The Regional District of North Okanagan (RDNO) is required by legislation to develop a financial plan each year that represents both the operating and capital expenditures for the next five years. The financial plan must be adopted annually, by bylaw, by March 31st. The 5-year financial plan provides a longer-term focus regarding the allocation of resources required to deliver programs and services needed by the region.
The Planning and Budgeting Process
The financial plan process and schedule consists of the following:
| Month | |
|---|---|
| September to January | Budget development, submission by departments to Finance and Administration and deliberations by Advisory Standing Committees |
| February | Consolidated Budget submission and deliberations by the Committee of the Whole |
| March | 5-Year Financial Plan Bylaw adopted by the Board of Directors |
The financial planning process includes recommendations and direction from various advisory standing committees, such as the Electoral Area Advisory Committee, the Greater Vernon Advisory Committee and the White Valley Parks Recreation & Culture Advisory Committee. The Board reviews these recommendations as part of their overall budget deliberations and approval.
About the Budgeting Process for Regional Districts
Unlike municipalities and senior levels of government, funds cannot be moved into general revenue or repurposed across different services. The RDNO has over 70 services. Each service must be accounted for and budgeted individually with its own dedicated revenue and associated expenditures.
The RDNO’s budget must be balanced and cannot include a deficit. Through the budget process the RDNO utilizes its reserves to actively manage and ensure the financial stability and sustainability of its operations and the timely renewal of its capital assets. Consistent with the RDNO’s asset management plans, during years of lower capital requirements, funds are placed in reserve, and during years of higher capital requirements, funds are utilized from reserve.