Richmond City Council has approved the proposed operating and capital budgets for 2025 to support ongoing investment in providing and maintaining community assets and infrastructure, providing excellence in customer service, and upholding community safety.

The City’s operating budget will result in a 5.86 per cent tax increase. This is equivalent to an additional $128 in municipal taxes (approximately 35 cents a day) for an average residential property with an assessed value of $1,306,478 (based on 2024 assessment value and tax rates).

The proposed operating budget comprises several factors including an increase in Richmond RCMP and Fire-Rescue personnel, a one per percent increase in community infrastructure investment as per Council’s long-term financial management strategy, as well as increases due to negotiated collective agreements and increases in senior levels of government costs.
                                                                                              
The proposed capital budget of $152.6 million represents 78 capital projects. The replacement or upgrading of essential infrastructure and buildings, such as dike, pump stations and generator upgrades makes up 60 per cent of this budget. Also included this year is a pilot program for a public safety camera system and expansion of Richmond’s electric vehicle charging network.  

Public 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 2025 budgets form the basis of the proposed Consolidated 5 Year Financial Plan (2025-2029) Bylaw No. 10622.

The City will undertake public consultation, in accordance with the Community Charter, in early January 2025 through LetsTalkRichmond.ca. After feedback has been received, reviewed and provided to Council, the bylaw will go back to Council for adoption.

To review Reports on the Operating and Capital Budgets, and 5 Year Financial Plan, visit the December 9, 2024 Council Meeting Agenda and Minutes at citycouncil.richmond.ca.