Five-Year Plan Approved

The Regional Board has adopted the Five-Year Financial Plan for 2005 – 2009.

Revenue and spending during 2005 totals more than $40.1 million, up from the $37.2 million approved for 2004. Chair Robert Hobson says, “This reflects the growth that is continuing within the Central Okanagan and the growing demand for services from the Regional District. The increase in property assessments will result in lower tax rate increases for ratepayers in the City as well as in Lake Country and Peachland. Rates are going up in the Electoral Areas in order to meet previously committed projects, and demand for programs and services.”

Assuming a 25% increase in assessments from 2004 to 2005, for every $100,000 of assessed value, the adopted 2005 Financial Plan will have the following tax increase for common services (such as 911, Dog Control, Regional Parks, Regional Rescue, Economic Development Commission, Sterile Insect Release program):
City of Kelowna $1.35 District of Peachland $1.19 District of Lake Country $1.45 Westside North $10.73 Westside South $22.85 Ellison/Joe Rich $6.32.

The actual tax rate will vary from neighbourhood to neighbourhood, depending on the local services provided by the Regional District. The Financial Plan also outlines proposed revenues and spending for the following four years: In 2006-$40.9 million, in 2007-$41.4 million, in 2008-$41.7 million and in 2009-$42.2 million.

The Regional Board also adopted the Five-Year Financial Plan for the Central Okanagan Regional Hospital District. It outlines revenue and spending of $8.2 million during 2005 for health services and equipment throughout the region including the new Adolescent Psychiatric Facility at Kelowna General Hospital and a new CT Scanner. Hobson says, “With the increase in assessments throughout the Central Okanagan, the Regional Hospital District has been able to reduce the residential tax rate and still meet its financial commitments for health care. The owner of a home assessed at $275,000 will pay $84.70 towards health service improvements. That’s $1.29 a month more than last year. Overall, ratepayers throughout the Central Okanagan are contributing over $6.6 million this year towards approved projects in the area with Interior Health.”

The Regional Board has asked its Governance and Services Committee to invite the BC Assessment Authority to a future meeting to discuss the impact of increasing assessments on property owners. The Board is aware that some property owners may qualify for assistance through the BC Property Tax Deferment Program. Information about this program and who qualifies is available on the BC Government website: http://www.rev.gov.bc.ca/rpt/property_tax_deferment.htm