2024 BUDGET PREPARATION
The Central Coast Regional District (CCRD) Board is in the process of developing its 2024-2028 Five-Year Financial Plan (2024 Budget). Each term, the Board sets the strategic priorities, policy, and direction that guide the activities of the organization. The proposed financial plan incorporates the delivery of work and execution of priorities and initiatives that are identified in the planning cycle and as part of the Strategic Plans for the CCRD.
This newsletter is intended to provide information on the budgeting process, background, and legislative requirements, key dates for budget preparation and engagement, and how to engage to have your thoughts heard.
What is the Five-Year Financial Plan?
Local governments must annually adopt, by bylaw, a five-year financial plan which includes capital and operating items. For Regional Districts, the financial plan must be adopted by March 31 [LGA s. 374]. The planning period for the financial plan must include the current fiscal year and the next four fiscal years (a five-year plan).
The Five-Year Financial Plan is the budget used by the CCRD to set their legal expenditure authority. It is created and approved annually to establish the budget for the following five years. Due to the small size of CCRD Administration, the current year (2023) and the following year (2024) are reviewed and assessed to establish the budget for the following year (2024). Despite it being legally labeled as a “Five-Year Financial Plan”, it does not guarantee the budget for the following five years – the budget must be created, approved, and submitted to the Province annually.
At a minimum, the plan must include:
- Proposed expenditures (operating, capital, interest, and principal debt payment), funding sources (for example, taxes, fees, grants, new borrowing, and debenture debt), and transfers to and from reserve funds and surplus.
- Objectives and policies for the fiscal year regarding the distribution of funding sources, the distribution of property taxes amongst various property classes, and the use of any permissive tax exemptions. The proposed funding sources include separate amounts for each: revenue from property values taxes, parcel taxes, fees, and other sources and proceeds from borrowing. Regional district financial plans are based on individual services and therefore proposed expenditures and funding sources noted above must be shown separately for each service.
A local government must not budget for a deficit (planned expenditures and transfers to funds cannot exceed planned revenues, transfers from funds, and other cash contributions). However, if actual expenditures and net transfers from the previous year exceed that year's revenues and contributions, the resulting deficiency must be carried forward to the current year's financial plan as an expenditure.
Unlike other forms of government, regional districts cannot move funds into general revenue or repurpose funds for use across services. Each service has its own proposed expenses and funding sources and cannot show a deficit in any year.
How the Regional District Develops a Financial Plan:
Developing the Financial Plan is a complex, 7-month-long process. It includes public consultation, extensive background briefings for the Board of Directors, and comprehensive discussion sessions that culminate in a proposed Five-Year Financial Plan for Board approval. The Board meetings where the budget will be discussed are below.
2024 Budget Board Meetings Dates:
October 12, 2023
November 9, 2023
November 23, 2023
January 25, 2024.
February 29, 2024.
March 28, 2024 (adoption).
All board meetings are held at 9:00 AM at the CCRD downtown office boardroom. All meetings are open to the public. The public can attend board meetings remotely via this link Join conversation (microsoft.com) or in person at the CCRD boardroom. All board meetings are recorded. Recordings are publicly available after the meeting.
How to Engage with the CCRD on the 2024-2028 Five-Year Financial Plan:
There will be a survey on budgeting and CCRD services from the end of August to September 23, 2023. This survey will be available online (Click Here to do the survey), paper copies will be available at the downtown CCRD office, or the survey can be administered over the phone (contact information below).
Public Input Period:
Residents may come to speak directly to the Board of Directors during Public Input Period at the above-listed board meeting dates. Participants will have two (2) minutes to speak. For more information, visit the CCRD website or contact Erin Nevison (firstname.lastname@example.org). For more information on the Public Input Period, please see CCRD Policy A-37 Delegation and Public Input Period on our website (or request a copy to be picked up).
Write a letter or email to your elected official or email the CCRD (email@example.com) and request the correspondence be added to the following board meeting for Board review.