The Regional District of Okanagan-Similkameen will hold an electronic public meeting about its upcoming five-year financial plan bylaw.
At the regional district’s board meeting on Jan. 5, the board gave first reading to a bylaw to adopt the 2023 to 2027 Five-Year Financial Plan.
The draft plan had earlier been reviewed by the board during corporate services committee meetings in November and December.
For 2023, the regional district’s total draft budget is $73.81 million, down from $76.78 million in 2022.
In a report to the regional district, Jim Zaffino, manager of finance, said the draft budget is subject to change as the budget goes through second and third readings.
The 2023 operational budget is $46.3 million, municipal debt repayment is $7.31 million and capital projects account for $20.2 million.
The operational budget and municipal debt repayment amounts are both higher than 2022, but the amount for capital projects is lower.
Of the $46.3 million operational budget for 2023, 9.42 per cent, or $4,363,295, is transferred to the capital or operational budget.
The regional district includes the communities of Penticton, Summerland, Princeton, Oliver, Osoyoos and Keremeos, the Penticton Indian Band and nine electoral areas.
The taxation for this draft budget is $23,964,753. This is an increase of $1,833,965 or 8.29 per cent over the 2022 tax requisition.
The six communities will contribute $6,923,271 to the budget. This is an increase of 7.62 per cent over 2022. The nine electoral areas will contribute $16,998,305, or 8.58 per cent more than in 2022. The Penticton Indian Band will contribute $43,177, or 6.88 per cent more than in 2022.
Zaffino said taxes are expected to increase at the regional district level, but the amount of the increase will vary depending on where one lives.
The highest increase is for residents of Electoral Area E, where the taxes on a property assessed at $600,000 are forecast to rise by $114.34. The lowest increase is for Penticton Indian Band residents, where a property with a value of $600,000 would pay an additional $3.49 in taxes.
The electronic public information meeting will be held Thursday, Jan. 12 from 6 to 7 p.m. on the regional district’s YouTube channel at youtube.com/c/RegionalDistrictOkanaganSimilkameenRDOS.
Those who wish to participate may join the meeting by visiting rdos.webex.com. The webinar password is RD@S (7317 from phones.) To join the audio conference only via telephone, call toll-free 1-833-311-4101.
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