The Regional District of East Kootenay (RDEK) Board of Directors has completed its first review of the draft five-year financial plan, which is now open for public review and comment.
“A couple of years ago, we designated a separate day to review the draft financial plan. This has been a highly effective decision-making tool for our Board as we are able to solely focus on the draft plan separate and apart from the other important business associated with the regular monthly meeting,” says RDEK Board Chair Rob Gay. “I want to acknowledge the work of staff and all those who’ve contributed to pulling this draft plan together. The preparations and review started back in September and have included extensive work and review.”
The Board provided feedback throughout the special budget meeting and the Board meeting on Friday. These requested changes have been incorporated and the draft plan is now available for the public’s review and comment. “Ensuring taxpayers have an opportunity to review the financial plan, feel informed about the projects, services and potential impact on property taxes is a critical piece of the financial plan process. For the next few weeks, the draft plan will be available and we encourage residents to take the time to review it and to provide their comments and feedback,” adds Gay.
The Financial Plan lays out how tax dollars are being spent on the more than 100 services offered in the RDEK. The Plan includes $19,232,798 in capital projects for 2024 for projects such as the Fairmont Flood & Debris Flow Mitigation – Cold Spring Creek Upgrade, the East Side Water Service Fill Mains/Controls Upgrade Project, Wycliffe Park Campground (pending grant funding), and Radium Hot Springs Transfer Station and more.
The draft 2024 operating budget for shared services is $43,026,331 and proposes an increase of $20 on the average residential property valued at $567,000 over last year. In the RDEK model, municipalities and electoral areas are all affected differently depending which RDEK services they receive and RDEK taxes are captured only the RDEK line items on tax notices, not the overall tax bill.
Copies of the plan and comment forms are available on engage.rdek.bc.ca/budget and by request through the RDEK’s Cranbrook and Columbia Valley offices. The RDEK will be posting a budget “snapshot” this week that provides a condensed overview and some of the highlights for 2024. The public comment period is open until Noon on Monday, March 4, 2024.
The 5-Year Financial Plan will be reviewed by the RDEK Board at the Committee Meetings on March 7 and is expected to be adopted at the March 8 Board Meeting.
