The Regional District of East Kootenay has kicked off the public engagement phase of its draft 2024-2028 Financial Plan.
“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 RDEK board of directors met last week to discuss the budget and go through any changed that were needed.
“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.
RDEK officials said the financial plan details how the regional government intends to spend tax dollars on its services and projects.
“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,” said RDEK officials. “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.”
The RDEK’s tax system works a bit differently than a municipal government.
“In the RDEK model, municipalities and electoral areas are all affected differently depending on which RDEK services they receive and RDEK taxes are captured only the RDEK line items on tax notices, not the overall tax bill,” said RDEK staff.
Copies of the plan can be found below or by request at the RDEK’s Cranbrook and Columbia Valley offices.
“The public comment period is open until Noon on Monday, March 4, 2024,” said the RDEK. “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.”
More: RDEK Five-Year Financial Plan (2024-2028)