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2009 News and Information
City of Richmond Delivers Fiscal Prudence, Quality Service and Competitive 2009 Tax Rate
12 May 2009The City of Richmond has adopted the 2009 budget that will deliver the same high level of service with one of the lowest tax increases in Metro Vancouver, at 2.97 per cent.
City Council adopted the 2009 Tax Rate and 2009-2013 Five-Year Financial Plan at their regular meeting Monday, May 11, 2009.
“Council has responded to today’s economic turbulence with a fiscally prudent, balanced budget,” said Mayor Malcolm Brodie. “By cutting costs, finding efficiencies and increasing revenue potential, we are able to continue offering good value for taxpayers dollars.”
City departments were directed to develop budgets within the Consumer Price Index, including funding any new programs and services. New spending, such as hiring two new police officers to address the service levels required by the Canada Line opening, are funded through existing resources and did not impact the budget.
The one per cent increase in transfers to reserves, part of the long-term financial management strategy to enhance the City’s economic well being for future generations, was funded from the interest earned on the Community Legacy and Land Replacement Fund, and also did not impact the tax increase.
The 2009 capital budget, which funds major projects, is designed to spur economic growth through strategic investment, taking advantage of the infrastructure funding by the federal and provincial governments as part of their economic stimulus package. The budget includes approximately $2 million in roads upgrades for which the City has received two thirds of the funding from the federal and provincial governments. Other highlights include completing the No. 3 Road restoration, new fire hall construction, water main replacements in north and east Richmond, pedestrian crossing improvements, and the middle arm waterfront greenway development. The total capital budget for 2009 is $72.8 million.
The average 2009 assessed value for a single-family residence is $509,186. The tax increase for the average single-family residence is $39.50. Property tax notices will be mailed by the end of May and are due July 2, 2009.
