Kamloops, BC – March 21, 2024 – The Thompson-Nicola Regional District (TNRD) Board of Directors adopted the 2024-2028 Financial Plan during today’s Regular Board Meeting.
This approval sets the tax rates for the 2024 Budget, which includes 124 services provided by the TNRD and a total tax requisition of $27.2 million, split between 10 Electoral Areas and 11 Member Municipalities based on services that specific areas receive. The tax requisition has increased from $25.1 million in 2023.
“Our staff departments have made a concerted effort to reduce expenses and other costs where possible while maintaining consistent service levels. This work has been important given the state of the economy and continued inflationary pressures, which have increased costs of service delivery,” said Scott Hildebrand, TNRD Chief Administrative Officer.
Several specific changes have contributed to the 2024 tax requisition increase, including a new five-year Solid Waste and Recycling contract, an increase in the annual Grant-in-Aid program budget, temporary resources in 2024 for the Finance and Facilities departments, a new staff position to support Cybersecurity needs, a remuneration increase for firefighters at the nine TNRD fire departments, and wage increases for BCGEU employees and the Board of Directors.
Due to new growth in the TNRD, there is a larger property base that the tax requisition is spread across compared to 2023. This means that while the tax requisition increase is 8.3% in 2024, many property owners will see a lower-percentage increase or a decrease in taxes owing this year, depending on assessed value of their property.
In total, TNRD Capital and Operating Budgets are $85.9 million. The 2024 General Operating Budget is $62.74 million, and revenue sources include taxation, municipal debt funding, and smaller amounts from grant funding, surpluses, and reserve funds. The Utility Service Operating Budget is $2.43 million, and utility revenues apply to TNRD Water and Sewer Systems.
The 2024 Capital Budget and Utilities Capital Budget are combined at $20.78 million. The 2024 Capital Plan was approved by the Board on December 14, 2023, to enable the TNRD to tender capital projects as soon as possible, and Capital Plan budgets have been updated to include funds not spent in 2023. For a list of large capital projects in the 2024 Capital Budgets, click here.
As required in the Local Government Act, all regional districts in B.C. must adopt a five-year financial plan annually before March 31 of each year. It’s important to note that in regional districts, properties only pay for specific services that they receive, which vary from region-wide, sub-regional, or local services, and funds cannot be moved between services.
For more information on this year’s budget, visit: tnrd.ca/budget2024.
Attachments:
- Tax Rates by Service: Infographics (by Electoral Area and Member Municipality)
- 2024-2028 Five-Year Financial Plan
- 2024 Capital Plan
- News Release: January 4, 2024: “TNRD Board Approves 2024 Capital Plan”
- News Release: March 7, 2024: “User Fee Increases Support Long-Term Viability of TNRD Utility Systems”
Media Contact:
Colton Davies, Communications Manager
Thompson-Nicola Regional District
Tel.: 250 377-6299
Email: cdavies@tnrd.ca