5 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.
The Consolidated 5 Year Financial Plan combines the 2020 Utilities Budget (approved by Council on November 12, 2019) the 2020 Operating Budget, 2020 Capital Budget and the 2020 One-Time Expenditures (all of which were approved by Council on December 9, 2019).
2020 Capital Budget (approved December 9, 2019)
2020 Proposed Operating Budget (approved December 9, 2019)
2020 Utility Budget and Rates (approved November 12, 2019)
2020 One-Time Expenditures (approved December 9, 2019)
2020 Council Community Initiatives (approved December 9, 2019)
On April 14, 2020, Council approved Operating Budget amendments in light of the challenges property owners may be facing due to the COVID-19 pandemic. This Revised Bylaw results in a 2.02% reduction in the previously approved 2020 property tax amount.
Subsequent to the approval of the 2020 Capital Budget, Council approved additional capital projects which are included in the Revised Capital Budget.
The following documents provide the details of the Operating Budget and Capital Budget changes:
Highlights of the Revised Consolidated 5 Year Financial Plan (2020-2024)
Revised Consolidated 5 Year Financial Plan (2020-2024) RTC
Revised Consolidated 5 Year Financial Plan (2020-2024) Bylaw No. 10183
Council has officially adopted Bylaw No. 10183 at the Regular Council Meeting on Monday, May 11, 2020 at the Richmond City Hall Council Chambers. The previously approved Bylaw No. 10119 was repealed. Public delegations at the Council Meeting were also permitted with regard to this bylaw, with physical distancing protocols in place.
The Revised Consolidated 5 Year Financial Plan (2020-2024) Bylaw No. 10183 is available in the link below:
Revised Consolidated 5 Year Financial Plan (2020-2024) Bylaw No. 10183