5 Year Financial Plan
What is a 5 Year Financial Plan?
The Community Charter requires that Council adopt a 5 Year Financial Plan each year prior to the adoption of the annual Property Tax Bylaw. The purpose of the 5 Year Financial Plan is to provide a budgetary framework for the City to plan the management of its resources, revenues and expenditures in order to best serve the community. The following video provides an introduction to the City's budget process.
Consolidated 5 Year Financial Plan
The Consolidated 5 Year Financial Plan combines the 2025 Utility Budget (approved by Council on Nov 12, 2024), the 2025 Operating Budget, 2025 Capital Budget and the 2025 One-Time Expenditures (all of which were approved by Council on Dec 9, 2024). The 2025 Richmond Public Library Budget was also approved by Council on Dec 9, 2024.
2025 Proposed Capital Budget (9.6MB)
2025 Proposed Operating Budget (1.9MB)
2025 Utility Budgets and Rates (2.2MB)
2025 One-Time Expenditures (0.9MB)
2025 Richmond Public Library Budget (0.9MB)
The following document provides an overview of the Consolidated 5 Year Financial Plan (2025-2029):
Highlights of the Consolidated 5 Year Financial Plan (2025-2029) (1.0MB)
Amendment to the Consolidated 5 Year Financial Plan (2025-2029) Bylaw No. 10622
The City’s Consolidated 5 Year Financial Plan (2025-2029) Bylaw No. 10622 was adopted on January 27, 2025, and subsequently additional opportunities and projects have emerged. The current expenditure bylaw does not include these amounts, and the Community Charter allows for amendments to the 5 Year Financial Plan.
The proposed amendment to the Consolidated 5 Year Financial Plan (2025-2029) Bylaw No. 10622, Amendment Bylaw No. 10709 is available here:
Consolidated 5 Year Financial Plan (2025-2029) Bylaw 10622 (0.8MB)Consolidated 5 Year Financial Plan (2025-2029) Bylaw 10622 - Report to Council (1.3MB)
The City is required by the Community Charter to undertake a process of public consultation before the amendment is adopted by Council, and to this end; please submit your feedback via email to finance@richmond.ca by October 26, 2025. All feedback received will be circulated to each member of Council.
It is anticipated that Amendment Bylaw No. 10709 will be considered by Council for adoption at the Council Meeting of October 27, 2025, at 7:00pm in the Council Chambers at City Hall. The Council meeting is open to all members of the public. As an alternative to attending in-person you may register to participate remotely or provide comments in advance of the meeting by emailing CityClerk@richmond.ca. Registration to participate remotely is available until 1:00pm on the date of the meeting. Information on how to register is available on the City website: richmond.ca/CouncilParticipation.