Planning our financial future to 2018

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Thank you for taking a look at the proposed 5 Year Financial Plan (2014-2018) and sending in your comments. It is anticipated that Bylaw 9100 will be considered by Council for adoption at the Regular Council Meeting on February 24, 2014 at 7:00 p.m. in the Richmond City Hall Council Chambers. Public delegations at the Council Meeting are also permitted with regard to this bylaw.

The City of Richmond annually adopts three budgets to guide civic spending and we want to hear from you:

• The Operating budget funds the provision of general City services and determines annual property tax rates.
• The Capital budget funds investments in new infrastructure or equipment.
• The Utilities budget supports provision of water, sewer, drainage and garbage and recycling services.

Once the City has adopted each of its three budgets for the coming year, it also develops a 5 Year Financial Plan. This plan provides budget roadmap for the City to manage its resources, revenues and spending to best serve the community. It also establishes that the City has 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.

The proposed 5 Year Financial Plan (2014-2018) Bylaw 9100 is available in the project library on this site, along with the 2014 Operating, Capital and Utilities budgets. A summary document with highlights for the plan is also available for review.

For a hard copy of the 5 Year Financial Plan, please call 604-276-4218.

Based on the budgets for the current year, the 5 Year Financial Plan is composed of estimates developed from economic forecasts, Council Term Goals and other expected impacts on revenues or spending.

The Community Charter, which governs BC’s local government, requires the City to adopt a 5 Financial Plan by May 15 of each calendar year. The 5 Year Financial Plan (2014-2018) received preliminary approval from City Council on February 11, 2014. A two-week public consultation period is now underway in which the public has the opportunity to view the 5 Year Financial Plan and offer comments to Council.