The Regional District of Central Okanagan (RDCO) has approved its 2013 budget.
At a special meeting Thursday morning, the RDCO board adopted a $58.7M budget for 2013, an increase of just a half-million dollars over the previous year.
Regional Board chair, Robert Hobson says the budget calls for a modest increase for the regional district portion of requisitions for taxpayers in most areas of the Central Okanagan.
The RDCO provides more than 80 different services across the entire Central Okanagan including economic development, regional parks, dog control and 911.
Hobson says the services provided account for a small share of the total tax bill collected by member municipalities.
The RDCO portion of taxes on a home with an average assessment of $480,000 ranges from $149 in Kelowna to $169 in Peachland.
The tax impact for the average homeowner in the Central Okanagan is:
The large decrease for residents of Peachland comes as that municipality takes on responsibility for providing its own transit service agreement - a task previously administered by the RDCO.
The increase for taxpayers in Central Okanagan East is due to a shift in assessment values between the two electoral areas (Central Okanagan West).
The rate of decrease due to market value change in assessed values is greater for Central Okanagan West than Central Okanagan East.
"With this year's budget of just over $58.7M, the Regional District is also setting aside funds for future infrastructure by transferring more than seven per cent of our budget for reserves and capital projects," says Hobson.
Of the total budget, 44.08% is for operating expenses, 44.04% for deb and 7.88% is for transfers to capital and reserves.
The Financial Plan also adopted by the Regional Board Thursday calls for budgets in the $56M range for each of the next four years, $2M less than in 2013.