Richmond approves proposed 2023 budgets and invites public comment on proposed 5 Year Financial Plan
13 December 2022
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 7 per cent (forecasted 2022 CPI was 2.30 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, garbage and recycling services.
Comment on proposed 5 Year Financial Plan
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 via LetsTalkRichmond.ca.
Property owners can visit www.letstalkrichmond.ca or the City’s website at www.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 on or before 11:59 p.m. on Sunday, January 8, 2023 via the feedback form on www.letstalkrichmond.ca, by email to finance@richmond.ca or by written submission addressed to the Finance Department, City of Richmond, 6911 No. 3 Road, Richmond, BC, V6Y 2C1.
For a printed copy of the proposed Consolidated 5 Year Financial Plan (2023-2027), please call 604-276-4218, email finance@richmond.ca, or pick up a copy from the Information Counter at City Hall.