Comox Valley Regional District Board Adopts 2023-2027 Financial Plan

The Comox Valley Regional District (CVRD) board adopted its 2023-2027 financial plan last week, which includes a total budget for 2023 of $173.8 million; almost $92 million for operating and $82 million for capital projects.

The CVRD delivers 102 distinct, stand-alone services across the Comox Valley. This year’s approved financial plan results in an overall increase in property tax requisition revenues of 10.38% from 2022. An additional three million dollars to maintain existing CVRD services is part of the requisitions for 2023 with major drivers including:

-An additional one million dollars for recreational complex service to support aging infrastructure needs and give preliminary planning funding for future capital infrastructure.
-An additional $460,000 increase to support fire hall replacements and operational increases for Rural Fire and Search and Rescue Services.
-$450,000 to support a rise in operational costs and expansion of transit services.
-$200,000 in one-time support for affordable housing projects on both Denman and Hornby Island.
-$175,000 for increased cost allocations from the rural areas to support the Vancouver Island Regional Library District.
-$118,500 to support additional recreation grants in 2023 such as $75,000 for further capital works to the Courtenay & District Outdoor Memorial pool and $18,000 for the development of a Cricket pitch for the Comox Valley Cricket Club.
-$70,000 to support additional requests for capital funding to address homelessness.

The $81.9 million in capital funds for 2023 provides the necessary financing to continue progressing with multiple projects and supports essential asset management life cycling.  There are $205 million in planned capital projects across the five-year capital plan, with key projects including:

-$1.7 million in 2023 to construct the new fire rescue services building at Mount Washington. Additional fire hall replacements or upgrades are also planned within the five-year capital plan supporting multiple rural services including Denman Island ($2 million), Union Bay ($3.5 million) and Fanny Bay ($250,000);
-$45 million in 2023 for the Comox Valley Sewer Conveyance Project.  This is a critical multi-year construction project to replace the conveyance pipe and upgrade pump stations that move raw sewage to the Brent Road treatment plant. The overall estimated cost of this project is $101 million;
-$5 million in 2023 for the proposed extension of the Comox Valley Water system southward to parts of Courtenay, Royston, and other lands. The overall projected cost of this project is $21 million;
-$5.7 million to complete cell no. 2 of the engineered landfill at the Comox Valley Waste Management Centre in Cumberland; and
-$1.99 million to complete the Regional Organics Composting Facility located in Campbell River.
These projects are in addition to the regular services provided by the CVRD which include land use planning, fire protection, electoral areas parks and greenways, building inspection, drinking water treatment and supply, and operation of the waste management centres and recreation facilities.

For the full news release, visit Comox Valley Regional District.