Thursday January 4, 2024 | VICTORIA, BC
by Mary P Brooke | Island Social Trends
The Capital Regional District (CRD) hopes to further educate the public about their budget and financial processes, and in particular what lies ahead for 2024.
Generally speaking, a better informed electoral is happier with decisions made by a governing board.
As such, residents of Greater Victoria area invited to an online information session about the 2024 Provisional Financial Plan.
The Capital Regional District (CRD) Board reviewed and approved the provisional Financial Plan for 2024 at a special meeting on October 25, 2023 and announced on October 30, 2023 about seeking public input.
Budgets, decisions and services:
This session provides an opportunity to learn how the regional district develops budgets, makes decisions, and delivers services with consideration of community needs and impact on taxpayers.
The presentation will also include an overview of the 2024 taxes, rates, and consolidated budget figures, as well as key capital projects planned (including work on the Galloping Goose and Lochside Trail, Hartland Landfill, long-term care homes, the regional water supply, and affordable housing).
The consolidated budget is $724 million. The proposed consolidated operating portion, $430 million, will pay for a range of regional, sub-regional, and local services to over 440,000 people. The proposed consolidated capital portion allocates $294 million towards a range of projects.
Budget pressures:
CRD states that the overall budget faces numerous pressures, including factors like inflation, wage rates and interest rate changes which exert a direct and sometimes significant impact on financial plans.
Service level drivers are determined by community needs, Board priorities, and regulatory requirements.
Who decides:
Decisions are made by the 24-member board (comprised of elected representatives from the municipalities and electoral areas) with substantive work done by a range of other boards, commissions and committees.
The board chair is Colin Plant (a District of Saanich councillor) and the vice-chair is Metchosin Mayor Marie-Térèse Little.
The plan is subject to change prior to final approval by the Board in March 2024.
2024 Provisional Financial Plan Information Session:
Residents are encouraged to participate, ask questions, and be actively involved in the financial planning process.
- The two-hour session on Wednesday January 17 will be held from 5 pm to 7 pm via Zoom.
- Interested residents of Greater Victoria may register online.
- Questions can be submitted ahead of time.
Recording will be posted:
The information session will be recorded and published to the CRD’s engagement website where residents may also submit comments for the Board.
===== RELATED:
CRD year-end highlights: transportation, housing, governance, climate action (December 20, 2023)
CRD, CRHD & CRHC board chairs for 2023-2024 (November 8, 2023)