The Capital Regional District (CRD) is required by legislation to develop a financial plan each year that outlines operating and capital expenditures for the next five years. The Corporate Plan guides our work, and we develop five-year financial plans annually to make the best use of our resources and meet the needs of our community. 

Service & Financial Planning

The Board reviews and approves Service and Financial Planning Guidelines each year that shape how we manage resources required while reducing the impact on the upcoming budget. This work includes:

  • Changing the timing of initiatives to reduce overall impact on budget. An example of this work for 2024 includes deferring the creation and hiring of 11 full-time staff positions.
  • Evaluating how to deliver services more cost-effectively.
  • Mitigating impacts on taxes by finding areas where reserve funding can be used responsibly.
  • Reviewing reserve funds every year.

Our service planning process begins in May each year, focused on:

  • Defining service levels and targets based on community needs.
  • Finding cost-effective and practical ways to deliver initiatives outlined in the corporate plan.
  • Balancing the work to be done with the capacity of the organization.

Budget packages are then prepared and shared with committees and commissions for review along with community need summaries. This review starts in September and includes recommendations and direction from over 60 commissions and advisory committees.

Provisional Approval

Provisional financial plans are prepared based on outcomes of the service planning process and presented to the CRD and CRHD Boards for approval in October.

Once approved, the provisional financial plans are shared online for the public to review and share feedback. Provisional financial plans and their requisition impacts are also shared with municipalities. The impact is unique for each municipality, electoral area and First Nation because they all use different services.

Final Review & Approval

Year-end adjustments are made then financial plans are presented to the CRD and CRHD Boards for review and approval in March. Public comments received are shared with Board members as part of this review process.

Reporting

The CRD Annual Report highlights the accomplishments and overall performance of the CRD in delivering services and making progress on priorities set by the Board of Directors. We also create yearly audited financial statements, as required by law, and share them at a public Board meeting.