Richmond City Council has approved the proposed operating and capital budgets for 2024 to support ongoing investment in providing and maintaining assets and infrastructure, maintaining strong customer service levels, and upholding community safety.

The operating budget will result in a 5.62 per cent tax increase, one of the lowest in Metro Vancouver. This is equivalent to an additional $116 in municipal taxes (approximately 32 cents a day) for an average residential property with an assessed value of $1,270,000 (2023 average).

The operating budget also includes investment in the City’s response for those experiencing homelessness, a one per cent transfer to reserves to support community facility replacement needs, and funds to address cost obligations to senior levels of government and other government agencies.

The capital budget is $210.9 million, which includes $70 million for phase one of the City Works Yard replacement – which is critical to City operations, emergency response and infrastructure maintenance, $20.6 million for city-wide flood protection and drainage improvements in the Burkeville area, $20 million to maintain road conditions and enhance Richmond’s robust transportation network, and $11.9 million to upgrade the City’s parks and amenities. 

Comment on proposed 5 Year Financial Plan

Each year, Council approves three budgets to guide municipal spending:

• 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 investment in new or replacement infrastructure and equipment.
• The utility budget funds water, sewer, flood protection, garbage and recycling services.

Together, these 2024 budgets will be presented to Council as the proposed Consolidated 5 Year Financial Plan (2024-2028) Bylaw No. 10515 at a Special Council meeting on Wednesday, December 20.

Once the bylaw is introduced and given, first, second and third readings, the City will undertake public consultation, in accordance with the Community Charter. This will occur in early January 2024 through LetsTalkRichmond.ca. After feedback has been received, reviewed and provided to Council, the bylaw will go back to Council for adoption.