City News

Public invited to comment on Richmond’s proposed 5 Year Financial Plan

10 January 2017

The City of Richmond is seeking public feedback on its proposed Consolidated 5 Year Financial Plan (2017-2021) Bylaw No. 9663. The comment period begins today (January 10) and ends on Sunday, February 5, 2017.

Each year, the City of Richmond adopts three budgets to guide civic spending. The Operating Budget funds the provision of general City services and determines annual property tax rates. The Capital Budget funds investment in new or replacement infrastructure and equipment. The Utility Budget supports provision of water, sewer, drainage, garbage and recycling services.

Once the City has adopted each of its annual three budgets, it develops a Consolidated 5 Year Financial Plan. The plan is based on the City’s current year budgets along with estimates developed from economic forecasts and other expected impacts on revenues and spending.

This plan provides a financial road map for the City to manage its resources, revenues and spending to best serve the community. It also establishes that the City has the ability to meet the needs of the community and maintain civic service levels for the coming five years, while meeting its legal requirement to deliver balanced annual operating budgets.

Under the Community Charter, which governs local governments in BC, a process of public consultation must be conducted before the financial plan bylaw is adopted by City Council.

The proposed Consolidated 5 Year Financial Plan (2017-2021) Bylaw No. 9663, along with the 2017 Operating, Capital and Utility budgets, is available at www.LetsTalkRichmond.ca or on the City’s website at www.richmond.ca/cityhall/finance/reporting/fiveyear.

Comments are due on or before 11:59 p.m. on Sunday, February 5, 2017, via www.LetsTalkRichmond.ca, by email to finance@richmond.ca or by phone to the Finance Department at 604-276-4218. Written submissions may also be addressed to the Finance Department, City of Richmond, 6911 No. 3 Road, Richmond, BC, V6Y 2C1.

The proposed Consolidated 5 Year Financial Plan (2017-2021) Bylaw No. 9663 is expected to be on the February 14, 2017 regular Council meeting agenda for consideration of final reading and adoption.  Public delegations at the Council Meeting are permitted with regard to this bylaw.