102.8 million for this year’s capital budget.
District Chief Financial Officer Lucy Wiwcharuk says the planning process focused on keeping current service levels for the long term while minimizing impact to residents.
“The budget was reviewed carefully and, where financially sound, 2024 surplus and reserve funds were used to help reduce tax increases,” said Wiwcharuk.
“In an economic climate of high inflation and potential tariffs, every effort was given to keeping service delivery costs down and impacts to households reasonable.”
They say the budget includes many initiatives like creating new fire halls, increasing investment to Search and Rescue, expanding park projects, a new artificial turf field, finishing the Sewer Conveyance upgrade, upgrading the Sewage Treatment Plant, and investing in the development of affordable housing units.
