Planning our financial future to 2028

This feedback opportunity ran January 8 to 21, 2024. Thank you to everyone who participated.

We want to hear from you about the City’s proposed Consolidated 5 Year Financial Plan to the year 2028. Please read the information provided on this page and complete the comment form by Sunday, January 21, 2024 at 11:59 p.m.

The Document Library on this page provides a copy of the proposed financial plan, a summary with highlights of the proposed plan, the Operating, Capital and Utility budgets as well as the 2024 One-Time Expenditures.

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. The Operating Budget 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.

More information

The proposed Consolidated 5 Year Financial Plan (2024-2028) is also available via:

• the City's website at richmond.ca/5YFP.
• email request to finance@richmond.ca.