Amended Five Year Financial Plan

 

The Cowichan Valley Regional District, at the September 26 Board meeting, amended its 2018-2022 Five Year Financial Plan to include 2018 Budget adjustments approved by Committees and Commissions subsequent to the CVRD Board of Directors’ initial budget amendment adopted on March 28, 2018.

This amendment included funding of 2017 deficits and the carry forward of projects budgeted in 2017 but not completed by the end of the year and not included in the first budget amendment.  In addition to these amendments, the following significant items were included:

  1. General Government - $70,000 from operating reserves to fund new positions recommended following an independent review of the finance department and its operations.

  2. A Community Action Team grant of $100,000 for Our Cowichan to help address opiod use in the community.

  3. Community Parks – Purchase of property at Wake Lake using short term debt of $270,000.

  4. Regional Parks – an increase of $422,341 capital leasehold improvement expenses for the Rail with Trail project consisting of $103,594 in Federal Gas Tax grant funding, $29,716 in provincial conditional grants, $29,233 of general grant revenue, an increase in short term borrowing of $85,000, an increase in the use of prior year surplus of $165,000 and the use of donations totalling $9,798.

  5. South End Parks – Federal Gas Tax grant funding of $125,000 for upgrade and repairs to the Cowichan Bay Boat Launch.

  6. Enforcement and Inspection – the use of $126,500 of fee and permit revenue for the implementation of the soil deposit bylaw.

  7. Asset Management – the use of $208,000 in grant funding to advance the CVRD Asset Management Plan.

  8. Engineering – Utilities - $2,200,000 in Provincial grant funding to for sewer integration projects in Cobble Hill and Mill Bay.

  9. Carlton Water System – the use of $20,500 of Federal Gas Tax grant funding to perform system upgrades to the Carlton Water System.

  10. Shawnigan Beach Estates Sewer – the use of $13,500 of Federal Gas Tax grant funding to upgrade the Meadowview Lift Station.

  11. Mesachie Lake Sewer – the use of $304,000 of Federal Gas Tax grant funding to upgrade the Mesachie Lake Sewer system.

  12. Arbutus Mountain Sewer System – the use of connection fees totally $131,000 for capital works in Phase 3 of the development.

  13. Mesachie Lake Sewer – the use of $304,000 in Federal Gas Tax grant funding for a forcemain project.
     

 

Click on the link below to view components of the amended Five Year Plan. 

For further information please Email