Finance

What We Do 

The financial affairs of the CSRD are handled by the Finance Department, which is under the direction of the Manager, Financial Services, who exercises statutory responsibilities as Chief Financial Officer to the Board of Directors.  In this role, the Finance Department provides financial reporting and controls, upholds the fiduciary responsibility to manage the assets of the Regional District and provides guidance for the overall financial stability of the Regional District.  The Finance Department is in charge of budgeting, accounts payable, payroll, accounts receivable and financial reporting, contracts and financial statements, development and maintenance of financial systems, investing and safeguarding financial assets, and insurance and risk management.

The operating budget of the CSRD is funded by four main sources: taxation; user fees / sale of services; government grants; and reserve or surplus funds.

Taxation for Regional District residents is slightly different than for municipalities. In accordance with the Local Government Act, the law that governs the activities of local governments, Regional Districts do not have the authority to collect taxes directly from residents or businesses. Instead, taxes for Regional District purposes are collected by the Province and by the member municipalities. For more information regarding Property Taxes go to the Ministry of Finance website

In addition to taxation, water consumption and operation is funded through utility billings.

Tax revenues are used to fund a wide range of regional services of benefit to everyone within the boundaries of the region, such as recycling, 911 telephone service, and general government. Tax revenues are also used to provide local services such as fire protection, emergency preparedness, streetlights, regional airports, planning, parks and recreation to residents and businesses within the electoral areas of the Regional District. The Regional District also coordinates funding for the Regional Hospital District to fund capital projects.  The 5-year financial plans are adopted by the Board by March 31st of each year.

 

 

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