2023 Financial Plan

The CRD, CRHD and Capital Region Housing Corporation (CRHC) financial plans combine to form a consolidated budget totaling $681 million. The proposed consolidated operating portion, $391 million, will pay for a range of regional, sub-regional, and local services to over 432,000 people. The proposed consolidated capital portion targets $290 million in projects which will generate an estimated 1,693 jobs in the region.

The provisional Financial Plan impact is unique for each municipality, electoral area and First Nation as each participates in a different set of services.

• Consolidated Budget Overview (PDF)

The operating portion of the provisional CRD Financial Plan pays for the expenses required to advance Board strategic priorities, including labour, supplies, programs, services and repayment of debt for major projects.

CRD Operating Overview (PDF)

Additionally, the following Board Directed Initiatives were approved during provisional review to be added into the final budget:

• One-time funding for government-to-government relationship building with First Nations
• A one-year funding renewal for the Aboriginal Coalition to End Homelessness
• Additional Building Inspection resources to address a backlog of building permit applications in electoral areas

The following Board Endorsed Initiatives are subject to service establishment approval; if successful they would be added to the final budget:

• regional geese management service
• transportation service for the Southern Gulf Islands (failed)
• local community commission for Salt Spring Island (passed)

The capital portion of the provisional CRD Financial Plan pays for new and enhanced infrastructure, including renewal and replacement of existing structures. This includes acquisition of buildings and facilities, as well as construction and upgrades to assets.

• CRD Capital Overview (PDF)
  
  

Each term, the Board sets the strategic priorities, policy and direction that guide the activities of the organization. Service planning provides information necessary to create a financial plan and to evaluate overall organizational requirements, new initiatives, proposed service levels and financial implications.

The CRD Board Priorities were developed at the start of the Board term in 2019 and formed the basis of the CRD’s 2019-2022 Corporate Plan. This plan includes fifteen community need summaries which describe services and initiatives that directly contribute to meeting the most pressing regional needs in the CRD. Community need summaries contain the initiatives, associated staffing, timing and service levels required to support each of the 15 community needs and organizational requirements for 2023.

• Initiatives & Budget Impacts (PDF)
  
  
  

Financial indicators provide insight on trends and measures of organizational and financial performance. They are complemented by asset management and policy development regarding debt management, reserve levels, risk management and facility lifecycles. They also enable better monitoring of expenditures and investments in light of continued service delivery demands.

• Financial Indicators (PDF)