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The city has approved a proposed operating budget for 2023 and is seeking public feedback on its Consolidated 5 Year Financial Plan (2023–27).
Photo by Hannah Scott
City approves budget, seeks feedback on proposed five-year plan
Published 10:54 PST, Wed December 14, 2022
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Richmond city council has approved a proposed operating budget for 2023 to support ongoing investment in replacing aging community infrastructure, address government cost obligations, and maintain the commitment to making Richmond the most appealing, livable, and well-managed community in Canada.
The proposed budget will see a 5.89 per cent property tax increase in the coming year. This increase is despite impacts such as the current Consumer Price Index (CPI) which is currently approximately seven per cent (forecasted 2022 CPI was 2.3 per cent) and increasing cost responsibilities arising from other levels of government.
This rate also includes a tax reduction of 0.65 per cent attributed to council’s approval to use the city’s rate stabilization account to offset some cost pressures.
Under this proposed budget, owners of an average residential property assessed at $1,183,000 (2022 valuation) will pay an additional $115 in municipal taxes (approximately 32 cents a day).
The proposed operating budget also includes funding to strengthen community social development including a poverty reduction planner, social equity coordinator, and recreation fee subsidy program planning and administration.
Each year, council approves three budgets to guide municipal spending:
• The operating budget funds the provision of general city services based on the level of service approved by council. The operating budget also includes one-time expenditures with no tax impact.
• The capital budget funds investment in new or replacement infrastructure and equipment.
• The utility budget supports provision of water, sewer, flood protection, and garbage and recycling services.
In accordance with the Community Charter, the city is undertaking a process of public consultation on the proposed Consolidated 5 Year Financial Plan (2023–2027) Bylaw No. 10429.
Property owners can visit letstalkrichmond.ca or the city’s website at richmond.ca/5YFP to review the proposed Consolidated 5 Year Financial Plan (2023‑2027) along with the 2023 operating, capital, and utility budgets.
Comments are due by 11:59 p.m. on Jan. 8, 2023 via the online feedback form, by email to finance@richmond.ca, or by written submission addressed to the Finance Department, City of Richmond, 6911 No. 3 Road, Richmond, B.C., V6Y 2C1.
For a printed copy of the proposed Consolidated 5 Year Financial Plan (2023–2027), people can call 604-276-4218, email finance@richmond.ca, or pick up a copy from the information counter at city hall.
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