CRD and CRHD 2024 financial plans approved

Mar 14, 2024

Victoria, BC– The Capital Regional District (CRD) and the Capital Regional Hospital District (CRHD) Boards approved the 2024 financial plans at the Board meeting on March 13, 2024. The 2024 Capital Regional Housing Corporation (CRHC) Financial Plan was approved by the CRHC Board on December 13, 2023.

“After careful Board consideration and debate, I believe we have come up with a balanced approach for our region allowing us to advance important board priorities while also managing impacts to residents,” said CRD Board Chair Colin Plant. “I want to extend my sincere gratitude to all those who actively participated in the budget process. Your feedback and engagement have been invaluable in shaping these financial plans which represent our commitment to delivering essential services to residents across the region.”

The CRD, CRHD and CRHC financial plans combine to form a consolidated budget totaling $777 million. Of this, the proposed consolidated operating portion, $431 million, will pay for a range of regional, sub-regional, and local services to over 454,000 people. The proposed consolidated capital portion allocates $346 million of investment towards a range of projects. An overview is available in the 2024 Consolidated Budget Overview.

In October 2023, the provisional budget was approved and presented to the public for feedback. Since that time the budget has been refined to include:

  • A one-time funding increase for the Alliance to End Homelessness for the continued support of operations through 2024
  • A three-year renewal fund for the Aboriginal Coalition to End Homelessness
  • Adjustments for the acquisition of Royal Oak Golf course
  • Funding for Climate Action community and engagement programming
  • Amendments from the Electoral Areas Committee (these amendments only apply to the Electoral Areas), including:
    • To reduce the requisition for 2024 in the Nuisances & Unsightly Premises Service by $5,000, funding instead from operating reserve
    • To reduce the requisition for 2024 Elections Service by $25,000
  • Rural fire protection resourcing costs for Pender Island, Otter Point and Galiano Island

The consolidated requisition, which includes the municipal debt that the CRD borrows on behalf of the municipalities, is rising by 5.8%. However, due to our region’s growth, the average per-household increase across the region stands at 3.8%.

The impact of the financial plans is unique for each municipality, electoral area and First Nation as each participates in a different set of services, reflecting the region's diversity and varied needs.

Various pressures influence the total budget. Drivers such as inflation and interest rate changes have a direct, and sometimes significant impact on the overall budget. Service level drivers are a product of community needs, Board priorities, and regulatory requirements.

The Board reviews and approves Service and Financial Planning Guidelines each year that shape how the CRD manages resources required while reducing the impact on the upcoming budget. This work includes changing the timing of initiatives to reduce overall impact on budget, evaluating how to deliver services more cost-effectively, mitigating impacts on taxes by finding areas where reserve funding can be used responsibly, and reviewing reserve funds every year.

The capital portion of the financial plan pays for new and enhanced infrastructure, including renewal and replacement of existing structures. Highlights of key capital projects and investments include:

  • Sections of the Galloping Goose and Lochside regional trails will be upgraded as part of the Regional Trestle Renewal, Trails Widening and Lighting Project. These improvements will be done in phases and will span 5.3km of the Galloping Goose Regional Trail between the Selkirk Trestle and Grange Road (adjacent to McKenzie Avenue) and 1.3km of the Lochside Regional Trail between the Switch Bridge and McKenzie Avenue/Borden Street.
  • The Hartland Renewable Natural Gas Initiative will upgrade the biogas generated at Hartland Landfill to renewable natural gas for sale to Fortis BC. This project is expected to reduce the capital region’s greenhouse gas (GHG) emissions by approximately 450,000 tonnes of carbon dioxide over the next 25 years, the equivalent of removing 3,900 cars from the road or heating 3,000 homes with a heat pump instead of oil.
  • A partnership between the CRD, Island Health and the Province that will see a new long-term care home built in the region in the City of Colwood. It will bring 306 new care home beds to the region, with construction expected to begin in 2025 and complete in 2027. The care home will include a hospice unit and a specialized unit for younger adults who require long-term care.
  • Replacement of the regional water supply Ultraviolet (UV) system will continue in 2024. The existing UV disinfection infrastructure is reaching end-of–life status and requires replacement with modern, integrated and efficient equipment that meets Island Health and CRD requirements. 
  • The CRD continues to invest in affordable housing with the Capital Regional Housing Corporation (CRHC) and utilizing such programs as the Regional Housing First Program (RHFP), a partnership with the Provincial Government through BC Housing and the Federal Government through the Canada Mortgage and Housing Corporation. Continued planning and progress will take place in 2024 on the corporation’s intention to: replace 12 townhouses with 119 new units at the CRHC’s Campus View property in Saanich; replace 38 units at its Village on the Green Property with 140 new units; add 205 units at its new Pandora Avenue property in collaboration with the City of Victoria; and undergo a full building envelope remediation at its 22-unit townhouse complex Carey Lane in Saanich.

For more details, please visit


The CRD delivers regional, sub-regional and local services to 13 municipalities and three electoral areas on southern Vancouver Island and the Gulf Islands. Governed by a 24-member Board of Directors, the CRD works collaboratively with First Nations and government partners to enable sustainable growth, foster community well-being, and develop cost-effective infrastructure while continuing to provide core services to residents throughout the region. Visit us online at

For media inquiries, please contact:
Andy Orr, Senior Manager
CRD Corporate Communications
Tel: 250.360.3229
Cell: 250.216.5492



Budget Process

The CRD is required by legislation to develop a financial plan each year that represents operating and capital expenditures for the next five years. These plans provide a longer-term focus regarding the resources required to deliver programs and services needed by the community, and to accomplish Board priorities.

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 were identified in the Corporate Plan in the first year of the planning cycle, aligning with the strategic priorities of the CRD. The planning cycle is designed to ensure alignment and implementation of strategic objectives during the election term.

The CRD Board’s five priority areas were developed at the start of the Board term and formed the basis of the CRD’s 2023-2026 Corporate Plan. This plan includes 16 community needs which describe services and initiatives that directly contribute to meeting the most pressing regional needs in the CRD. Each community need summary presented to the CRD Board contains the initiatives, associated staffing, timing and service levels required to advance the CRD’s work.

The Financial Plan has been developed based on resources required for the delivery of core services, the impact of new initiatives, proposed capital programs, current economic conditions and other cost pressures such as inflation and contractual agreements. The 2024 Provisional Financial Plan includes operating and capital budgets in addition to changes in reserve funds.

The operating portion of the provisional CRD Financial Plan pays for the expenses required to advance Board strategic priorities, including labour, supplies, programs, services and repayment of debt for major projects. For 2024, the operating portion includes revenues and expenditures of $368 million, an increase of $31 million compared to the 2023 CRD Financial Plan.

For 2024, revenue from the sale of services comprises nearly half (47%) of the CRD’s operating revenue, while requisitions make up approximately 24%. The balance is funded from a variety of other revenue sources including grants.

The capital portion of the provisional CRD Financial Plan pays for new and enhanced infrastructure, including renewal and replacement of existing structures. This includes the acquisition of buildings and facilities, as well as construction and upgrades to assets. The 2024 capital portion includes revenues and expenditures of $261 million, an increase of $43 million compared to the 2023 CRD Financial Plan. 

Through Board direction, the Electoral Area Committee reviews and recommends all electoral area-only service budgets, including the review of Local Service Commission budgets. This process includes a significant amount of work undertaken by many commissioners who volunteer their services in the Southern Gulf Islands, Salt Spring Island and Juan de Fuca Electoral Areas.