Financial Planning

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 2024 Utilities Budget (approved by Council on Nov 14, 2023), the 2024 Operating Budget, 2024 Capital Budget and the 2024 One-Time Expenditures (all of which were approved by Council on Dec 12, 2023). The 2024 Richmond Public Library Budget was approved by Council on Dec 11, 2023.

2024 Proposed Capital Budget (7.6MB)
2024 Proposed Operating Budget (2.1MB)
2024 Utility Budgets and Rates (1.1MB)
2024 One-Time Expenditures (1.1MB)
2024 Richmond Public Library Budget (0.8MB)

The following document provides an overview of the Consolidated 5 Year Financial Plan (2024-2028):
Highlights of the Consolidated 5 Year Financial Plan (2024-2028) (0.8MB)

Consolidated 5 Year Financial Plan (2024-2028) Bylaw No. 10515 Amendment Bylaw No. 10604

The Community Charter requires that Council adopt a 5 Year Financial Plan each year prior to the adoption of the Annual Property Tax Rates Bylaw. The Community Charter also allows for amendments to the 5 Year Financial Plan.

Subsequent to the adoption of the City's Consolidated 5 Year Financial Plan (2024-2028) Bylaw No. 10515 on January 29, 2024, additional opportunities and project shave emerged.
Amendments to the Consolidated 5YFP (2024-2028) Bylaw No. 10515

Council has officially adopted Amendment Bylaw No. 10604 at the Regular Council Meeting on Monday, October 21, 2024 at the Council Chambers at Richmond City Hall. Public delegations at the Council Meeting were also permitted with regard to this bylaw.

The Consolidated 5 Year Financial Plan (2024-2028) Bylaw No. 10515, Amendment Bylaw 10604 is available for viewing:
Consolidated 5 Year Financial Plan (2024-2028) Bylaw No. 10515, Amendment Bylaw 10604

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".