Richmond invites public comment on proposed Consolidated 5 Year Financial Plan


24 February 2021

The City of Richmond is inviting residents to provide feedback on its proposed Consolidated 5 Year Financial Plan (2021-2025) Bylaw No. 10239 which has a goal of delivering the service and infrastructure needs of the community for the next five years.

The public is encouraged to submit comments online at LetsTalkRichmond.ca, via email or mail to City Hall up until Sunday, March 14, 2021.

Each year, the City of Richmond approves three budgets to guide municipal spending:

  1. The Operating Budget which funds the provision of general City services and determines annual property tax rates. The Operating Budget also includes one-time expenditures approved by Council;
  2. The Capital Budget which covers investments in new infrastructure and equipment; and
  3. The Utility Budget which supports the provision of water, sewer, diking, drainage, garbage and recycling services.

Once Council has approved each of the three budgets, a proposed Consolidated 5 Year Financial Plan is prepared. The plan is based on the City’s current year budgets along with estimates developed from economic forecasts and other expected impacts on revenues and spending for the following four years.

This plan provides a financial road map for the City to manage its resources, revenues and spending to best serve the community. It also ensures the City meets its legal requirement to deliver a balanced budget.

The proposed Consolidated 5 Year Financial Plan (2021-2025) Bylaw No. 10239, along with the 2021 Operating, Capital and Utility budgets, is now available for review at LetsTalkRichmond.ca or on the City’s website at richmond.ca/5YFP.

Comments are due on or before 11:59 p.m. on Sunday, March 14, 2021 via LetsTalkRichmond.ca or by email to finance@richmond.ca. Written submissions may also be sent to the Finance Department, City of Richmond, 6911 No. 3 Road, Richmond, BC, V6Y 2C1 and are due by Sunday, March 14, 2021.

The proposed Consolidated 5 Year Financial Plan (2021-2025) Bylaw No 10239 is expected to be included on the Monday, March 22, 2021 Open Council Meeting agenda for consideration of final reading and adoption. Public delegations regarding this bylaw are permitted at that Council Meeting. For information on delegating remotely at Council meeting visit richmond.ca/watchonline.