Dear editor,
This is in response to the letter from Carol Berry (Courtenay resident at her limit with property taxes) in the Aug. 29, 2017 edition of the Comox Valley Record. We hear and understand Carol’s concerns and appreciate the opportunity to be able to respond to her inquiry.
Hopefully this message will help answer Carol’s questions as well as any other questions residents may have. Just like Carol, the regional district is concerned with the costs and understands that many residents are being stretched too thin.
Almost $74 million of the $115,425,051 accumulated surplus figure that Ms. Berry highlights represents the equity of the Comox Valley Regional District’s capital assets (total value of the assets minus the debt). This is much like the equity you have in your home; it is not available to you as cash unless you were to sell the property or take out another loan that is secured against your home. Approximately $25 million is dedicated to a new water treatment plant and approximately $17 million for sewerage projects. As well, reserves are also available for capital projects in other service areas.
The regional district provides 101 services to the residents of the Comox Valley. An important note is that provincial legislation does not allow regional districts to transfer funds from one service to another as can be done in a municipality. For example, reserves held for the solid waste service cannot be used by the water service. Reserves held by the recreation service cannot be used by the sewer service.
This strict financial transparency of funds ensures that money paid by the taxpayers of one service does not get transferred elsewhere and shows clear accountability of costs within a service area.
Regional district staff are currently working on a plan for our elected officials’ consideration to determine the level of grant funding expected for the water treatment plant and how the rest of the project will be funded. This plan will be shared with the community in the coming months. We are aware of the concerns that our tax payers are facing and are doing our due diligence to limit further cost burdens to residents.
For more information on the Comox Valley Regional District financial statements please visit http://bit.ly/2vvdvk4 or contact us at 250-334-6000.
Russell Dyson,
Chief administrative officer
CVRD