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 23, 2020) the 2021 Operating Budget (approved by Council on January 25, 2021), 2021 Council Community Initiatives (approved by Council on February 8, 2021), 2021 Capital Budget and the 2021 One-Time Expenditures (both of which were approved by Council on February 22, 2021). The 2021 Richmond Public Library Budget was approved by Council on January 25, 2021.
Additional Information on the 2021 Capital Budget
Additional Information on the 2021 One-Time Expenditures
2021 Capital Budget
2021 Proposed Operating Budget
2021 Utility Budgets and Rates
2021 One-Time Expenditures
2021 Richmond Public Library Budget
The following documents provide an overview of the Consolidated 5 Year Financial Plan (2021-2025):
Highlights of the Consolidated 5 Year Financial Plan (2021-2025)
5 Year Financial Plan (2021-2025) Bylaw 10239
The proposed 5 Year Financial Plan (2021-2025) Bylaw 10239 received preliminary approval from City Council on Monday, February 22, 2021 and is currently available in the link below:
Consolidated 5 Year Financial Plan (2021-2025) Bylaw No. 10239
Consolidated 5 Year Financial Plan (2021-2025) RTC
Amendment to the Consolidated 5 Year Financial Plan (2021-2025) Bylaw No. 10239
The City's Consolidated 5 Year Financial Plan (2021-2025) Bylaw No. 10239 was adopted on March 22, 2021, and subsequently additional opportunities and projects have emerged. The current expenditure bylaw does not include these amounts and the Community Charter allows for amendments to the 5 Year Financial Plan.
The proposed amendment to the Consolidated 5 Year Financial Plan (2021-2025) Bylaw No. 10239, Amendment Bylaw No. 10292 is available here:
Amendments to the Consolidated 5 Year Financial Plan (2021-2025) Bylaw No. 10292The City is required by the Community Charter to undertake a process of public consultation before the amendment is adopted by Council, and to this end; please submit your feedback via email to finance@richmond.ca by October 24, 2021. All feedback received will be circulated to each member of Council.
It is anticipated that Amendment Bylaw No. 10292 will be considered by Council for adoption at the Council Meeting of November 8, 2021 at 7:00 p.m. in the Council Chambers at City Hall. Please note that space is limited at this time for in-person attendance at Council meetings. As an alternative, you may provide written comments in advance of the meeting, or participate in the meeting remotely via telephone. Registration to participate remotely is available starting on the Friday prior to the Council Meeting until 1:00 p.m. on the date of the meeting. Information on how to register is available on the City website: www.richmond.ca/cityhall/council/phone-participation.