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The Regional District of East Kootenay (RDEK) Board of Directors has adopted its 2022-2026 Financial Plan.
The 2022 operating budget totals $38,429,564, which results in an increase in taxation, on average, of 5%, which works out to $15 increase on an average $462,000 residential assessment. “Every year, our focus in the budget process is to ensure we have planned appropriately for the provision of services, while being equally mindful of the impact on taxation. It is a complex process, and I’m pleased with the balance we’ve achieved this year,” says RDEK Board Chair Rob Gay.
It is important to understand that there is a difference between the numbers in the budget and the effect those numbers will have on individual tax rates. Residents of the RDEK will be affected differently, depending on the municipality or electoral area in which they live.
“Unlike a municipality that has one boundary and one set of taxpayers, different areas of the RDEK require different services and these are paid for only by the taxpayers of each specific service area,” explains Gay. To help summarize some of the impacts, the RDEK has prepared a Snapshot, which includes the Financial Plan’s impacts on the Electoral Areas and municipalities along with capital budget highlights.
Tax calculations are expected to be complete by early-April when 2022 revised assessed values are available.
The total 2022 capital budget is just over $9 million and includes the Cold Spring Creek Upgrades in Fairmont, upgrades to the distribution system in Windermere, planning for construction of a new fire hall in Hosmer, establishment of an Elk Valley Household Hazardous Waste in Fernie, construction of three subregional Organics Composting Facilities, construction of the Invermere and Radium Hot Springs Solid Waste Transfer Stations, and South Country Aquifer / Elko Sinkholes Project (pending grant funding).
Some other highlights for 2022 include a full year of operations of the Invermere Transfer Station, implementation of the HR plan, operational increases in our Regional Parks service including the Markin MacPhail Westside Legacy Trail and elections costs for the upcoming general local elections in October.
The 5-Year Plan for 2022-2026 was formally adopted by the RDEK Board Friday at its March Board meeting. Copies of the full plan along with a summary of the highlights are available online engage.rdek.bc.ca/budget or by request through the RDEK’s Columbia Valley and Cranbrook offices.