Financial Planning

Explore our detailed financial documentation to gain a comprehensive understanding of the City’s financial stewardship and strategic planning efforts. Delve into the City’s budgetary blueprint via the Consolidated 5 Year Financial Plan, examine the thorough financial narratives presented in our Annual Reports, and stay informed with our Quarterly Financial Information Reports. These resources illustrate our commitment to effective resource management and accountability in serving the diverse needs of Richmond's residents.

Five 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.

Budget 101

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)

Consolidated 5 Year Financial Plan (2025-2029) Bylaw No. 10622

The City’s Consolidated 5 Year Financial Plan (2025-2029) Bylaw No.10622 was approved on Mon, Dec 9, 2024, and is available for review below:

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)

Little girl sitting in the driver's seat of a firetruck

Give Us Your Feedback

We want to hear from you about the City’s proposed Consolidated 5 Year Financial Plan (2025-2029). We welcome input before 11:59pm on Jan 19, 2025, by:

Commenting on LetsTalkRichmond.ca
Emailing finance@richmond.ca
Written submissions to the Finance Department, Richmond City Hall, 6911 No. 3 Road, Richmond, V6Y 2C1

It is anticipated that Bylaw No. 10622 will be considered by City Council for adoption at the Regular Council Meeting on Mon, Jan 27, 2025 at 7:00pm in Richmond City Hall Chambers.

Annual Report

Annual Reports provide comprehensive financial statements, operations overviews and major achievement highlights of the year through our significant projects, administrative and fiscal planning, business processes, innovation and customer service.

2023 Annual Report

2023 Annual Report Highlights

SUMMARY REPORT
24 pages

Read the report

2023 Annual Report

FULL REPORT
76 pages

Read the report

Previous Annual Reports

2022 Annual Report Highlights
2022 Annual Report
2021 Annual Report Highlights
2021 Annual Report
2020 Annual Report Highlights
2020 Annual Report

Quarterly Reports

Quarterly Financial Information Reports

Throughout the year, City staff prepare quarterly Financial Information Reports for the Finance Committee of Richmond City Council. These ongoing, unaudited statements provide Council and the public with details on the economic environment, key indicators and financial results for the reporting period as related to the City’s operating and capital budgets. This reporting supports the City’s commitment to transparency and accountability in its financial reporting and helps fulfill Council’s Term Goal of "An Engaged and Informed Community".