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Richmond residents are invited to help shape potential improvements to parking in the Steveston area.

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Richmond approves proposed 2026 operating and capital budgets

Published 1:30 PST, Fri December 12, 2025

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Richmond, BC – Richmond City Council has approved the proposed 2026 operating and capital budgets to support infrastructure, community services and safety.

The proposed operating budget will result in a 3.04 per cent tax increase. This is equivalent to approximately $71 per year (approximately 19 cents a day) for the average residential property with an assessed value of $1,319,103 (2025 average).

The proposed operating budget includes several items, such as hiring four Richmond RCMP officers, funding for housing initiatives, a one per percent increase in funding community infrastructure investment based on Council’s long-term financial management strategy, and final funding amounts required to operate the expanded Steveston Community Centre and Library.

The budget also addresses increases in costs from senior levels of government. These increases are partially offset by increasing revenue estimates, reducing expense budgets for temporary job vacancies within the City, and reducing the annual contribution to the Richmond Olympic Oval. The Rate Stabilization Account will be used to offset $1.8 million in operating costs, reducing the tax impact by 0.55 per cent.

The proposed $245.7 million capital budget will fund 89 projects. This includes $74.0 million of additional funding for the first phase of the City Works Yard replacement—a multi-year project; $33.6 million for flood protection programs such as dike improvements, drainage upgrades, canal stabilization, and utility upgrades; and $50.0 million for strategic land purchases. Other allocations include funding for parks, information technology, and a fire vehicle and equipment.

The proposed capital and operating budget reports, along with the YouTube recording of the December 8, 2025 Council Meeting, are available at citycouncil.richmond.ca

Proposed 5 Year Financial Plan

Each year, the City develops a 5 Year Financial Plan as required under the Community Charter. As part of this process, Council reviews and approves three annual budgets, which together form the foundation of the 5 year plan.

· The operating budget funds general City services based on the service level approved by Council. This budget also includes one-time expenditures with no tax impact.

· The capital budget funds the investment in and maintenance of City infrastructure, facilities and other capital assets to serve Richmond residents and businesses.

· The utility budget funds water, sewer, flood protection, garbage and recycling services.

Together, these 2026 budgets were presented to Council as the proposed Consolidated 5 Year Financial Plan (2026-2030) Bylaw No. 10727 at the December 8, 2025 Council meeting.

Now that the Consolidated 5 Year Financial Plan (2026-2030) Bylaw 10727 has been introduced and given, first, second and third readings, the City will undertake public consultation in early January 2026 through LetsTalkRichmond.ca. After feedback has been received, reviewed and provided to Council, the 5 Year Financial Plan bylaw will go back to Council for adoption.