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Our City Richmond

By Florence Gordon

Published 11:41 PST, Fri January 17, 2025

Last Updated: 11:42 PST, Fri January 17, 2025

Good to Know

Consolidated 5 Year Financial Plan 2025 - 2029

Section 165 of the Community Charter requires that council adopt a 5 Year Financial Plan Bylaw each year prior to the adoption of the annual Property Tax Bylaw. The purpose of the 5 Year Financial Plan is to provide a budgetary framework for the city to plan the management of its resources, revenues and expenditures in order to best serve the community.

The Consolidated 5 Year Financial Plan combines the Operating Budget, Capital Budget, Utility Budget and One-Time Expenditures for 2025. The plan is based on the city’s current year budgets along with estimates developed from economic forecasts and other expected impacts on revenues and spending for the following four years. Each year, the rolling plan is reviewed and updated.

It provides a 5 year summary of revenue and expenditures, planned capital projects, and projected tax increases.

It presents a balanced budget for all 5 years of the plan, as required under the Community Charter.

Section 165 of the Community Charter requires that council adopt a 5 Year Financial Plan Bylaw each year prior to the adoption of the annual Property Tax Bylaw. Purpose of the 5 Year Financial Plan is to provide a budgetary framework for the city to plan the management of its resources, revenues and expenditures in order to best serve the community.

It provides a 5 year summary of revenue and expenditures, planned capital projects, and projected tax increases.

It presents a balanced budget for all 5 years of the plan, as required under the Community Charter.

Planning our financial future to 2029

The city wants to hear from you about the city’s proposed Consolidated 5 Year Financial Plan to the year 2029. Please read the information and complete the comment form by 11:59 p.m. on Sunday, Jan. 19, 2025.

More information

The proposed Consolidated 5 Year Financial Plan (2025-2029) is also available via:

City’s website at richmond.ca/5YFP

Email request to finance@richmond.ca

Background

Each year, Council approves three budgets to guide municipal spending.

1. The Operating Budget funds the provision of general city services based on the level of service as approved by council, and also includes one-time expenditures with no tax impact.

2. The Capital Budget funds investment in new or replacement infrastructure and equipment.

3. The Utility Budget supports provision of water, sewer, flood protection, garbage and recycling services.

Once Council approves each of its annual three budgets, the city develops a proposed Consolidated 5 Year Financial Plan to:

Meet obligations under the Community Charter, which governs local governments in BC, and requires the city to adopt a 5 Year Financial Plan.

Provide a budget road map for the city to manage its resources, revenues and spending to best serve the community.

Establish that the city has the ability to meet the needs of the community and maintain civic service levels for the coming five years, while meeting its legal requirement to deliver balanced annual operating budgets.

Timeline

Bylaw reading – Timeline Item 1 Complete

The proposed Consolidated 5 Year Financial Plan Bylaw No. 10622 received first, second and third readings at the Dec. 9, 2024 Council Meeting

Public comment period open – Timeline Item 2 Active

Timeline item 2 – active

Public comment period open until Sunday, Jan. 19, 2025

Timeline item 3 – Final Report to Council

The proposed Consolidated 5 Year Financial Plan (2025-2029) Bylaw No. 10622 is expected to be on the Jan. 27, 2025 Council Meeting agenda for consideration of final reading and adoption.