Budgets are in place at the Capital Regional District (CRD) that impact communities across the region.
The Capital Regional District and the Capital Regional Hospital District (CRHD) boards approved the 2025 financial plans on March 12 and the Capital Region Housing Corporation (CRHC) 2025 financial plan was approved Dec. 11, 2024.
The CRD is required by legislation to develop a financial plan each year that represents operating and capital expenditures for the next five years. These plans provide a longer-term focus regarding the resources required to deliver programs and services needed by the community, and to accomplish board priorities.
The impact of the financial plans are unique for each municipality, electoral area and First Nation as each participates in a different set of services, reflecting the region's diversity and varied needs. The consolidated requisition, which includes the municipal debt the CRD borrows on behalf of the municipalities, is rising by 5.6 per cent. The average per-household impact for the CRD will be an increase of approximately 3.3 per cent or $23.
“The 2025 financial plans reflect our commitment to responsible fiscal management and strategic investment in our community. These plans will enable us to continue delivering essential services, support sustainable growth, and enhance the quality of life for residents in the Capital Region,” CRD board chair Cliff McNeil-Smith said in a news release. “We appreciate the collaborative efforts of our staff, partners, and community members in shaping a budget that addresses our current needs and future aspirations.”
The three financial plans combine to form a consolidated budget totalling $891 million. Of this, the proposed consolidated operating portion, $477 million, will pay for a range of regional, sub-regional, and local services to more than 460,000 people. The proposed consolidated capital portion allocates $414 million of investment towards a range of projects.
The overall budget is subject to various pressures, including inflation, wage rates, and rising debt servicing costs associated with infrastructure investments. These factors can have a direct and often significant impact on financial plans. Service-level drivers are influenced by community needs, board priorities and regulatory requirements.
The capital portion of the financial plan pays for new and enhanced infrastructure, including renewal and replacement of existing structures.
Planned work includes upgrades to sections of the Galloping Goose and Lochside regional trails; work on the Hartland Renewable Natural Gas Initiative; a long-term care home in Colwood, in partnership with Island Health and the province, offering 306 new care home beds to the region (construction expected to begin in 2025 and completed in 2027); and investment in affordable housing with the CRHC.
Visit www.crd.ca/budget for more details.
